(Reuters) – NetSuite on Tuesday said it is adding generative artificial intelligence capabilities to its finance software, giving companies the ability to automatically write collections letters or chase down purchases of supplies that have been delayed.
NetSuite, owned by Oracle, said that it is using its parent company’s cloud-based systems to develop the new “Text Enhance” feature. It is the latest in a string of business software firms such as Microsoft, LinkedIn and Adobe seeking to use generative AI – which can read and write human-like text after a short prompt – to add new features.
In NetSuite’s case, some of the new features are aimed at automating the mundane day-to-day tasks of a finance department.
Evan Goldberg, one of NetSuite’s co-founders, said the feature can automatically compose emails such as collections letters to include data from various parts of NetSuite’s systems, such as how much is owed, how many days late the payment is and a reminder that the customer can get a discount in the future for paying earlier.
“They don’t have to think about that stuff because we’ve already pointed the system to the right things in the context in which you’re using the generative of AI,” Goldberg said.
Other new NetSuite features are aimed at reading and analyzing financial data to generate summaries and reports. Goldberg said the company believes the features will be used to help boost productivity rather than eliminate jobs.
“This is a new type of automation, but we’ve been working on automation forever and somehow white-collar workers have survived that revolution,” Goldberg said. “I tend to think optimistically that this is really about putting more power into the hands of individuals.”
NetSuite said the “Text Enhance” features will roll out over the next six months. The company said typical use levels of the new features, which rely on a new supercomputer built by Oracle, will be included in existing subscription prices, but further new AI features or higher use levels may include additional costs.
(Reporting by Stephen Nellis in San Francisco; Editing by Will Dunham)
(Reuters) – NetSuite announced on Tuesday that it is integrating generative artificial intelligence capabilities into its finance software. This addition will allow companies to automate tasks such as writing collections letters or tracking delayed purchases of supplies.
As a subsidiary of Oracle, NetSuite is leveraging its parent company’s cloud-based systems to develop the new feature called “Text Enhance.” The use of generative AI, which can generate human-like text after a short prompt, has become increasingly popular among business software firms like Microsoft, LinkedIn, and Adobe.
The new features introduced by NetSuite focus on automating mundane day-to-day tasks within finance departments. Evan Goldberg, one of NetSuite’s co-founders, highlighted how the “Text Enhance” feature can automatically compose emails, including relevant data from different parts of NetSuite’s systems. This data could include the amount owed, the number of days the payment is overdue, and a reminder about potential future discounts for early payment.
“They don’t have to think about that stuff because we’ve already pointed the system to the right things in the context in which you’re using the generative of AI,” Goldberg explained.
In addition to automating tasks like generating collections letters, NetSuite’s new features include reading and analyzing financial data to generate summaries and reports. Goldberg emphasized that these features are designed to enhance productivity rather than replace jobs.
“This is a new type of automation, but we’ve been working on automation forever and somehow white-collar workers have survived that revolution,” Goldberg said. “I tend to think optimistically that this is really about putting more power into the hands of individuals.”
NetSuite plans to roll out the “Text Enhance” features gradually over the next six months. The company assures customers that the use of these features will be included in existing subscription prices. However, additional costs may apply for further AI features or higher use levels that require the utilization of Oracle’s newly developed supercomputer.
(Reporting by Stephen Nellis in San Francisco; Editing by Will Dunham)
