As a Netsuite user you know it delivers in many ways - but planning isn't one of them. So if you are looking to speed up your forecasting processes on Netsuite here are 5 sweet spots you want to hit.
What hits your suite spot for planning?
With the rise of planning becoming more central to the finance function, many are looking to strengthen their capability to forecast and that demands additional tools so in this article we look at what you should consider when looking at adding forecasting functionality to your Netsuite ERP.
A specific connector to pull information from Netsuite into your planning solution is a must. Forecasting with actuals is essential, so it is crucial that the integration tool has been built to work seamlessly with the Netsuite API.
The choice of Netsuite over other systems may have come down to ease of use. So a planning needs to be equally usable, and an improvement on your current tool. Ease of use is key to delivering change and transformation, whilst the speed of growth continues to put companies under pressure. As Excel is the tool of choice for finance, Excel look and feel is a good start and makes adoption less of a challenge. Gartner cites usability as one of the key strengths required in forecasting software.
Ease of reporting
Pulling information into reports is a growing demand for FP&A. Producing management packs for the board and investors can be a real log jam if it isn't simple and flexible.
Users want to be able to produce their own reports easily in the date and data ranges they choose. Ideally many want to continue using their pre-built management packs in Excel, but pull actuals data into them from a planning tool designed to manipulate and format data easily.
Cloud is undoubtedly one of the key factors which guided your decision to buy Netsuite. So why would you land on a planning solution which didn't meet the same credentials. Not all planning solutions were built in and for the cloud. So updates, speed and capability are affected by how truly cloud the solution is. It's always worth checking if are being sold a cloud solution in on-premise clothing.
The aim of many is to be able to DIY their planning system - maybe one of the reasons are so wed to Excel, finance don't need IT or anyone else to get involved. No wonder too as IT can slow down the process of implementation as well as frustrate the whole aim of getting faster outputs. So it is critical that when implementing a new solution that it can be done without the need for IT assistance.
On-going you also want to know that your planning solution can be maintained by your team without recourse to IT. Cloud solutions help with this by automatically updating, and the platform you choose will impact how involved you have to be in this process.
Formulate are the leading EMEA partner for Adaptive Insights. We've built many solutions for Netsuite customers. We know Adaptive ticks all the boxes, but don't take our word for it, read the Greensill Capital case study, to hear the benefits for yourself.
Or take a look at this useful paper on Adaptive with Netsuite.