Digitalisation has experienced rapid growth in the last couple of decades and according to McKinsey & Co, the COVID-19 crisis has accelerated this transition by several years. Deloitte identified 9 tech trends that are set to transform businesses in the future, including the use of artificial intelligence (AI), automation and machine learning. In 2021, 50% of business leaders plan to spend more on AI and machine learning as they look to improve their operations.
As digitalisation continues to grow are your current systems prepared?
NetSuite have applied powerful machine learning and AI within its leading cloud business management suite. NetSuite capabilities can be broken down into three components of intelligent insights, interaction, and automation.
1) Intelligent Insights
NetSuite offers greater insight into what is happening within your business by predicting future outcomes based on correlations found within the data. Although dashboards and roles give users visibility into what is happening, some incidents occur so quickly that there is not enough time to react or the right people may not see it. NetSuite’s intelligent insight ensures that users are looking at the right data at the right time and allows them to gain insight into undiscovered areas of your business. For example, finance and procurement teams can gain insight into the past payment history of their vendors and customers to improve forecast predictions and predict who is most likely to pay invoices late.
2) Intelligent Interaction
NetSuite have used the knowledge gained from working with thousands of customers across different industries to dynamically improve the user experience. Over time, NetSuite have understood what has succeeded in any given industry, how actions are repeated and how everyone in an industry solves common issues. With NetSuite, the layout and order of tabs on screen can be changed, information can be auto filled based on what is typically done, and suggestions can be provided on areas of concern. This capability is extremely useful for supply chain professionals as it can identify potential problems in a supply chain and offer possible solutions.
3) Intelligent Automation
NetSuite’s intelligent automation allows business processes to be automated by a powerful point and click workflow engine. This saves you time from constructing workflows and instead creates them for you based on previous valid decisions and similar, successful workflows. This feature can help HR teams better automate employee self-service by identifying what questions employees might have based on their role, the time of year or other factors.
Organisations can no longer rely on traditional business intelligence systems to successfully grow, scale and adapt to the modern world. That’s why NetSuite have incorporated new AI, machine learning and sophisticated data science within its unified system. Speak with a member of our FHL team to find out how NetSuite can provide your business with greater insights and improved efficiencies.