Oracle NetSuite celebrates 25 Years with innovations in Artificial Intelligence and expansion in LatAm

With the motto “do more with less,” NetSuite aims to optimize business efficiency through the automation of administrative tasks across various areas, to enhance organizational effectiveness and performance.
NetSuite IA LatAm NetSuite IA LatAm
Photo: NetSuite

Keep up to Date with Latin American VC, Startups News

In Las Vegas, United States, the SuiteWorld 2023 was recently held, a commemorative event for the 25th anniversary of NetSuite, a leading cloud-based software platform for business management. This event showcased numerous service innovations, many driven by Artificial Intelligence (AI), and outlined upcoming strategies for the Latin American market.

During the event, advancements from Oracle NetSuite’s client companies were presented at an exhibition fair. Evan Goldberg, vice president and co-founder of NetSuite, highlighted the suite’s latest updates, which include advanced AI functionalities, both traditional and generative, integrated throughout the platform to increase productivity, reduce costs, and improve overall business efficiency.

In the realm of time optimization, NetSuite, acquired by Oracle in 2016, announced the incorporation of SuiteSuccess, a preconfigured solution based on best customer practices. This service is now available in LatAm countries such as Mexico, Colombia, and Brazil. A significant milestone for Colombia, in particular, is the planned investment of over USD $100 million in the country’s first cloud data center, with its inauguration scheduled for the first week of December.

Gustavo Mousalli, Vice President of Oracle for Latin America, commented on the impact of AI on job creation, highlighting that the opening of the data center will generate numerous direct and indirect jobs, becoming a hub for the company’s AI services.

“People talk a lot about how AI is going to take away many jobs, but if we are opening a data center, we are going to generate many direct and indirect jobs, and it is from this center that all the AI services will emerge.”

The Future of NetSuite

NetSuite has specific plans to promote jobs in regions and among youth and women, indicating an inclusive and diverse approach in its expansion strategy. Similarly, the availability of a Colombian location for its current and future clients operating in Colombia or requiring to manage operations in multiple countries, languages, or currencies was also announced. This is part of its effort to adapt its software to the specific tax regulations of each country.

NetSuite offers services to businesses of all sizes and sectors, with more than 37,000 clients globally, proving to be a valuable tool for NGOs by aiding them in optimizing and bringing transparency to their processes through its robust data analysis and processing tools.

For startups, NetSuite has become a key ally. An example is Tul, a hardware-specialized app founded during the pandemic that is now operating in Mexico and Brazil. Juan Carlos de la Cruz, product manager of Tul, highlighted NetSuite’s flexibility and versatility, especially in challenging times, providing real-time information and facilitating the integration of accounting movements.

“NetSuite allows us flexibility in our growth and versatility in difficult times. Thanks to NetSuite, we are faster, have real-time information in one place, and it has also enabled the integration of all accounting movements,” stated Juan Carlos de la Cruz.

Lastly, it was emphasized that NetSuite can serve small and medium-sized businesses to large corporations, covering a wide range of business needs. In this context, startups are beginning to recognize and value these solutions, anticipating greater adoption in the near future

Keep up to Date with Latin American VC, Startups News