NetSuite Brings SuiteSuccess to Planning and Budgeting
Posted by Barney Beal, Content Director
Historically, planning and budgeting solutions have been a critical way for organizations to build, test and measure their strategies, but most of the solutions fall short.
They are not aligned to specific industry problems, leaving finance and operations recreating their models from scratch for each department every day and making it difficult to model and measure with the precision that any strategy requires.
Additionally, for most businesses planning and budgeting are completely disconnected from business operations. If you canâ€™t measure against your plan, thereâ€™s very little point in planning at all.
Whatâ€™s more, existing solutions tend to be one-size-fits all, forcing smaller companies to shoehorn planning into Excel or larger companies to bring in an army of people to implement and manage the tools.
With its Planning and Budgeting SuiteSuccess Starter Edition, NetSuite has tackled the three core challenges of existing planning and budgeting tools, creating a solution that is unified, connected to the business and tailored by industry.
In June, NetSuite will release seven industry-specific planning and budgeting solutions to give businesses access to the metrics they need from Day 1. Those editions include software, services, advertising, media and publishing, nonprofit, manufacturing, wholesale distribution and retail.
NetSuite has also answered the challenge of bringing planning and finance together since the product has been built from the ground up on NetSuite to facilitate company-wide and departmental planning with modeling capabilities, approval workflows and reporting within one collaborative and scalable solution. The company has also linked the planning and budgeting models to the operational metrics that customers use to run their business in NetSuite. Business leaders can see their actual sales, right next to forecast models. That gives them the ability to quickly apply trended forecasting techniques to forecast a full set of financials, fully baked financial statements that automatically aggregate across all segments and pre-configured reporting templates that allow for pertinent commentary, making it as easy as running a spreadsheet. Even the smallest of organizations will have an easy time of it.
Finally, whether itâ€™s a growing company ready to put down the spreadsheets, a company preparing for a public offering or a large business already in the public markets, NetSuite Planning and Budgeting can support them at every stage. Following the SuiteSuccess model, businesses can adapt functionality, planning models and more that align with their rate of growth on a single solution.
As it continues to invest in the product NetSuite will add account reconciliation, transaction matching, financial close and consolidation and give organizations a complete business performance management solution.
NetSuite is offering a special promotion as part of the SuiteWorld announcement. NetSuite will include activation fee for SuiteSuccess starter edition with the license through May 31. Existing Adaptive Planning Customers will get the first year free as well.