5 Key Processes to use with NetSuite Planning
Gone are the days when companies could rely on static, siloed planning methods. The current business landscape demands a more agile approach, where decisions are made at an accelerated pace. Finance teams, in particular, find themselves adapting to the need for collecting and analyzing data from various departments swiftly. This shift has underscored the importance of an approach to planning that allows for continuous adjustments rather than aiming for a perfect, static plan.
The key to success lies in constant refinement, and finance organizations must broaden their horizons. This involves considering not only internal operational and financial data but also insights from external sources, such as customer sentiment, economic conditions, and consumer trends. The integration of multiple data sources ensures more accurate plans, forecasts, and, ultimately, better decision-making for the organization.
Strategic Planning
Before any effective planning can occur, leaders need a clear understanding of the company’s trajectory. A strategic plan, outlining goals for the next two to five years, serves as the foundation for all subsequent plans across the organization. These goals should include action plans, milestones, and relevant KPIs, forming the basis for data-driven planning.
Scenario Planning
Scenario planning proves invaluable for controlling costs, mitigating risks, and gaining a competitive advantage. By combining projections, budgets, and forecasts, scenario planning provides insights into key business drivers and the potential impact of future events. This collaborative effort between finance and operational teams results in comprehensive models that guide effective decision-making.
Use of External Data Sources
Both scenario and strategic planning require insights from external sources. Incorporating seasonality, weather patterns, local economic indicators, and other factors into the planning process is crucial for improved data collection, enhanced use of data, and more accurate forecasts. Effective decision-making hinges on leveraging external data.
Regular Customer Feedback
The voice of the customer should echo throughout Netsuite planning. Regular discussions with customer-facing teams provide insights into opportunities and challenges clients face, helping optimize efforts. By consistently integrating customer feedback, organizations can prevent surprises and contribute to client success.
Integrated Planning Technology
Successful Netsuite planning involves breaking down silos, and integrated planning technology plays a pivotal role. Well-integrated planning software connects and streamlines plans across the business, identifies patterns in data, and offers powerful dashboards for enhanced visibility and insight.
Visit www.AsherSuite.com to start with NetSuite Planning & Budgeting.
