Key Takeaways from SuiteWorld 2023: Revolutionizing Enterprise Solutions

NetSuite’s Annual Conference, SuiteWorld, took place in Las Vegas between October 16^th-19^th 2023 and it did not disappoint! The conference kicked off by celebrating NetSuite’s 25^th Anniversary, and we took a trip down memory lane, giving the audience members time to reflect and appreciate how far NetSuite has come in terms of both features and overall UI.

The theme of the week was “SuiteUp!”, and every new enhancement that was announced throughout the week aligned with the theme to try to make users’ business processes more automated and increase profit margins while utilizing as many functionalities in NetSuite as possible.

My Key Product Enhancement Takeaways

AI

NetSuite Announced several initiatives to incorporate AI into the day-to-day functionality of NetSuite:

• Email Text Enhance: Backed by Oracle Cloud Infrastructure (OCI), text enhance empowers users to do more with less in terms of email creation/communication to customers. By just typing in a few words, users will be given entire email message options to choose from.
• BenchMark360: Another new release product update that allows NetSuite users to view metrics on how they compare against competitors in the industry. By using AI, Benchmark 360 will learn about users’ customers and provide specific recommendations based on what the system has learned.

NetSuite Enterprise Performance Management

A combination of 6 Oracle Applications will be used for companies/finance departments to make better informed decisions for their company. It also includes tools to assist with the financial planning, closing of the books, and reporting.

• Planning is made up of NetSuite Planning & Budgeting and Profitability and Cost Management tools.
• Financial Close is made up of NetSuite Account Reconciliation and NetSuite Close Management & Consolidation tools.
• Reporting is made up of the Narrative Reporting and Tax Reporting tools.

SuiteProcurement

NetSuite’s all-encompassing purchasing module, which provides users the ability to compare prices and leverage punch-out capabilities right from within NetSuite.

SuitePay

A new feature that helps businesses get paid faster from customers by integrating payment processing services directly within NetSuite. VersaPay is the first partner in the NetSuite ecosystem to support this service, with more partners to join soon.

NetSuite Limited License

With the new increase in price for Full Access Users, NetSuite released its first “Limited License” specifically for Warehouse Management Users.

Sikich @ SuiteWorld

Jim Hickey, Chris Manchester, Billy Tamulynas, and Elizabeth Keefe all attended SuiteWorld 2023 on behalf of Sikich. Sikich appreciates all the clients, from all different businesses and industries, who attended SuiteWorld. We hope you got the most you could from the conference. Hopefully next year we will be able to meet more of our clients out in Vegas. We are excited to see what is instore for this upcoming year!

If you have any questions around SuiteWorld 2024, please reach out to your Sikich Client Account Manager.