NetSuite SuiteWorld 2023: Trends and insights from RSM

Last month NetSuite held its annual SuiteWorld event in Las Vegas, gathering industry leaders, partners and clients from around the world to reflect on the past, explore the present and envision the future of enterprise resource planning technology. The event marked its 25^th-year anniversary. RSM’s consumer products senior analysts, Nick Stuart and Tom Hamill, attended. Listen to their recap on what they learned and get their key takeaways below. Key takeaways from the event included the following:

AI takes center stage

Artificial intelligence emerged as a prominent theme in ERP technology. NetSuite unveiled AI-driven enhancements and features aimed at streamlining operations, enhancing decision-making and improving customer experiences. AI’s power in ERP lies in its ability to analyze vast amounts of data, predict trends, and automate tasks, freeing up human resources for more strategic work.

Account reconciliation for back-office automation

Another significant trend was the focus on account reconciliation to automate back-office operations. NetSuite introduced tools that simplify reconciliation, reduces errors and boosts efficiency. Automation is crucial for maintaining accuracy and compliance as businesses grapple with financial complexities. Integrating reconciliation tools into NetSuite’s platform can empower organizations to achieve seamless financial operations and better control.

Labor challenges addressed

Labor market challenges also took the spotlight. NetSuite and its partners presented solutions for optimizing workforce management, enhancing employee engagement and mitigating labor shortages. As the world of work evolves, businesses are turning to technology to adapt and thrive amid these challenges.

Tax automation for compliance

Tax automation gained prominence in response to rapidly changing tax regulations. NetSuite introduced enhanced features and integrations to help streamline the tax compliance process, reducing the burden on finance and accounting teams. These tools can help businesses stay compliant with ever-evolving tax laws.   Get more insights in The Real Economy Industry Outlooks.