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Exploring AI for NetSuite

  • AI, NetSuite ERP

In today’s technologically advanced world, staying ahead in business means embracing the latest technologies that can drive efficiency, enhance decision making and foster innovation. Artificial intelligence (AI) has emerged as a powerful tool for businesses, proving to be an invaluable asset for every day operations across a variety of industries. From streamlining complex processes to providing deep insights into trends, AI’s diverse capabilities are transforming the business landscape.

Among the applications of AI in business, its integration into existing software has been particularly beneficial, especially those that aren’t as technically advanced. NetSuite continually adapts and updates its range of products to incorporate the most advanced technologies and AI is no different. The NetSuite 2024 Release 1 offers new AI capabilities and is designed to enable businesses to benefit from AI without the cost and complexity of navigating new systems. The new and improved NetSuite products are revolutionising business management, enhancing performance and helping teams achieve more.

The Role of AI in Today’s Business World

AI is more than just a buzzword, it’s transforming how businesses operate. With its ability to learn and adapt, AI helps businesses stay at the forefront of efficiency and innovation. Not only does it automate routine and repetitive tasks, speeding up processes and reducing the likelihood of human error, but it also processes large volumes of data with ease. With the help of AI, employees can focus on more strategic activities, increasing overall operational efficiency.

The application of AI ranges from automating customer service with chatbots to optimising supply chain management, enabling common business processes to become more refined and responsive. The integration of AI is here to stay and it will continue to redefine the business ‘norm’, with both general and industry-specific advancements impacting day-to-day operations.

AI’s Integration into NetSuite

For businesses already using NetSuite, the integration of AI into systems can result in more streamlined and effective operations. AI enhances various features of NetSuite, from Enterprise Resource Planning (ERP) to Customer Relationship Management (CRM), and the new upgrade is being rolled out at no additional cost to businesses.

By updating existing NetSuite products with AI, businesses don’t have to become AI experts. They can continue to use the software systems they are familiar with, but benefit from everything AI has to offer. Whether it’s managing finances, sales or HR, operations can be streamlined and deeper insights can be provided, all without having to get your head around new, complex technology. Your entire business can benefit from the way NetSuite works and AI can improve operational outcomes across departments.

New AI Features in NetSuite

Evan Goldberg, co-founder of NetSuite, recently discussed the evolution of NetSuite and embracing AI with CFO Thought Leader, highlighting AI’s indispensable role across industries. Whether businesses already have NetSuite or are considering upgrading their existing software to a smart, flexible and cloud-based solution, here are some of the new AI features that can support daily workflows and improve business performance:

  • Generate Personalised Content

One of the biggest benefits of AI is that it enables more personalised experiences for users, by learning from their interactions with the system. This means NetSuite can now offer tailored recommendations specific to the needs of each business, including creating contextual and personalised content. NetSuite Text Enhance is designed to help improve employee productivity and it can assist with content creation for everything from product descriptions to customer support communications. This generative AI service uses NetSuite data to create first-draft content for employees, speeding up daily tasks.

  • Produce Forecasts

AI predictive algorithms in NetSuite now provide advanced analytics that help in forecasting trends and making proactive business decisions. This capability allows businesses to anticipate market changes and customer needs more accurately. NetSuite Planning and Budgeting now benefits from Intelligent Performance Management (IPM), which is powered by machine learning. Using predictive algorithms, businesses can monitor forecasts, uncover trends and improve predictions about future performance. AI-based analysis also enables businesses to identify anomalies and take action to rectify them.

  • Analyse Data

Within NetSuite, businesses can collate important data and generate reports that enable them to uncover insights. Using these reports, businesses can improve the decision-making process and achieve desired outcomes. NetSuite Analytics Warehouse uses prebuilt AI models to deliver deeper insights. By providing access to a collection of dashboards and quickly building reports, AI offers enhanced visibility and helps employees identify patterns and opportunities within data. Uncovering insights, such as key drivers of revenue growth, can simplify various sources of data and support ongoing business success.

Investing in NetSuite Solutions

As AI continues to evolve and become more sophisticated, its integration into business solutions like NetSuite is inevitable. It’s fair to say the enhanced capabilities provided by AI not only improve the efficiency and effectiveness of day-to-day business operations but also provide opportunities for innovation and growth. For businesses wanting to gain a competitive edge and thrive in a saturated market, investing in NetSuite products and using AI to your advantage can have a significant impact on both short-term and long-term success.

Contacting a knowledgeable NetSuite consulting partner is the best way to implement NetSuite into operations, ensuring the software meets all of your business requirements. At OSSM, we have a team of highly experienced NetSuite experts and we genuinely care about the outcomes of the projects we work on. We can guide you through the integration of NetSuite into operations and help you leverage the new AI capabilities, transforming your business’ capabilities. If you have any questions about NetSuite solutions or our implementation services, don’t hesitate to get in touch with our team.

