Oracle has introduced a new set of artificial intelligence (AI)-driven features in NetSuite, one of its corporate finance software offerings, to streamline complex pricing processes for businesses. "The new generative AI capabilities and AI agents can help customers streamline data entry, centralize the management and deployment of large language models, optimise product configurations, and accelerate sales processes and issue resolution," Oracle Netsuite said on Thursday.
Also Read: Oracle to Invest Over USD 6.5 Billion in AI and Cloud Computing in Malaysia
Oracle Introduces AI Enhancements in NetSuite
"We've embedded AI at the core of the suite and are now adding more generative AI capabilities and AI agents at no additional cost," said Evan Goldberg, founder and executive vice president of Oracle NetSuite. "The latest AI innovations in NetSuite will advise and assist our customers and help them boost productivity, increase profits, and optimize their business for success."
"New generative AI capabilities and AI agents in NetSuite expand customisation capabilities, improve AI-assisted workflows, and help customers maximize the value of the suite," the company said.
Key AI Capabilities in NetSuite
NetSuite's latest AI capabilities include Text Enhance for custom fields, which the company says helps organizations improve the speed and accuracy of data entry by leveraging relevant company data to populate custom fields with generative AI.
Another feature, Prompt Management API, simplifies AI integrations and customizations by centralizing the management and deployment of prompts used by large language models in NetSuite.
A key AI capability is the NetSuite CPQ AI Assistant, which helps organizations accelerate sales processes, enhance customer satisfaction, and improve the user experience. This AI agent supports both B2B sellers and B2C buyers by assisting in product and service configuration. With the new AI agent, NetSuite says CPQ can recommend suitable product configurations based on natural language conversations and provide a summary explaining why certain options were selected.
Another enhancement, NetSuite Expert for SuiteAnswers, helps organizations boost productivity and accelerate issue resolution by providing an AI agent that delivers tailored NetSuite guidance. This AI assistant analyzes the catalogue of NetSuite support resources, allowing users to ask how-to questions in natural language and receive instant, specific, and actionable insights, Oracle explained.
AI-Powered Chatbot for Price Quotes
Among the latest additions is an AI-powered chatbot that generates price quotes for customizable products, such as bicycles. According to a Reuters report, this tool enables sales teams and consumers to configure products quickly, improving efficiency and reducing costs.
Another task that is common in the business world is providing a customer with a price quote for a complex purchase with multiple options, requiring a sales professional to analyze various materials to determine the final cost. To address this, NetSuite has introduced a feature that allows a chatbot to generate price quotes through a conversational interface. This tool can assist sales professionals by streamlining their workflow or be used directly by consumers in e-commerce settings.
"When you buy something like a bicycle, you have to configure it - figure out what parts you want and which parts work together. We all do it when we buy our cars on the web these days," Goldberg was quoted as saying. "If you can configure (products) for customers more easily, you can do more deals in a day, or each deal costs less."
Also Read: Oracle Health Unveils New Clinical AI Agent to Improve Patient-Provider Interactions
Oracle's Collaborations
According to the report, to power these features, Oracle has decided to skip the costly race to develop huge AI models. Instead, it collaborates with partners such as Canadian startup Cohere.
Goldberg also reportedly noted that Oracle's recent agreement to build massive data centers with OpenAI, the creator of ChatGPT, could lead to future collaboration. However, no formal announcements have been made.
"I think you could safely say that there's a possibility that OpenAI will be part of this," Goldberg reportedly said, adding, "We are eager to work with OpenAI."
In another announcement, Oracle revealed that it is migrating NetSuite to Oracle Autonomous Database. This move will allow customers to take advantage of the enhanced security, reliability, and performance of a fully managed Oracle Database in Oracle Cloud Infrastructure (OCI) with integrated AI.
