Oracle NetSuite launched new artificial intelligence-powered updates to NetSuite Enterprise Performance Management (EPM) to help finance teams streamline reporting, expand insights, improve decision-making, and steer their business toward new growth opportunities.
According to a press release, NetSuite EPM is built on Oracle Fusion Cloud Enterprise Performance Management and is integrated into NetSuite to help organisations improve the efficiency and accuracy of financial processes and gain the business insights they need to drive the business forward.
"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" says Evan Goldberg, founder and executive vice president at Oracle NetSuite.
"This can be a labor-intensive process that often diverts time away from more strategic analysis and slows down decision-making."
Goldberg says that 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 latest AI updates to NetSuite EPM include:
- Generative AI for Narrative Reporting: Helps finance teams increase productivity, expand insights, and accelerate decision-making by efficiently and accurately create AI-powered narratives, explanations, and visuals from financial and transactional data.
- AI-powered narratives in NetSuite Planning and Budgeting: Help finance teams accelerate reporting and quickly capitalise on business growth opportunities by enabling them to identify patterns, trends, and anomalies and deliver detailed AI-generated commentary and narratives with the Intelligent Performance Management (IPM) Insights feature.
- Predictive forecast explanations in NetSuite Planning and Budgeting: Help finance teams increase forecast accuracy and confidence, improve business understanding, and rapidly take action by enabling them to quickly and easily understand the key factors behind AI-generated forecasts.
- AI-driven digital assistant for NetSuite EPM: Helps finance teams increase productivity and accomplish a variety of tasks using natural language conversations via an intuitive AI-driven interface that enhances the user experience.
