Business intelligence (BI), metrics and analytics give businesses a competitive advantage--analyzing patterns for success, assisting in effective decision-making, piloting new decisions, and so much more.
In the past, data mining and analytics were just for some of the world’s largest companies, and at times may have even felt cumbersome or ineffective. With NetSuite, it’s easy to utilize the tools of analytics to maximize growth. Even if you weren’t so sure about courting analytics, you’ll be sure to fall in love with them in NetSuite.
Utilizing analytics, businesses have the power to test-drive decisions. A small mailing, email blast, “soft launch” of a product or other sampling of data can provide the information necessary to determine whether to broadly implement a new product or decision.
For example, in a room full of key decision-makers, Starbucks Coffee might decide, “We are tired of dealing with cash. We could save time at checkout and closing which would save an estimated $x. Let’s take card only.” Then, as they did with a Seattle location, they piloted the decision.
Piloting with analytics gives any size organization the confidence to fuel innovation, with much less fear of broad failure.
Effective leadership and management has been described ad nauseum in texts and business schools the world over. Now, analytics are changing the game.
As reported in the MIT Sloan Management Review, analytics are the management field disruptors. “They often call into question experience and intuition that managers and employees have built up over years,” says David Kiron, executive editor. “Now, those who know how to marshal the data and put analytics behind their decision making are in a position of advantage.”
While that might sound like bad news for those who like a more authoritarian model of management, it’s great news for those garnering statistical data to back that “hunch.”
With the statistical data in hand, employees and managers of every position are empowered to make decisions, test choices and make predictions. Those utilizing business intelligence in everyday decisions often report:
- Greater agreement - with the data in hand, everyone can get on the same page.
- Faster decisions - a quick analysis of the statistical data, and consensus is easily achieved.
- More confidence - piloting and analyzing provide stronger footing for confidence in decisions
- Better prediction - analytics allow for modeling and projecting, the realization of abstract concepts such as corporate values.
Analytics and Reporting in NetSuite
NetSuite builds key performance indicators (KPI’s) and metrics into every action on the NetSuite platform. It works seamlessly with business intelligence models, or allows for full customization to the KPI’s and analytics of a business’ choosing.
By having everything from marketing and sales to inventory and accounting, all in the same platform, data is always in real-time, on patent pending user customized dashboards. Every user is empowered to make decisions directly related to their business actions, with scorecards, semi-circle thermometers, real-time report snapshots and graphs all at the click of a button.
Plus, with NetSuite, KPI’s and graphs can be printed or exported, to quickly allow for accurate reporting. No cumbersome data warehousing and report popullating. No reconciling between disparate systems. Everything needed for effective and accurate analytics, right at user fingertips.
It’s easy to fall in love with analytics in NetSuite.
Let us show you how to gain management prowess, while empowering individual employees, through effective real-time analytics and reporting with NetSuite. We offer a free consultation, and will partner with you for long-term success, from idea to full implementation and beyond, to customization and user training.
Contact us to find out more.