Oracle's NetSuite adds AI features to finance software
NetSuite on Tuesday said it is adding generative artificial intelligence capabilities to its finance software, giving companies the ability to automatically write collections letters or chase down purchases of supplies that have been delayed. NetSuite, owned by Oracle (ORCL.N), said that it is using its parent company's cloud-based systems to develop the new "Text Enhance" feature. It is the latest in a string of business software firms such as Microsoft (MSFT.O), LinkedIn and Adobe (ADBE.O) seeking to use generative AI - which can read and write human-like text after a short prompt - to add new features.
In NetSuite's case, some of the new features are aimed at automating the mundane day-to-day tasks of a finance department. Evan Goldberg, one of NetSuite's co-founders, said the feature can automatically compose emails such as collections letters to include data from various parts of NetSuite's systems, such as how much is owed, how many days late the payment is and a reminder that the customer can get a discount in the future for paying earlier.
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