When a small business is first started in Australia, it is likely to begin managing its operations with a spreadsheet. This is very quickly replaced with an accounting software package. As the business grows, third-party modules or separate standalone software packages are purchased to help run the business, and these could be in disciplines such as marketing or HR. Assuming a small business grows substantially and becomes booming, more data and processes evolve, and they are being managed by a disparate set of software solutions designed for a small business that may no longer be so small, or might be handling transactions in large numbers, even if their staff remains small.
This journey for a business leads to the consideration of ERP software to remove the piecemeal approach previously taken. ERP stands for Enterprise Resource Planning. This approach means you have one package to manage all business functions and one source of all data. It means a company has one throat to choke from a supplier’s perspective, and data can freely flow between roles within a company to ensure better decision-making.
Oracle NetSuite is one such ERP software company that, over the past 27 years, has refined its package to suit customers better. Globally, they have 43,000 different businesses relying on NetSuite to run their businesses with more than 2,000,000 individual users. For an Australian start-up, this software is unlikely to be the first port of call; however, it is essential to understand the possibilities.
This week in Las Vegas, Oracle held its annual SuiteWorld conference for 8000 in-person customers. NetSuite’s founder held court for 90 minutes, talking about what he believes is the biggest announcement in NetSuite’s history. That is the inclusion of AI built into the core software. Oracle is certainly not alone in the integration of AI, but in its demonstrated integration, it occurred to me that they really have hit the nail on the head. Be it that this software will not be fully available until some time in the next 12 months.
Over many years of working in the IT industry, I have seen numerous software packages introduced, promising all sorts of improvements, which companies have happily handed over their money, only for them to underperform because users were not engaged and struggled with the technology. There was no money left to hire the right people to maximise the potential of the software.
What NetSuite demonstrated in their NetSuite “Next” release is a new AI tool referred to as “Ask Oracle”. The key benefit is that if you understand what you need to know and can ask the question in your own way, you can get the answer you need. Furthermore, if you are unfamiliar with the software, you can ask it to assist you with a task. For example, a new salesperson can request that Oracle assist in creating a sales order. A marketing person can enquire which products make the least profit or perhaps a credit controller can ask which customers are the worst payers and why.
This illustrates the direction in which business software is heading and how it will not only facilitate its use but also provide valuable insights.
The intelligence does not stop there, as the software learns what your role is so that an answer will be tailored to a particular individual’s role. For example, a finance person would receive answers, insights, and direction based on accounting principles, versus a supply chain person receiving answers based on inventory control.
NetSuite Next can also learn from company policies, such as employee expenses or credit terms, which can be imported and automatically integrated into the way the software provides information back to the user and influences business operations.
It is exciting to see what is now possible and within reach of every employee who has the instinct to ask the question ‘Why,’ consider the response, and make more informed decisions.
Angus is a guest of Oracle NetSuite SuiteWorld