28 Feb, 2023

All About NetSuite Analytics Warehouse 2023 Release 1 

NetSuite has always impressed its customers by providing the best business management services. Do you know how business leaders top in finance and operations daily? NetSuite plays a crucial role in it. The business leaders can view the current dashboards and keep an eye on the latest Key Performance Indicators (KPIs) calculated by NetSuite. The KPIs are a set of quantitative data like revenue growth, sales, used for measuring the performance of a company. This influences them to be competitive and top in their respective industries. 

Leaders with sharp minds give priority to data. They know that the value of data won’t be affected by the current numbers. As data records the history of the business, it provides insights into ongoing operations and assists in predicting future revenues and results. 

The drawbacks of spreadsheets in data analysis give NetSuite Analytics Warehouse immense scope in the market. For firms, conducting broad-scale data analysis was impossible through spreadsheets. Attempts at the same often fail as spreadsheets are not designed to work like a database. It is assessed that this analysis tool can’t handle complex analyses of huge and growing data sets accurately. About a decade ago, enterprises chose to avoid using Excel for business analytics in view of these reasons. They opted for data repositories to store all relevant information and used business intelligence systems to conduct deep and broad analyses.  

Large corporations are now hiring business analysts to build data models and sort through data visualizations. Such firms boost their growth after achieving the goal of finding new insights into business operations.  

But recently launched businesses may find populating a data warehouse, creating data storage models, and developing analytics to study their information as an expensive and time-consuming task. Hence, they fail to enjoy the benefits of deep data analysis.

What is NetSuite Analytics Warehouse?  

NetSuite officially launched its Analytics Warehouse in 2021. This is a cloud-based data storage and analytics platform that integrates data from the ERP and numerous business applications. Compared to SuiteAnalytics Workbook, this pre-built analytics solution is the best option for data analysis with more advanced features.  

NetSuite Analytics Warehouse assures numerous benefits, like simplifying your data management and improving data access. Oracle Analytics cloud-based data storage gathers information from multiple sources and houses it in a single, centralized cloud data warehouse and analytics solution. It ensures faster and more accurate reporting and analysis as historical and transactional data are brought under a single platform. The NetSuite Analytics Warehouse helps you find perfect answers to your business queries through the analysis of large data sets at greater speed. It also accelerates business insights and reduces IT costs and complexity. 

Firms that use NetSuite Analytics Warehouse found it very useful to cut infrastructure costs, revamp forecasting, shape product lines and examine metrics for expansion. Hence, the latest update to the NetSuite Analytics Warehouse is observed as a great move to enhance business potential.  

Smoother Process

The NetSuite customers found a solution for both cost and complexity problems through NetSuite Analytics Warehouse. This platform, based on industry-leading technology, including Oracle Autonomous Data Warehouse and Oracle Analytics Cloud, is the best option to store your data. Apart from recording old and present data, you can also utilize this for updating new information in the future. When the data is exported into one integrated platform, it helps your team find trends, patterns and outliers that play a crucial role in improving the quality of your data and boosting the efficiency of your business processes.  

NetSuite Analytics Warehouse is already equipped with NetSuite data models. Hence, when your instance is connected, the standard transaction and data types used in NetSuite also be traced immediately, stored and prepared for analysis. That means the users can complete the process without creating a new data model for their NetSuite Data.  

Each new NetSuite Analytics Warehouse release guarantees you a shorter time to broaden business insights. In 2023 Release 1, customers can obtain access to nearly 90% of NetSuite transactional record types and enhance their analyses with new data sets in areas like sales, inventory, financials, purchases and support management. For example, the Cross Charge Journal data set allows the finance department to track cross charges between subsidiaries that serve each other. Similarly, manufacturers can track item availability, quality inspection status and work order status through inventory status change data sets. New data sets like these are automatically refreshed every day and made available for use.  

For encouraging data analysis, 2023.1 expands its collection of pre-built analytics to include industry-specific dashboards and visualizations for professional services businesses, software sellers and manufacturers.  

Though NetSuite records numerous pieces of information generated by the finance and operations teams, we can’t identify it as the only source of data for analysis. Interestingly, NetSuite continues to integrate the Analytics Warehouse with other data sources and strive to boost this process. The new release assures customers direct connections to three cloud applications: Salesforce, Shopify and Google Analytics. Compared to the previous integration which used the Oracle Analytics Connector, the new connector allows a speedy flow of data. 

We can also connect to other applications either through the use of CSV files or spreadsheet imports. This benefits the datasets that are not updated and the legacy applications you keep running to preserve the data.  

A REST-based interface for importing data from other active data sources is another major attraction of the NetSuite Analytics Warehouse. For example, the Application Programming Interface (API) offers a reliable method to import data from custom applications. 

At present, customers in the USA, Canada, and Australia can use NetSuite Analytics Warehouse.  

NetSuite, the cloud-based ERP, has turned into one of the most reliable platforms for companies to manage their business operations. Jobin & Jismi welcomes you to learn more about NetSuite and find a solution to issues in your business processes.