Oracle NetSuite has introduced a series of new product innovations, including artificial intelligence (AI)-driven capabilities, to help finance and customer experience professionals enhance the speed and accuracy of business processes.

The company, which is a subsidiary of Oracle, has unveiled NetSuite Enterprise Performance Management (EPM) to help firms further unify and automate their financial operations.

NetSuite EPM combines planning, budgeting, forecasting, account reconciliation, financial close and tax and narrative reporting processes from across the entire organisation. By doing this, the new offering can improve business visibility, boost decision-making and drive growth.

Oracle NetSuite founder and executive vice president Evan Goldberg said: “We continue to extend the capabilities of NetSuite to support this mission and help our more than 37,000 customers benefit from the latest cloud and AI innovations.

“Our new updates include traditional and generative AI capabilities embedded throughout the suite to help increase user productivity, reduce costs, and improve overall business efficiency.”

Built on the foundation of Oracle Fusion Cloud EPM, NetSuite EPM includes new and existing solutions such as planning and budgeting, profitability and cost management, and corporate tax reporting, among others.

Oracle NetSuite has also introduced a new embedded service, dubbed NetSuite Capital, to help companies enhance their cash flow and reduce days sales outstanding (DSO).

Besides, the company has added new solutions, namely NetSuite Transaction Line Distribution, NetSuite Benchmark 360, NetSuite Electronic Invoicing, and NetSuite Pay.

The transaction line distribution capability will provide a seamless way for organisations to split a singular transaction across subsidiaries, departments, or other segments while NetSuite Benchmark 360 helps firms to analyse significant operational and financial metrics.

NetSuite Electronic Invoicing is a new e-invoicing solution to streamline payment and cash collection, reduce costs, and optimise global invoicing compliance for institutions.

NetSuite Pay, which is a new digital payments solution, is embedded in NetSuite to assist customers in expediting and simplifying the application and onboarding process for new merchant accounts.

Oracle NetSuite said that NetSuite EPM will be available in North America within 2024.