US-based cloud-based enterprise software company Oracle NetSuite has announced new AI-powered updates to its NetSuite Enterprise Performance Management (EPM) solution.
Built on Oracle Fusion Cloud Enterprise Performance Management, NetSuite EPM helps organisations improve their efficiency and accuracy of financial processes.
Also, the solution provides the companies with business insights to drive growth.
The new AI updates to NetSuite EPM will help finance teams modernise reporting, expand insights, improve decision-making, and steer their business to growth, said Oracle NetSuite.
Oracle NetSuite founder and executive vice president Evan Goldberg said: “Finance teams often spend a significant amount of time gathering data and creating narratives to explain financial results, justify important decisions, and forecast future growth.
“This can be a labour-intensive process that often diverts time away from more strategic analysis and slows down decision-making.
“To address this challenge, the latest updates to NetSuite EPM help finance teams leverage powerful AI innovations to help increase efficiency, expand insights, and enable more time to be spent on value-added activities.”
The new AI updates include Generative AI for Narrative Reporting, AI-powered narratives in NetSuite Planning and Budgeting, Predictive forecast in NetSuite Planning and Budgeting, and AI-driven digital assistant for NetSuite EPM.
Generative AI will help finance teams enhance productivity, expand insights, and advance decision-making by creating AI-powered narratives, explanations, and visuals using financial and transactional data, said the company.
AI-powered narratives in NetSuite Planning and Budgeting will help finance teams advance reporting and rapidly capitalise on business growth opportunities.
The update will allow the teams to identify patterns, trends, and anomalies and deliver detailed AI-generated narratives with the Intelligent Performance Management (IPM) Insights feature.
Predictive forecast in NetSuite Planning and Budgeting will help teams increase forecast accuracy and confidence and improve business understanding.
It will allow them to easily understand the key factors behind AI-generated forecasts.
The AI-driven digital assistant for NetSuite EPM will help the teams complete several tasks using natural language conversations through an intuitive AI-driven interface.
