NetSuite at 25: Key Takeaways From SuiteWorld 2023 

NetSuite’s annual SuiteWorld conference brought together thousands of customers and partners in Las Vegas this month. Withum celebrated NetSuite’s 25th anniversary and was hands-on at breakout sessions relevant to the industries we serve, including but not limited to: technology, manufacturing, distribution, retail and e-commerce. Our CRM and ERP team members learned about the latest products and innovations to better serve our clients.

Couldn’t make it to SuiteWorld 2023? Here’s what you need to know:

  1. Artificial intelligence and machine learning took center stage at the Keynote presentation by Evan Goldberg, Founder and EVP of NetSuite. He introduced NetSuite Text Enhance, a generative AI solution that will ultimately streamline and automate in-system processes as the functionality is released over the next few years. In the shorter term, AI and machine learning will enhance the current solutions of NetSuite Planning and Budgeting, Bill Capture and the NetSuite Analytics Warehouse to provide better and faster reporting capabilities based on historical, actual results driving prospective reporting and forward-looking analytics.
  1. NetSuite is committed to helping businesses succeed in the omnichannel era. They announced a number of new features and enhancements to its omnichannel commerce platform, SuiteCommerce. These include a new CRM system to help businesses manage customer interactions and a new inventory management system that better tracks inventory levels across all locations.
  1. Through their recent acquisition of Next Technik, creators of Next Service, a best-in-class Field Service management solution, NetSuite has expanded its capabilities to help field workers connect and communicate with the back office. With features like:
    • Digitizing scheduling/dispatch;
    • Automating inventory management;
    • Automating customer asset management;
    • Real-time communications and data are all possible with the solution.
  1. A new user licensing option was announced, although specifics were not immediately available. The idea is for enterprise users who don’t need full access to the suite, licenses will be available to facilitate the scaled-down operations of those users, significantly reducing costs across the organization for software subscriptions.
  1. Multiple new features in the financial and accounting realm of the ERP have recently been released and reintroduced with more advanced functionality and more automation on the horizon. A few key elements of the NetSuite EPM are:
    • Account Reconciliation
    • Close Management and Consolidation
    • Corporate Tax Reporting
    • Narrative Reporting
    • Planning and Budgeting
    • Profitability and Cost Management

SuiteWorld 2023 was a successful event that showcased NetSuite’s commitment to innovation and its focus on helping businesses succeed. There are now 32,000 NetSuite customers in over 200 countries processing over $30 billion in transactions daily. Together, we can help your organization grow and thrive in today’s digital age.

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Learn more about the themes we saw at SuiteWorld, and how we deliver actionable solutions to real business challenges leveraging Oracle NetSuite.