NetSuite is launching a new licensing model that will enable enterprises to use task-specific licenses for employees that don't need full access to the platform. NetSuite said it will initially roll out the new licensing plan for NetSuite Warehouse Management.
Details about the licensing model weren't immediately available, but NetSuite said a warehouse employee who only needed NetSuite access for receiving, put away, picking and shipping would have a license only for that functionality without a full subscription. NetSuite typically charges an annual license fee for core platform, optional modules and number of users. There's also a one-time implementation fee.
NetSuite, a division of Oracle, announced the new licensing model at its NetSuite SuiteWorld 2023 conference. The tweak is notable since that warehouse worker would typically be licensed as a full user. As a result, enterprises are more likely to forgo that license for a front-line worker. The bet is NetSuite can democratize use of its platform and its more than 37,000 customers can get a productivity bump.
Along with the new licensing model, NetSuite rolled out a bevy of features and generative AI capabilities across its suite. Here's a look at the additions.
- Generative AI tools powered by Oracle's Cloud Infrastructure were launched across NetSuite.
- NetSuite Text Enhance to personalize content for any text in NetSuite for finance, human resources, supply chain, sales and customer support to name a few.
- NetSuite Planning and Budgeting gets predictive algorithms that monitor and analyze plans, forecasts and variances.
- NetSuite bill Capture, which will capture and categorize expenses and curb manual bill entry.
- NetSuite Analytics Warehouse will use AI to consolidate and centralize data from multiple sources and visualize it in dashboards. NetSuite Analytics Warehouse is built on Oracle Analytics Cloud and Oracle Autonomous Data Warehouse.
In addition, NetSuite built out its financial and accounting features and launched NetSuite EPM, which will be available within the next year. NetSuite Planning and Budgeting and NetSuite Account Reconciliation will be sold separately and as part of EPM. Here's the rundown:
- NetSuite EPM launched with automated account reconciliation to streamline closing processes and reporting.
- NetSuite Capital launched as a embedded service focused on improving cash flow, reviews, pricing, invoicing and accounts receivable.
- NetSuite Pay rolled out across the platform to onboard merchants and integrate payment processors with pre-negotiated rates and fees.
- The company launched a new e-invoicing tool to optimize payment and cash collection reduce costs and streamline invoicing compliance.
- NetSuite added Transaction Line Distribution, a tool that can split transactions across departments and subsidiaries.
- The company outlined NetSuite Benchmark 360, a tool to benchmark enterprises in their industry and region.
NetSuite also targeted field service operations with the launch of Field Service Management, which offers scheduling and dispatch communications, inventory and asset management. The company also added tools to support subscription-based business models.
On the customer front, NetSuite announced Cohere as a customer along with others and said it will expand in Spain and Brazil.
