As the adoption rate of cloud ERP across organisations of all sizes and industries continues to expand rapidly, it is only those businesses who have the capability to align this source data and automate their financial planning processes and analytics, who will drive a real competitive edge in their marketplace.
Nevertheless, organisations still struggle with the concept of delivering an integrated cloud-based financial management end-to-end project. The idea of enabling business users to create and use sophisticated multi-dimensional planning models that integrate with their ERP platforms tends to be foreign to many. Fortunately, there are examples of organisations who appreciate the importance of bringing into line ERP with their Corporate Financial Management within a SaaS environment.
One example can be seen in Adaptive Insight’s successful partnership with Netsuite. Realising that organisations needed a better alternative to both error-prone spreadsheets and expensive on-premises software, the two company’s collaborated and developed a best-in-class integration that embeds the Adaptive Insights’ applications within NetSuite.
This is of major significance for the finance teams of those organisations who have gone through the exercise of adopting a Netsuite ERP system. They will now have access to a powerful, easy to use and cost effective application for automating budgeting, forecasting, and what-if analysis. Moreover, this integration will further provide robust bottom-up or top-down modeling and scenario planning tools to help enhance and manage corporate business performance management.
Netsuite Financial Planning:
Adaptive Insight’s application embedded within Netsuite is called Netsuite Financial Planning. With its functional, scalable and easy-to-use interface, it provides such benefits as:
- Superior Budgeting and Forecasting Capabilities – It is a centralised web-based solution. You no longer need to send out multiple versions of spreadsheets, manage complex consolidation of data or be concerned about the lack of version control.
- Comprehensive Budget Reporting and Dashboards – The drag and drop capabilities put powerful easy to use multidimensional reporting in the hands of the finance department, business managers & executives.
- Flexible Modeling and Administration – The powerful, automated modeling environment makes it easy for business users to set up and manage sophisticated, multidimensional financial models, including unlimited versions of actuals, budgets and forecasts. The web-based Excel-like interface, graphical Sheet Builder, and administrative capabilities enable users to change assumptions, add dimensions and update organisational structures with ease.
- Seamless Data Integration - Best practice of financial management is the tight integration between actual and plan data. Budgets are based on prior-year actuals; dashboards show real-time actuals versus plan performance; forecasts combine year-to-date actuals and future expectations; and variance analyses compare actual results against budgets, forecasts and any number of other scenarios.
Pre-Built Data Integration:
Regarding data integration, embedded within the application and with a Single Sign On capability, the Netsuite Financial Planning solution offers a full range of integration options to connect general ledger, category and subsidiary structural data, actuals and plan results.
These pre-configured data sources reduce the effort of connecting to the system of origin, understanding the entities of the origin, their relationships and optimising the data extraction process.
With both pre-configured data sources, you can bring most data available through the publicly accessible web services of the underlying source system.
It is Not Just About the Software:
As many of us know, the key to a successful project delivery is a clear, swift and smooth implementation.
Best practice shows solution optimisation rather than a project with a finite start & end is one key requirement. Include in this mix an agile project management approach and know-how in providing driver based specialised reporting, budgeting, and forecasting solutions to ensure that your project and business objectives are achieved.
This is when an Implementation Partner comes into their own.
It is their project implementation experience, in-depth technical knowledge of data-centric application development, coupled with a proven implementation methodology allowing for a comprehensive scoping phase to understand both the current state and desired outcome that will ensure your project success.
Being Bold Together:
The unique partnership of focusing on data integration between various platforms is taking center stage for finance teams. Integrated solutions such as this one from Adaptive Insights and Netsuite, plus the expertise of a value-add solutions business partner, promises to move the needle in an increasingly data-driven world.
Consequently, agile companies will be those that not only have real-time access to data but can rapidly analyse that data and act on it.
If you want to take full advantage of your Netsuite implementation and incorporate the rich array corporate performance management capabilities at your disposal, contact Tridant today.
For further information or to download Adaptive Discovery for Netsuite, please feel free to contact me on my details below.