Oracle says it will continue to make significant investments in NetSuite to take advantage of more businesses running their back office operations on cloud-based software.
The software giant acquired NetSuite for $US9.3 billion in 2016 and has left the company to operate as a separate business unit which is able to leverage Oracle’s global resources to accelerate its growth.
Speaking today at the NetSuite’s annual conference in Las Vegas, Oracle CEO Mark Hurd reiterated that NetSuite isn’t going anywhere and he was “thrilled” with the acquisition.
“I get questions all the time about our commitment to NetSuite. I wanted to make sure there is no confusion whatsoever: The press release I wrote [announcing the acquisition] I stand by it every word, I expect NetSuite to go on forever,” Hurd told SuiteWorld delegates.
Hurd said Oracle had increased NetSuite’s R&D budget and added more salespeople, helping it expand into more countries and industries. NetSuite will also be moved onto OCI (Oracle Cloud Infrastructure), taking advantage of the company’s autonomous database technology.
“NetSuite is going to do nothing but attract more investment from us,” Hurd said.
One area of product investment is in artificial intelligence, which the company is baking into its applications.
“Right now we are going through a massive revamp of our products, not in the change to our core code but implementing analytics, artificial intelligence and machine learning,” Hurd said.
“We are not a company that believes AI gets to become a separate application, but it becomes a feature that’s integrated into all the core applications. It is going to do everything from automating the way you communicate with people, all the user interfaces are going to change, all the analytics solutions are going to change.”
Evan Goldberg, executive vice president and co-founder of NetSuite, said the company’s approach to AI is to build specific features around business processes that can be automated with intelligence.
For example, NetSuite is releasing its Supply Chain Control Tower feature, which uses AI to predict which shipments may be late. It also has a risk analysis tool that looks at all the projects you’ve ever done, compares them to the current ones and points out which projects might be at risk of going over budget or time.
“We are going to have a steady clip of these features that are self-contained and deliver a lot of value immediately,” Goldberg said.