NetSuite 2024.1 introduces NetSuite Enterprise Performance Management (EPM). EPM offers an integrated solution to connect and optimize processes in areas such as planning, budgeting, forecasting, and more, based on Oracle Fusion Cloud Performance Management. This integration between NetSuite EPM and NetSuite ERP aims to improve decision-making and increase the efficiency of the finance team through improved visibility into the company’s financial data.

NetSuite Enterprise Performance Management (EPM) includes a number of improvements and new features. Here is a reworded text with headings for each section:

Intelligent Performance Management with IPM
NetSuite brings together new and existing solutions under Enterprise Performance Management (EPM), where NetSuite Planning and Budgeting is now enhanced with Intelligent Performance Management (IPM). IPM leverages advanced data science and machine learning techniques, including predictive algorithms, to effectively analyze and monitor plans, forecasts and variances. Noresca has previously reported on the AI in NetSuite 2024.1, which is an example of Oracle’s investment in AI. By processing large amounts of data, the system can detect trends and anomalies, allowing the finance team to act faster with less manual analysis.

Profitability and Cost Management
EPM also includes profitability and cost management reporting tools. These tools provide detailed insights into the most profitable customers, products and business segments, by integrating financial data with operational information. This supports financial managers in identifying the most profitable areas for resource allocation.

Optimizing the Financial Statements Process
Specific solutions within NetSuite EPM, such as Account Reconciliation, aim to streamline the financial statements process. The new task management functionality in version 2024.1, which offers a centralized platform for task assignment, as well as solutions for financial statement management and consolidation, facilitates compliance with legal requirements and internal standards. This ensures a smooth and efficient closing process.

Enhanced Financial Reporting
EPM helps simplify financial reporting by automating tax reporting and aligning with the latest OECD international requirements, including country-by-country reporting. This enables multinational companies to manage their tax reports quickly and accurately, with new workflow, data management and transfer pricing features.

NetSuite 2024.1 is packed with new features and services, we will return with more soon.

Ps. You who are our customers will of course receive a personal presentation of the new release.