About the Author

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Roger Gribbin

Roger Gribbin is an IT professional with over 25 years of experience in various roles, involving assisting customers with selection projects for ERP, CRM, and BI, as well as hands-on implementation and project management in medium-sized organisations in Ireland. He currently serves as the Sales Director for the Noledge Group, which comprises OSSM, a NetSuite Solution Provider, and Envisage, a Sage 200 and Sage Intacct Partner.

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Protecting Margins Through Increased Efficiencies

  • Construction

Protecting margins through increased efficiencies is a critical aspect of the construction industry. With tight profit margins and tough operating conditions, construction companies are always on the lookout for ways to improve and grow. Let’s dive into how Construction for NetSuite can boost productivity for construction businesses.

Empowering CEOs with Real-Time Visibility, Benchmarking, and Drill-Down Capabilities

Real-Time Data: Dashboards give CEOs real-time visibility into important business metrics like project performance, finances, resource use, and operational efficiency. This allows them to monitor key indicators at a glance and make informed decisions promptly. They can use this information to evaluate strategic initiatives, allocate resources effectively, prioritise projects, and reduce risks.

Benchmarking and Comparison: With Construction for NetSuite dashboards, CEOs can compare current performance to historical data, industry standards, or goals they’ve set. This makes it easy to track their organisation’s development over time and pinpoint areas where it is succeeding or failing.

Drill-Down Capability: Construction for NetSuite dashboards allow CEOs to drill down into specific KPIs or areas they’re interested in, helping to spot areas for optimisation or intervention.

Let’s Consider the Benefits for Project Managers

Mobile Accessibility: Construction teams can access project information and carry out tasks remotely from the field using Construction for NetSuite, which is available through web browsers and mobile devices. This mobile accessibility increases project efficiency overall, simplifies real-time decision-making, and improves responsiveness.

Comprehensive Project Management: Construction for NetSuite provides a centralised platform for managing all aspects of construction projects, from estimates and budgets to schedules, subcontractor management, change orders, and progress tracking.

Real-Time Financial Visibility: Construction companies can see real-time project financials, including expenses, revenue, and profitability, with Construction for NetSuite. This lets project managers take proactive measures to avoid financial risks or budget overruns and make more informed decisions.

Flexibility and Scalability: Whether you’re tackling small or big projects, Construction for NetSuite is flexible and can grow with your needs. Its flexible architecture makes it easy to customise or integrate with external applications.

Not Forgetting the Administrative and Financial Team – How Does It Benefit You?

Retention automation: Making things more efficient is key here. With Construction for NetSuite, you can automate claim and retention calculations. This saves time and resources, boosts accuracy, and ensures payments are right on schedule based on project milestones and contract terms. It also cuts out human errors.

Vendor and Contract Management: Construction for NetSuite includes features for managing vendors, contracts, and procurement processes. It also provides a portal for submitting bids and documents. Financial teams can easily track vendor performance, manage contracts and purchase orders with a few clicks, and streamline buying, which saves money and makes things smoother.

Integrated Financial Management: Construction for NetSuite integrates financial management with project management, procurement, and other business functions. This gives finance teams a complete view of performance across projects, departments, and the whole organisation.

Compliance and Controls: With Construction for NetSuite, businesses can stay on top of financial regulations and internal controls by providing audit trails. This gives finance teams peace of mind that their data is accurate, secure, and compliant with relevant regulations and standards.

An Illustrative Example

Take a construction company that is working on multiple projects simultaneously, each with its retention requirements and deadlines. Without automation, the finance and accounting team would need to manually calculate retention amounts for each project, track payment milestones, and follow up with clients to claim back the retained funds upon project completion. This process could be prone to errors, delays, and inefficiencies, ultimately impacting the company’s bottom line.

Now, consider the same scenario with automation in place. With the Construction for NetSuite product which handles retention calculations and claiming, your construction company can automate these processes from start to finish. The system can automatically generate accurate retention schedules for each project, track payment milestones in real time, and generate invoices or claims for retained funds upon project completion. This not only saves time and reduces the burden on administrative staff but also ensures that the company receives its rightful payments without delay.

To conclude, the construction industry is ripe for technological disruption, and automation presents an enormous opportunity for companies to protect their margins through increased efficiencies. By leveraging automation to streamline the processes mentioned above such as retention calculations and claims, construction companies can unlock significant value, reduce costs, mitigate risks, and ultimately drive sustainable growth. With automation comes the potential to revolutionise the way we do business and propel the construction industry forward into a more profitable and prosperous future.

About the Author

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Anna Carolan

Anna is an experienced professional in project management and change management roles, with a focus on IT systems development and implementation. Currently serving as the Project Consultant at OSSM, Anna assists in managing and implementing Enterprise Resource Planning (ERP) systems for large organisations and small-to-medium-sized companies.

