A glimpse into the future of AI at SuiteWorld 2023
Oracle NetSuite's AI-driven solutions are providing integrated tools that redefine finance, offering real-time insights, automating processes, and supporting global growth, underscoring AI's transformative potential in the finance sector
In the ever-evolving world of business innovation, the finance function has consistently remained its beating heart.
Today, as organisations undergo rapid transformations, CFOs are casting their gaze towards the horizon, where artificial intelligence (AI) promises to redefine the very essence of finance.
The question that looms large is: What implications does this hold for the modern CFO?
The role of the CFO, traditionally seen as the guardian of an organization’s financial health, is undergoing a metamorphosis. Propelled by technological advancements, particularly in AI, CFOs are transitioning from mere financial overseers to strategic visionaries.
They are now harnessing technology to not just react to market changes but to forecast, strategize, and pioneer innovations.
Automation in finance is hardly a new concept. For years, buzzwords like ‘automation’ have floated around boardrooms, promising efficiency and speed.
However, AI transcends this promise. While it offers a faster way of doing things, it also offers a smarter approach. With its unparalleled data processing capabilities, AI equips CFOs with the tools to sift through vast data troves, identifying trends and making astute predictions.
This is not about reacting to past data; it is about proactively shaping the future based on predictive insights. Moreover, the keen eye of AI can discern anomalies in financial data, providing an added layer of security against potential fraud or discrepancies that might elude human scrutiny.
SuiteWorld 2023: AI in finance
A case in point is Oracle NetSuite’s recent showcase at SuiteWorld 2023. Their latest offerings provide a tantalising glimpse into the potential marriage of AI and finance.
By leveraging the robust Oracle Cloud Infrastructure, they have introduced technology that crafts contextual and personalised content from minimal input – a testament to Oracle’s commitment to staying at the technological forefront.
For CFOs, this translates into tangible benefits. Tools like NetSuite Text Enhance can now aid finance teams in expediting collections and ensuring timely book closures. The AI-infused Planning and Budgeting tools can automate data analysis to furnish CFOs with insights that are both profound and actionable.
Evan Goldberg, the visionary founder and EVP of Oracle NetSuite, elucidated their mission to augment the capabilities of over 37,000 customers with the vanguard of cloud and AI innovations.
This commitment is further evidenced by the introduction of NetSuite Enterprise Performance Management (EPM). This unified finance solution connects financial and operational planning, automates account reconciliation, streamlines the close process, and enhances tax and narrative reporting.
Such innovations are set to be available in North America within the next year, marking a significant stride in Oracle’s global AI-driven finance solutions.
Furthermore, Oracle NetSuite announced the latest updates to NetSuite Analytics Warehouse – the first and only AI-enabled, prebuilt cloud data warehouse and analytics solution for NetSuite customers.
These updates aim to improve data management, enabling customers to quickly build analyses that increase efficiencies. Organisations, including BirdRock Brands, Overture Promotions, and Terlato Wine Group, are already leveraging these AI-powered features in NetSuite Analytics Warehouse to simplify data management and access deep insights.
Even mundane tasks, such as data entry, are being revolutionised, with tools like NetSuite Bill Capture drastically reducing manual interventions. This not only streamlines operations but also frees up valuable time for finance professionals to focus on strategic decision-making.
Manolo Blahnik’s global expansion with Oracle NetSuite
In the world of luxury footwear, few names resonate as powerfully as Manolo Blahnik. Synonymous with timeless beauty, unrivalled craftsmanship, and creative flair, the brand has carved a niche for itself, amassing a clientele that includes film stars and influential personalities.
However, with global recognition comes the challenge of managing expansive operations seamlessly.
Founded in London in 1971, Manolo Blahnik’s journey from a single boutique to over 300 points of sale and 18 flagship boutiques worldwide is nothing short of remarkable.
But with this growth came complexities. The brand grappled with multiple systems that hindered visibility and insights into its intricate supply chain. As the brand’s footprint expanded, the need for an integrated solution became paramount.
Manolo Blahnik’s decision to replace its disparate systems with Oracle NetSuite’s integrated business management suite was transformative.
Wioletta Bogus, the brand’s COO, encapsulated their ethos, stating, “We strive for excellence and believe in working proactively, whilst being solution-focused.”
NetSuite, with its end-to-end supply chain management, streamlined warehouse processes, and integrated finance capabilities, aligned perfectly with this vision.
The results were palpable. Manolo Blahnik could now automate business processes, enhance reporting, and gain unparalleled visibility across finance, inventory management, and supply chain operations.
The brand achieved a holistic view of its distribution channels, optimised stock levels, and streamlined warehousing and fulfilment processes. With insights at their fingertips, strategic planning became more informed and agile.
The collaboration did not end with the implementation. Working closely with NetSuite Advanced Customer Support, Manolo Blahnik continues to refine its operations, ensuring that the brand remains poised for further global growth.
Nicky Tozer, SVP EMEA at Oracle NetSuite, summarised the partnership, noting, “With NetSuite, Manolo Blahnik has been able to gain real-time visibility across its critical operations and can now quickly and easily access the insights it needs to improve decision making, productivity, and profitability.”
Strong AI risk management
Yet, with the ascent of AI, CFOs are presented with a broader canvas of implications.
It is not merely about technological prowess but reimagining leadership. CFOs are poised to transcend traditional financial roles, steering their organisations with AI-fuelled insights.
This journey, however, demands continuous learning. As the AI landscape evolves, staying abreast of trends becomes imperative. But, as the adage goes, with great power comes great responsibility. The ethical dimensions of AI, spanning data privacy to algorithmic biases, will require careful contemplation.
The marriage of AI and finance is not a speculative future but more an unfolding reality.
As the tools of the trade evolve, those CFOs who adeptly harness the power of AI will undoubtedly spearhead their organisations into a new epoch of innovation and growth. The future of finance isn’t just on the horizon; it’s here, and it pulsates with the promise of AI.