Chief financial officers are (or should be) spending time thinking about how artificial intelligence will impact the corporate finance realm and how it may impact their leadership role within that realm.
It’s time well spent, given the high stakes involved in an expanding and ultra-competitive global marketplace.
The good news is that artificial intelligence AI has given CFOs the tools to morph from corporate finance stewards to company strategic visionaries. That enables CFOs to learn how to leverage AI applications to quickly assess data, focus on promising trends, and make savvy predictions that add to their company’s bottom line and amplify that CFOs’ own personal brand.
New Gen AI Tools for Corporate Finance
Now, real world, AI-infused tools can help finance executives make that all happen.
At SuiteWorld 2023, which took place from September 9 to September 24 in Las Vegas, Nevada, Oracle NetSuite sought to make its case on how its AI suite of tools can help CFOs move into the predictive insights information realm. In doing so, companies can leverage the Oracle brand with new-age innovation they likely haven’t experienced before.
One note – While NetSuite is owned by Oracle, it’s actually a separate business unit within the Oracle sphere. Oracle purchased NetSuite in 2016 and seven years later it continues to operate independently, in building cloud-based ERP and CRM solutions to businesses.
A case in point.
At the Las Vegas event, Oracle NetSuite rolled out new generative AI-powered capabilities to aid firms in operating faster and more efficiently. Chief financial officers, in particular, may want to take note.
Oracle says its NetSuite Text Enhance tool can boost company productivity by streamlining processes and automating the generation of context-sensitive content throughout the company.
“For example, in the sales process, when a prospect reaches out to an organization using NetSuite and expresses interest in a particular product or service, NetSuite Text Enhance can make it quick and easy for a user to produce a contextual email response by using a combination of ERP, CRM, and supply chain data,” the company notes in a statement. “The email can be aligned to the organization’s current campaigns and include details such as the latest product description, product images, pricing information, availability, and delivery details.”
In the finance and accounting realm, Oracle told conference attendees its NetSuite Text Enhance package can “help finance and accounting teams to expedite collections, close the books faster, and focus on more strategic and fulfilling work by accelerating time-consuming writing tasks.”
For instance, the new Oracle Gen AI product suite can help finance team members quickly knock off tasks such as writing targeted and personalized collection letters and generating summaries and narratives for financial reports.
Along with Oracle’s new NetSuite Enterprise Performance Management (EPM), a software platform that merges financial and operational planning, automates account reconciliation, provides more speed and clarity to the close process, and improves tax and narrative reporting, CFOs have a lot to chew on over the next year as the automated NetSuite platforms roll out.
“We’ve been building AI into NetSuite for several years to help our customers be more productive and successful,” Goldberg says. “Recent breakthroughs in AI create the opportunity for a quantum leap in doing more with less.”
The new Text Enhance capabilities “are just the start,” Goldberg adds. “We will continue to embed powerful AI capabilities across the suite to help our customers turn the breadth and depth of their organizational data into a competitive advantage.”
Brian O’Connell, a former Wall Street bond trader and best-selling author, is a prominent figure in the finance industry. With a substantial background as an ex-Wall Street trader, he has authored two best-selling books: ‘The 401k Millionaire’ and ‘CNBC’s Creating Wealth’, demonstrating his profound knowledge of finance and investing.
Brian is also a finance and business writer for esteemed national platforms and publications, including CNN, TheStreet.com, CBS News, The Wall Street Journal, U.S. News & World Report, Forbes, and Fox News.
