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3 Ways to Increase Trust in Your NetSuite Data

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insightsoftware is a global provider of reporting, analytics, and performance management solutions, empowering organizations to unlock business data and transform the way finance and data teams operate.

24 02 Blog 3waystoincreasetrustinnetsuitedata Website

As the first ever cloud company, Oracle NetSuite is a trailblazer in the ERP space. It’s no wonder it’s preferred by over 37,000 organizations across the globe. However, NetSuite’s native reporting tools, while helpful for basic tasks, can create serious roadblocks to data trust within your organization.

Delays in generating custom reports leave your leadership with outdated information, hindering informed decision-making. Additionally, disconnected data forces manual verification, raising doubts about accuracy and eroding trust. But the biggest hit to trust comes from the lack of agility. Imagine your employees asking data-driven questions and facing week-long waits for answers. This frustration and lack of autonomy quickly disengages them from utilizing data altogether. Don’t let NetSuite’s limitations become your data’s downfall. Address these challenges to build a culture of trust where data empowers everyone to make better decisions, faster.

1. Fill in Ad Hoc Reporting Gaps

For basic reports like general ledger reports, trial balances, and financial statements, NetSuite’s built-in reporting tools have you covered. But what happens when leadership approaches you with a more intricate question that requires a custom report?

If you’re not lucky enough to have expert Netsuite knowledge on your team, then IT will need to step in. Already tasked with maintaining critical business infrastructure, IT will prioritize other urgent needs over the report, often leading to lengthy delays. By the time the report is delivered to leadership, the information is days-old and no longer relevant. Critical business decisions might be made poorly on outdated information, damaging leadership trust in your team’s future insights.

For rapid insights into your leadership’s pressing questions, seek a reporting solution that offers intuitive report building capabilities. Netsuite technical skills are in short supply and a no-or low-code solution bypasses this limitation, allowing your team to autonomously generate value from your ERP data. With actionable insights in hand within hours, not days, your leadership will be confident they are working off the latest information and trust in your data analysis will grow.

2. Combine More Data with Less Hiccups

NetSuite works best with its own data, and things get complicated when you need to bring external data sources into your analysis. Manual processes breed errors, and if you are using static spreadsheets to generate business insights then it’s just a matter of time before inconsistencies bleed into your reporting. “Trust takes years to build, seconds to destroy and forever to rebuild” is an idiom you will come to know very well if your Netsuite reporting carries constant risk of error.

Forget data-chasing and siloed spreadsheets. A robust financial reporting tool seamlessly connects your NetSuite data to sales, marketing, and even external benchmarks. This unifies information, eliminating discrepancies and boosting trust in report accuracy. No more manual checks or second-guessing numbers. The finance team confidently presents insights based on a single, reliable source, eliminating the need to defend data validity. Trust skyrockets, enabling informed decisions and collaboration. Stakeholders see the finance team as strategic partners, not just number crunchers, empowered by connected data. It’s a clear win-win, building trust and elevating the finance team’s impact.

Data Trust: NetSuite Reporting for Financial Success

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3. Transparent Reporting for Better Decisions

Traditional financial reporting leaves a lingering question: “Where did this number come from?” Reports present figures without context, leaving stakeholders guessing at their origin. Was it a hidden calculation, a manual adjustment, or something else? This lack of transparency creates doubt, hindering informed decision-making and trust in the finance team.

With a reporting tool offering transparent audit logs and version control, those doubts disappear. Users can easily trace any changes to NetSuite data, understanding the “why” behind adjustments and following the journey from raw data to final report. This transparency eliminates suspicion and builds trust in both the data’s integrity and the finance team’s expertise. Forget hidden formulas and spreadsheets shrouded in mystery – clear documentation empowers the finance team to move beyond number-crunching and become strategic partners. Informed decision-making across the organization thrives when everyone trusts the data and understands its story. It’s a shift from opacity to clarity, and the result? Enhanced trust and collaboration, fueling better business outcomes.

Build NetSuite Data Trust with Spreadsheet Server

Traditional NetSuite reporting can leave you frustrated and unsure of the data’s true story. Spreadsheet Server from insightsoftware tackles these challenges head-on, building trust and transparency through specific features:

  • No more struggling with new interfaces. Spreadsheet Server seamlessly connects with Excel, your existing go-to tool for analysis. Create reports that span departments and dig into specific questions, without relying on IT for basic insights.
  • Tired of waiting on IT for critical reports that impact decisions? Spreadsheet Server empowers your team with self-service reporting. Build custom reports without technical expertise, saving time and fostering data ownership. No more waiting and wondering – take control and answer questions instantly.
  • Eliminate the “black box” of data manipulation. Spreadsheet Server offers detailed audit logs and version control, allowing everyone to trace changes and understand the rationale behind adjustments. No more hidden formulas or guesswork – just clear, documented data journeys that build trust.
  • Go beyond basic reporting and uncover hidden gems. Spreadsheet Server unlocks powerful analytics capabilities. Slice and dice data, identify trends, and reveal hidden patterns invisible in standard reports. This deeper understanding empowers informed decisions and confident business strategies.
  • Break down information silos and foster teamwork. Share reports, discuss findings, and make data-driven decisions together. Spreadsheet Server promotes data accessibility and analysis across departments, building trust and collaboration throughout your organization.

Spreadsheet Server turns Netsuite into a reliable resource for generating business value. Gain time, empower your team, and make informed decisions based on clear, trustworthy insights. It’s not just a reporting tool, it’s a foundation for data-driven success.

Ready to learn more? Read how Greenclose Hotels shaved off 60% of its reporting cycle with Spreadsheet Server for NetSuite.