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OSSM and FullClarity Forge Strategic Partnership to Transform the Construction Sector in Ireland and the UK

OSSM is delighted to announce its partnership with FullClarity, a leading developer of construction ERP software built on the NetSuite platform. This strategic partnership will enable the delivery of an end-to-end ERP solution for the Construction sector across Ireland and the UK. FullClarity’s Construction for NetSuite will be added to OSSM’s existing portfolio of NetSuite products for Manufacturing, Field Services, Distribution, and General Services sectors.

“Having OSSM join our global team is a ‘win.’ Their deep-rooted experience in the construction sector, relentless ‘can-do’ spirit, and ‘getting it right first time methodology aligns perfectly with our vision. Together, we are committed to exceeding customer expectations and tackling the unique challenges of today’s construction landscape,” expressed Andrew Coghlan, CEO of FullClarity.

Adopting automation and cloud-based technology represents a fundamental shift in construction management. FullClarity’s Construction for NetSuite addresses the industry’s challenges and equips construction and fit-out companies for future success in a competitive and intricate environment. With this technology delivered by OSSM to the Irish and UK markets, construction companies are poised to embrace a future with efficiencies, profitability, and innovation.

Learn more about Construction for NetSuite here.

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Constructing Success in 2024: How Automation and Cloud ERP Revolutionise Construction

  • Construction

As we step into 2024, the construction and fit-out industries are at a turning point. They face the challenge of meeting rising demands for efficiency, sustainability, and innovation while handling the pressures of significant sector growth. The Construction Industry Federation predicts a 4% increase in overall construction investment in Ireland in 2024, with residential, non-residential, and civil engineering sectors all expected to expand. This highlights the need for companies to keep up with these demands and set new standards of excellence in project delivery.

However, navigating these challenges is increasingly complex. A recent analysis by The Northern Ireland Audit Office (NIAO) of 77 projects across various departments found that Northern Ireland infrastructure projects are projected to cost 44% more than planned, mainly due to external factors like the Covid-19 pandemic and inflation.

The Vital Role of Automation

In the face of these challenges, automation emerges as a beacon of hope. It promises to tackle the industry’s inefficiencies by streamlining operations, improving accuracy, and providing real-time insights. A study by McKinsey estimates that new digitally-enabled automation and artificial intelligence could uplift GDP by €550 billion from 2016 to 2030 in nine European “digital front runner” economies, including Ireland.

The Dangers of Technological Stagnation

Ignoring the digital revolution in construction management carries significant risks. Companies that stick to outdated methods not only jeopardise their immediate project success but also their long-term sustainability. For instance, a study by Software AG which surveyed more than 2 000 decision makers from the UK, US, Germany and France found that companies need more or better tools in order to understand the success of sustainability initiatives, with over 36% saying that they don’t have them. This highlights the broad impact of resisting technological advancement.

The Urgency for Change

Alarming statistics underline the urgency for transformative project management tools in the construction sector. Many UK projects, for example, face the problem of exceeding their initial budget, resulting in unexpected additional costs. This pervasive inefficiency crisis calls for more dependable, automated solutions.

The Power of Cloud Computing and Automation

Cloud computing and modern automation tools offer a powerful solution to the industry’s challenges. This combination provides a scalable platform that enhances the efficacy of automated tools, facilitating seamless project management and operational visibility across the enterprise. NetSuite and FullClarity’s Construction for NetSuite is a prime example of this solution.

Construction for NetSuite: The Future-Ready Solution

This unmatched solution brings construction automation directly into NetSuite’s ERP/Financials and CRM, cloud platform. It transforms NetSuite into a holistic construction management tool, tailored to meet the construction industry’s unique requirements.

Andrew Coghlan, CEO of FullClarity, explains, “Construction for NetSuite is designed to address the unique demands of the construction sector, combining tradition and innovation to navigate modern construction with ease and efficiency.”

Empowering the Construction Industry for Tomorrow

Integrating automation and cloud-based systems is not just a trend but a foundational shift in construction management. The Construction for NetSuite solution offers a path to overcoming the industry’s challenges and positions construction and fit-out companies for success in an increasingly competitive and complex landscape. With such technology, these companies are well-equipped to build a future of efficiency, profitability, and innovation.

Contact OSSM for a no-obligation consultation with one of our Construction Management experts.

About the Author

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Andrew Coghlan

Andrew Coghlan is a chartered accountant with over 30 years of management and business experience in the UK and Australia. He has worked for big corporates, small start-ups, and everything in between. Andrew is also involved in the not-for-profit sector, holding a number of charity board positions in Australia and the UK. His specialties include Financial Accounting, Business Management, and Business Strategy.