Oracle's NetSuite adds AI features to finance software
Technology
Oracle's NetSuite adds AI features to finance software
(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 (ORCL.N), 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 (MSFT.O), LinkedIn and Adobe (ADBE.O) 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.
