Extensive Netsuite Analytics Guide

The Importance of Netsuite Analytics

In any business, whether it is selling lemonade or running a multibillion-dollar airline, it is extremely important to know what is happening in every aspect of your business. This includes key information about your clientele, about your competition, and businesses resources. This will help you to make necessary decisions about your business.

As your business gets bigger and more complex, you will of course need a little help to keep track of everything, and it will become more important to become more accurate. That is why having a great business analytics program is crucial.

A business analytics program is not just a simple accounting program which monitors the financial aspect of a business in detail, but it’s a more holistic approach to the business.

Business Analytics uses statistics and operations analysis in order to study the data that has been entered. This information allows for the further analysis of the best techniques to optimize practices, performances, make predictions, based on current data. This is helpful to business owners, as well as staff to completely understand the intricacies of a business quickly.

In the past, a large number of spreadsheets would have to be drawn up and then data analyzed tediously. Nowadays, business analytics software helps to streamline this process. Programs are developed the data is collected either form manual input or automatic input systems from things like sales transactions, which would be electronic anyways, and then analyzed and presented in a multitude of ways.

NetSuite Analytics is one such program.

Extensive Netsuite Analytics Guide

Netsuite offers business support services including Suite Consulting, Suite Support, Suite Answers, Training & Certification with their clientele ranging from commerce and energy to retail, education, and non-profit. NetSuite analytics falls under NetSuite Service Resource Planning- a service which includes Project Management, Resource management, Timesheet management, Project Accounting, Billing, expense management, and Client management. What makes NetSuite analytics so effective is that they offer real-time data. It is especially effective to monitor and analyze the performance of company, of a project and employee performance. Once the various aspects of the data have been analyzed in a multitude of ways, the summary dashboards present all this at once.

Billing Forecasts:

To keep your payments on track. And ensure your cash flow is in line with future billing commitments. It also helps you keep track of the money you are owed.

View Timesheet Status:

This feature helps users of the program to monitor the performance of staff, as well as project status and updates. This helps you stay on top of things and ensures no one and nothing falls behind.

Personalized Role-based Dashboard

Because every business in unique and every role is unique, NetSuite analytics allows every user to customize the analytics setting to the performance measurement needs pertaining to their individual roles.

Shared Views Between Parties

These Personalized role-based dashboards do not work in isolation. Because in a business, people need to work together, the shared views between users help everybody to be on the same page-so to speak. This takes a simple staff network to another level.

Real-Time Personalized Dashboards

What’s more is that the personalized dash boards perform in real time so as to allow for much more transparency among staff, as well as much more efficiency. It is one of the most comprehensive reporting systems.

Self-Service Collaborative Reporting- This program takes automatic to another level as history reports and as well as forecasts can be pre-configured to be generated at certain given times. What’s more, billing can also be pre-configured so that you will not miss a payment.

How NetSuite Analytics Works

The NetSuite Analytics program is cloud-based, meaning there is no infrastructure needed and can be accessed from everywhere. Many people are weary of cloud-based programs, due to the perceived lack of security, but with a few security precautions, there is no need to worry and the convenience offered can save plenty of time and money.

It makes use of a visual reporting system-using a variety of graphics which can be customized to suit your business needs.

Because every business is absolutely unique, NetSuite analytics is designed to be customized to your specific business. You can program it to provide you with the data that your business needs at specific intervals set by you, in the form that you want it generated.

There are permanent fixtures in your business and there are temporary occurrences, such as promotions, projects. All which need to be monitored and analysed for progress and efficiency.

NetSuite Analytics keeps account of every detail of the business all in one place. This includes current check stock, sales or transactions at any given time, and employee behaviour and effectiveness

It can be accessed and used by entire company, from the CEO to the personal assistants. Of course, the administrators get to customize the information for security and there will be a range of security clearances and administration levels so the level of access can be controlled accordingly.

The program employs an easy-to-use interface so it is easily accessible to every single staff member and will not need endless hours of training to begin to use it, like some programs out there.

NetSuite analytics doesn’t just spew out endless numbers but uses this data to make key projections and identify potential areas of weaknesses within the business so you can see at a glance what needs instant attention. It also helps identify cost-saving measures.

You are also able to monitor the profitability of a new project so as to make key decisions very quickly.

You are able to keep close track of every single resource involved in the business at any given time.

NetSuite analytics can save you endless amounts of time and money by being able to access all information quickly and efficiently. How much of company time and effort goes into liaising among colleagues, asking for a certain spreadsheet and asking or for the location of a certain file? How many endless emails are sent back and forth providing little bits of information? How many endless meetings does a company have a day to keep track of everything that is going on?

There is a lot of time wasting in the logistical aspect of running a business. Having a great system like the NetSuite Analytics system can help a business progress faster by giving them more time and man-power to do what they do best.

Brooke Nelson
Brooke Nelson is the Lead Author & Editor of NetSweets. With more than 20,000 customers, NetSuite is a fascinating platform! It is the major player in ERP, CRM, and ecommerce.
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