Integrating Stock Market Prices for Asset Valuation with NetSuite

Problem Statement   

Our client, a company that receives various donations in the form of offline and online cash, assets in the mode of stock, crypto, and other types of payment, faced challenges in tracking the value of their asset-based donations daily. They wanted to simplify their operations by integrating their stock market data with Oracle NetSuite, a popular enterprise resource planning (ERP) system. The client needed a solution that would allow them to automatically fetch the daily stock market prices and create corresponding records in NetSuite, enabling them to accurately track the value of the assets.  
 

What We Suggested 

To address the client’s requirements, we developed a custom solution that involves the integration of stock market data from marketstack.com and NetSuite. Our solution involved the following steps: 

1.Data Retrieval: We established a secure connection between the client’s NetSuite system and the marketstack API (Application Programming Interface). This allowed us to retrieve real-time stock market prices for the relevant assets.

2.Custom Module Development: Recognizing that standard NetSuite module lacks the necessary customizability, we developed a custom module specifically tailored to the client’s needs. This module seamlessly integrates with NetSuite, enabling the automatic creation of records for each asset received and automatically calculates interest and dividend.

3.Daily Data Synchronization: We implemented a scheduled script data fetching approach that retrieves the latest stock market prices from marketstack.com daily. This confirmed that the asset records in NetSuite are consistently updated with accurate values.

4.Asset Revaluation Reports: We designed comprehensive reports within NetSuite that presented the current value of the assets received, allowing the client to monitor the performance of the donations received over time. These reports provided valuable insights into financial analysis and revaluation of their assets.

Challenges

As the stock market is closed on weekends and holidays, we also needed to record the accounts received on these days. To address this, we took the stock value from the last trading date from the stock market and transferred the data to NetSuite. 

• The value is calculated based on 70 global exchanges, making the process more accurate.

Customer Success 

By implementing our solution, the client achieved several key benefits which includes:

•Improved Efficiency: The automated integration eliminates the need for manual data entry and reduces the time and effort required to track asset shares.

•Real-time Asset Valuation: The NetSuite integration with market stack provides up-to-date stock market prices, ensuring that the asset records in NetSuite accurately reflect the current value of the stocks received.

•Enhanced Financial Visibility: With the asset valuation reports, the client gains a comprehensive overview of the value of their assets, including the average monthly stock value, enabling them to make inbound decisions regarding their shared assets.

•Customization Flexibility: We added this functionality to a custom module, enabling the efficiency to calculate the interest & dividend of the asset, selling & buying asset.

Key Achievements

• 99.9% accuracy in recording stock value

• 97% efficiency in monthly average asset report

• Manual work was reduced significantly

Way Forward 

Jobin & Jismi focuses on customer satisfaction by understanding client needs, offering efficient remedies, and delivering tangible benefits like optimized operations, consolidated data administration, automation, and risk reduction. Considering the feedback received from customers, we are confident that our collaboration has empowered them to accomplish their objectives and lay a solid groundwork for ongoing business expansion and success.