If your finance organization is like most, then your team probably spends most of its time doing two things: gathering data, and then creating reports built on that data.
Most finance execs would agree that these are basic tasks. And in a way, that’s the problem. Because when your skilled FP&A team members spend hours and hours gathering and reporting on data, that’s less time that they could better spend analyzing results, developing what-if-scenarios, and modeling likely outcomes for strategic plans and forecasts
This is what happens when organizations lack modern, cloud-based planning capabilities. Even those with powerful cloud ERP platforms like NetSuite often find that, without a similarly innovative finance solution, essential functions like planning, reporting, forecasting, and analytics remain manual, time-consuming, and costly.
Planning is particularly important because, in organizations large and small, everyone in all functions plan—from finance and sales to marketing and operations teams. Reporting and analytics are core to the planning process, and ultimately you have to have one integrated corporate-wide plan, a plan that’s orchestrated by finance.
CFOs recognize the drawbacks of outdated FP&A approaches, and they are starting to weigh the resulting costs. According to our report on the challenges in assembling corporate reports, those CFOs claiming to have inefficient report processes took longer to generate their most difficult report, with 57% reporting that it took more than three days, and up to two weeks, to prepare this report.
The trouble is, most enterprises today can’t wait that long for crucial performance data and insights. This is why modern solutions are so vital to the success of modern businesses. They are the ideal complement to modern, cloud-based ERP platforms.
NetSuite Teamed with Adaptive Insights
The popularity of NetSuite—it’s the No. 1 cloud ERP platform—illustrates that finance executives see the value in having ready access to always-current data, in synchronizing an array of back-channel operations, and in freeing up users’ time so they can focus on more valuable tasks.
But since NetSuite wasn’t designed specifically for FP&A, it lacks built-in strategic budgeting, planning, and forecasting capabilities. That’s where Adaptive Insights comes in. Hundreds of NetSuite customers rely on Adaptive Insights to replace their old static planning environment with an active planning approach that’s collaborative, comprehensive, and continuous. Our longtime relationship with NetSuite has resulted in a tightly integrated joint solution that gives NetSuite ERP users the ability to plan and forecast like the modern, data-driven businesses they are.
For NetSuite customers, implementing Adaptive Insights can feel nothing short of transformational. Finance is no longer is viewed as a report delivery service, with FP&A teams having to drop everything to develop yet another new report at the request of an executive or stakeholder.
Now, finance teams can automate reporting and eliminate the need for manual entry. Adaptive Insights’ drag-and-drop report builder puts powerful yet easy-to-use web-based planning reporting into the hands of NetSuite finance and business managers. At the same time, Adaptive Insights provides self-service reporting for department users, freeing up finance resources for more strategic work.
By combining Adaptive Insights and NetSuite, teams from across departments collaborate smoothly because everyone is working from a single version of the truth. And when something in a plan or report changes—and something always changes—the information updates quickly. The upshot: Stakeholders always have access to the most current report.
And because everyone throughout the planning chain can generate and distribute those real-time reports in a matter of minutes, decision-making becomes both more timely and well-informed. In fact, it can help organizations turn business planning into their own competitive advantage.
Forecasting the future
But turbocharging NetSuite is about more than just pure speed. It’s also about producing actionable insights built on historical trends, current conditions and likely scenarios so decision-makers can forecast what will happen next. Adaptive Insights lets you do that with analytics and scenario management—and it’s helped hundreds of NetSuite customers worldwide transform their balance sheets into dynamic cash flow plans, revenue forecasts, headcount analysis, budgets, and expense plans.
The platform can forecast not just one potential option, but a full range of them, with each forecast built to respond to changing market trends.
Keeping pace with change
In today’s business environment, two things remain true. Challenges will continue to evolve—and they’ll do so at an increasingly fast pace. Time will always be a commodity, and the companies that use a majority of theirs on productive measures, rather than on rudimentary tasks such as data collection, verification, and formatting, will be the companies that thrive
With advanced analytics and financial intelligence from Adaptive Insights, NetSuite customers experience less uncertainty because information is always current and accurate. With a focus on understanding the company’s needs, decision-makers can spend their time and expertise on strategy and growth. They can move faster and with greater precision.
They can, in effect, turbocharge their future.