Use Case 1: Annual Budget Preparation
Annual Budget Preparation takes an average of 40 days each year for a CFO to create in Spreadsheets. To save on time, new tools can be utilized to speed up the budget prep. But which tool is best, and most effiencent, at speeding up processes?
Use Case 2: Saving Time Cleaning Up Data
Financial analysts spend 49% of their time on data collection, validation, and managing data for forecasts but only 10% on doing actual calculations. Why is that?
As data sets grow and complicate, manual workers find themselves forced to spend more and more time cleaning up their data. Missmanaged data can lead to serious struggles down the road, especially during the end of any fiscal year. That's why properly cleaning up data takes up so much time.
With Artificial Intelligence, financial analysts can speed up their data clean up times. Here's by how much:
The Power of Business And Artificial Intelligence
Whether you're simply manipulating data, or you have BI and AI tools installed, you'll need humans to control how the tools function.
NetSuite Data + Humans: Manual Extraction Between Sources
33% of workers state that they waste too much time on data preparation and on average access data from 6 different data sources.
One of the most common ways NetSuite users export data from NetSuite is via a manual extraction to common spreadsheets such as Excel and Google Sheets.
Once in a spreadsheet, report building faces the recurring challenges of data integrity, laborious formatting, and disconnected synchronization with the most current ERP data to ensure report accuracy.
Moreover, the process of report building and collaboration on the available data are siloed limiting the speed and efficacy in decision making.
Common use cases: Operational reporting, financial planning, budgeting, sales forecasting, fixed asset management.
That being said, spreadsheets are here to stay and still are the most common reporting method used by 88% of knowledge workers in their data activities.
BI for NetSuite + Humans: Automatic Data Extraction
43% of IT decision-makers fear their IT infrastructure won’t be able to handle future data demands. So what does that mean for the average NetSuite user?
As ERP data continuously grows and consolidation of information becomes a challenge, businesses seek Business Intelligence solutions to mitigate data integrity problems and deliver efficient analytics beyond spreadsheet reporting.
BI expertise coupled with a robust data model and data warehouse, empowers maturing organizations to leverage Big Data across multiple enterprise systems. Moreover, flexible charting and visualization capabilities help executive make sense of the voluminous data sets that drive their business.
Common use cases: Strategic reporting, Multi-year historical data analysis, forecasting, and predictive analysis leveraging multiple data sets.
BI + AI for NetSuite: Advanced Analysis of Automatically Extracted Data
59% of executives say AI can improve big data use in their organizations. Can NetSuite users say the same?
Organizations are always looking to gain a competitive edge over their competitors.
ERP data along with complementary enterprise data sets, are limited in their value by the expertise and efficiency people can generate useful analysis. Incorporating data science methodologies with Artificial Intelligence (AI) technology allows businesses to accelerate the effectiveness in analyzing their growing Big Data as market conditions change (quicker than ever).
The same reports generated by purely human intervention can now be accelerated much quicker at a fraction of the cost.
Common use cases: Quicker detection of fraudulent behavior, improved accuracy of mundane data entry, automated tracking of the health status of systems and processes.