NetSuite Brings SuiteSuccess to Planning and Budgeting
Posted by Barney Beal, Content Director
For many companies, sophisticated planning and budgeting software that automates routine finance tasks and provides detailed financial modeling is simply out of reach or untenable. What tools are out there 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. Whatâ€™s worse is that rolling these systems is disruptive and solution providers are often focused solely on the finance function without a broader view of the nuances of the particular industry.
NetSuite introduced its Planning and Budgeting Cloud Service (PBCS) in 2017. At SuiteWorld19, it has married its planning and budgeting software with its SuiteSuccess industry solution, bringing its two decades of finance experience across multiple industries to planning and budgeting. NetSuite customers now have access to a guided implementation with industry practices built in, in as little as 30 days.
Whatâ€™s more, PBCS is fully integrated with 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.
NetSuite released the first PBCS SuiteSuccess edition at SuiteWorld. NetSuite PBCS SuiteSuccess Starter Edition provides users with end-to-end functional capabilities that help them quickly establish a solid planning, budgeting and forecasting process. That includes 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. Seven more industry-specific editions will be available in June for software, services, advertising, media and publishing, nonprofit, manufacturing, wholesale distribution and retail.
The ability to accurately predict an outcome plays a key role in any company having a successful planning, budgeting and forecasting process. NetSuite PBCS optimizes planning and forecasting estimates via a rigorous, pre-built statistical modeling engine. With a few easy clicks, predictive planning will collect historical data and generate a dashboard offering predictions for future results. On the dashboard, users can compare submitted data with predicted data, and when appropriate, apply the predicted values directly to their plan and/or forecast. Areas that customers have found to be most useful in this area include the ability to create multiple scenarios for â€œwhat-ifâ€� analysis, leverage multiple methodologies, out-of-the-box predicative analytics as well as pre-configured views for dynamic variance analysis.