In the realm of modern business operations, where data prevails, many widely accept that having a robust business intelligence (BI) and planning tool is paramount. For Oracle NetSuite users in particular, navigating the available options can appear complex. This blog will discuss why businesses might need advanced BI and planning tools. Naviloq stands out as the obvious choice for businesses seeking to leverage the power of NetSuite in and beyond the finance function.
Understanding NetSuite Business Intelligence
NetSuite – the cloud-based ERP (Enterprise Resource Planning) platform – is renowned for its comprehensive suite of tools designed to manage various aspects of business operations seamlessly. From finance and accounting to CRM and e-commerce, NetSuite offers a holistic solution for organizations across industries.
Businesses already using – or considering switching to – NetSuite, tend to fit into one or more of the following scenarios:
- Becoming increasingly complex in structure.
- Experiencing fast growth.
- Continual requirement for fast, meaningful decision-making.
- Continually changing reporting requirements.
While NetSuite goes a long way to providing the backbone for unified, visible and real-time financial and other data – with extensive data management capabilities and building blocks for business intelligence and planning (it is the number one cloud-based ERP for very good reason!) - deriving actionable, business-wide insights with the flexibility you need can still prove challenging.
NetSuite undoubtedly provides a step-change in data-driven business management, but let’s look at when you might need to step things up further.
How do you know when you’ve outgrown NetSuite's reporting capabilities and business intelligence?
There are some common indicators:
- To make meaningful, strategic decisions for your organization, you need to consolidate your NetSuite data with data from other sources.
- You find that analyzing your data is becoming time-consuming and you struggle to find the cause and effect behind changes in data.
- NetSuite's library of reports isn’t providing the flexibility to create the custom reports you are being asked for.
- You require planning features beyond the basic budgeting tools provided in the NetSuite platform, including ‘what-if’ type analysis.
A note about NetSuite dashboards, data reporting and analyzing in Excel
Understandably, many finance teams turn to Excel to fulfil their additional reporting requirements, because of its familiarity and accessibility. Excel can certainly be a great way to work with and report on your NetSuite data. For a scaling business, however, Excel has definite limitations in the data sources it can handle, the volume of data it can deal with, the complexity of meaningful scenario planning it can deliver on, and the lack of real-time data visualizations possible.
Of the many options out there, from NetSuite’s core functionality, to Excel, to third-party apps, let’s explore why more and more NetSuite users are recognizing that Naviloq – with its out-of-the-box NetSuite integration – is the optimum choice.
Naviloq unveiled: the NetSuite Business Intelligence and Planning solution for scaling businesses
Naviloq for NetSuite is the business intelligence and planning tool that improves business performance through its potential to revolutionize the way your entire organisation makes decisions.
Finance-focused, but whole business-led, with game-changing flexibility and performance, Naviloq stands out as a solution because it:
- Has a sophisticated, built-in data warehouse functionality allowing for one centralized place where information can be analyzed so your business can make more informed decisions.
- Enables your business to consolidate, report on and analyze not just your NetSuite data, but your business-wide data, with integrations to 50+ other systems including Salesforce, Microsoft 365 and QuickBooks.
- Can be rapidly deployed, with best-practice pre-built reports and dashboards out of the box.
- Has an easy-to-use no-code interface meaning that customizations require no technical knowledge.
- Has next generation data handling capabilities, allowing you to analyze millions of rows of data in milliseconds and gain real time insights.
- Is a full FP&A tool which allows you too seamlessly combine visualizations and planning templates on the same dashboard.
- Features ground-breaking on platform collaboration, that allows your teams to share and attach insights through group chat functions, having discussions based on one set of live numbers.
- Enables you to personalize your user experience, combatting low adoption rates which are common amongst Business Intelligence tools, by delivering data to your business-wide stakeholders in a format that they understand.
Report on your NetSuite data and business-wide data
Analyze any dataset with Naviloq’s advanced drilldown options
Get more out of your NetSuite data
Having an overview of all your financial and business-wide operational data in one place gives you an advantage over simply viewing your financial data in NetSuite. By enabling you to bring diverse data sources together in a secure data warehouse, with regular automatic refreshes, you always have an overall view of your business and can make strategic, meaningful business decisions. And Naviloq’s in-platform collaboration functionality means you can make these decisions together – the finance team is not working in isolation.
We know that as a scaling business, you need flexible and customizable reporting which allows you to view several scenarios through easy-to-understand visualizations. Naviloq can be easily customized to meet the varying requirements of multiple verticals and industries, through its no-code interface you can create visualizations and planning templates that can be added to individual user dashboards.
Increase user adoption by creating tailored views for different stakeholders, who can have their own dedicated workspace that speaks to the end-user in a language they understand, whether they are part of the finance team, sales, board members or other operational business functions. Naviloq fosters easy collaboration, by allowing users to comment on, and attach insights to, the same data the rest of their team can see, thanks to Naviloq’s cloud-based platform
As a growing business you need to be able to analyze your data down to a transactional level. Naviloq’s advanced drilldown options allow you to analyze any dataset, at the click of a button and carry out multiple different drilldown analysis at once. Naviloq’s customizable interface even allows you to create your own drilldown views and dashboards.
Plan with agile and customizable budgeting, forecasting and scenarios
Collaborate as a team by sharing insights through group chat functions
Why Naviloq for NetSuite Business Intelligence and Planning?
Naviloq’s unique 3-in-1 offering includes a data warehouse, business intelligence and planning capabilities, all in one platform working together seamlessly to give you one single source of truth for your business.
What to consider when comparing Naviloq to alternatives for NetSuite BI and Planning:
- Naviloq integrates seamlessly with NetSuite’s API, out of the box, meaning it can be rapidly deployed, giving you a solution that can be used within days.
- Unlike many alternatives, you don't have to choose between ease of use and functionality – with Naviloq you get both!
- End-users don't require any technical skills – this sets Naviloq apart from other BI & FP&A solutions.
- To achieve the same functionality level as Naviloq delivers, you would need to buy several expensive solutions separately, including a Data warehouse, FP&A tool and a BI tool. You would also need to purchase integrations to make them work seamlessly, requiring external consultation.
- Naviloq allows you to easily customize even the most complex of data sets.
As a key player in the NetSuite competitive landscape, Naviloq offers your business more functionality, an easy to use no code interface, on platform collaboration and a sensible price point.
Get in touch
In summary, Naviloq is the one stop shop for all your business intelligence and planning needs. To learn more about how you can make the most of your NetSuite data, get in touch today!
Download the recording of our March 5th webinar and learn more:
