TL;DR:
- NetSuite, an Oracle subsidiary, introduces Text Enhance, the first GenAI feature.
- Text Enhance uses generative AI to create personalized content based on keywords.
- It can be applied across NetSuite’s product portfolio, enhancing documentation and communications.
- This move follows years of development to integrate AI across NetSuite’s offerings.
- NetSuite revealed its GenAI strategy at SuiteWorld 2023, marking a significant milestone.
- Text Enhance leverages Oracle Cloud Infrastructure (OCI) GenAI service for cost-effective development.
- NetSuite partners with Cohere, a GenAI startup, to expand its AI capabilities.
- Cohere’s technology focuses on embeddings, enhancing data comprehension.
- NetSuite emphasizes data security, transparency, and human control over AI features.
- GenAI models running on OCI may offer cost advantages to customers.
- The Asia-Pacific region holds potential for AI-driven applications and improved customer experiences.
Main AI News:
Oracle NetSuite, the cloud-based business software powerhouse, is taking a significant stride forward with its GenAI strategy. Their latest innovation, Text Enhance, promises to reshape the way businesses interact with their data and customers.
Text Enhance, the inaugural feature of GenAI, is a groundbreaking addition to NetSuite’s product portfolio. It harnesses the power of generative AI to craft contextual and personalized content based on a few initial keywords, allowing users to effortlessly generate product documentation, tailored customer emails, concise report summaries, and various other essential documents within the NetSuite ecosystem.
NetSuite’s venture into the realm of GenAI represents the culmination of several years of tireless development efforts, aimed at seamlessly integrating AI capabilities across its entire product line. This strategic move empowers NetSuite’s clients to leverage the full scope and depth of their organizational data, transforming it into a powerful competitive advantage.
The grand unveiling of NetSuite’s GenAI strategy occurred at SuiteWorld 2023, an annual gathering that draws NetSuite’s customers, developers, and partners together. Held at the illustrious Caesars Palace in Las Vegas, this two-day event showcased a myriad of innovative products and services.
Text Enhance owes its capabilities to the robust support of Oracle Cloud Infrastructure (OCI) GenAI service. This collaboration ensures efficient development while managing costs, thanks to OCI’s unparalleled infrastructure. NetSuite, acquired by Oracle in 2016, continues to provide top-tier cloud-based enterprise resource planning and customer relationship management solutions to enterprises worldwide.
Evan Goldberg, Executive Vice-President of NetSuite, enthusiastically declared GenAI a quantum leap that will significantly enhance enterprise productivity. By automating routine tasks, it liberates employees to focus on strategic responsibilities, fostering innovation and growth.
NetSuite joins the ranks of tech giants like SAP and Salesforce in embracing the potential of GenAI across their product portfolios. To accelerate its GenAI initiatives, NetSuite has partnered with Canadian startup Cohere, a trailblazer in large language model (LLM) technology.
Martin Kon, President and Chief Operating Officer of Cohere, likened GenAI to the monumental impact of the steam engine on physical labor. Cohere’s LLM technology, founded in 2019, is dedicated to creating GenAI solutions tailored for enterprises. In an interview with Goldberg, Kon emphasized GenAI’s potential to facilitate rapid market expansion and expedited data access, enabling faster and more informed decision-making.
The cornerstone of Cohere’s technology is its LLM model, specifically embeddings. These embeddings enable machines to comprehend and process diverse data more effectively by understanding the semantic meaning of words. For example, when encountering “falafal,” the LLM recognizes it as a Middle Eastern or Mediterranean food, generating contextually appropriate responses.
Integration with NetSuite’s data ensures that the embedding model enhances user interactions by delivering more relevant and accurate responses while addressing the hallucination problem often associated with AI systems.
Kon stressed the importance of deploying private LLMs for enterprises, ensuring data security within corporate environments. Later, at a press conference, Goldberg assured that NetSuite’s GenAI feature would be rolled out across its product range, with a primary challenge being the comprehensive understanding of a business.
NetSuite remains steadfast in its commitment to protecting customer data, ensuring transparency in the use of GenAI, and compliance with regulations. Crucially, human oversight remains a fundamental element of the AI features, granting users control to enable or disable them at will.
As NetSuite marks its 25th anniversary, Goldberg’s optimism about GenAI’s potential is palpable. The company has also announced a slew of new products and features designed to empower small- and medium-sized businesses with cloud-based productivity tools.
Prahbu Ram, Head of Industry Intelligence at CyberMedia Research, highlighted NetSuite’s unique differentiator in the GenAI arena, citing its powerful association with Oracle’s cloud. OCI’s built-in security services provide a secure and private environment for crafting personalized content, a boon for enterprises.
Additionally, the fact that GenAI models run on OCI could potentially offer cost advantages to customers. Goldberg announced that the GenAI features would initially be available for free, with no set timeline for introducing charges. Customers will also have the opportunity to securely incorporate their data, train specific models, and reap immediate benefits.
In the Asia-Pacific region, where a large population and numerous small- and medium-sized enterprises thrive, AI-driven applications are poised for remarkable growth. The seamless integration of traditional and GenAI functionalities promises to enhance customer experience delivery and offer a glimpse into the future of business innovation.
Conclusion:
NetSuite’s Text Enhance, driven by GenAI, marks a significant leap in enhancing productivity and personalization in the business software sector. The strategic partnership with Cohere, emphasis on data security, and cost-effective Oracle Cloud Infrastructure integration position NetSuite to have a profound impact on the market, particularly in the Asia-Pacific region, where AI-driven applications and improved customer experiences are in high demand.
