Every business is different. So, each one needs a unique system to handle its financial information. And that’s why NetSuite custom segments have become crucial tools for mid-sized to large companies—because they can track and report any type of data.
That means you can sort and compare information like never before.
Most systems track business data using three standard segments: class, department, and location. Unfortunately, this practice limits reporting capabilities to specific topics.
A NetSuite Cloud ERP uses standard classifications but also allows users to create new segments that suit their needs. As a result, these segments facilitate more in-depth reporting and help business leaders make better decisions.
“A client can have custom segments to categorize items such as brand, cost center, class, and sales channel,” SuiteDynamics CFO Grace Martin explains. “A custom segment can be anything significant to your business, and then it becomes a filter on your financials.”
And these filters are versatile enough to track multiple sales and expense channels simultaneously.
“It’s a way to gather all the pertinent details,” Grace says. “And every company has different needs in this regard.”
If you need an example, suppose a food company wants to look at different product lines, such as ice cream versus cake. And within the ice cream line, they may also want to examine sales for flavors with inclusions (like chocolate chips) versus those without (like vanilla) or specific flavors (mint chip versus cookie dough) to analyze and report on what’s underperforming. So, the business would create NetSuite custom segments for each category so its leadership could track the data and decide how best to manage each product line.
Essentially, you can segment any data you want in NetSuite and compare items within that designation against each other. You can also use custom segments on saved searches to sort information and reduce the amount you need to examine.
As you know, data is a business’s lifeblood. So, it’s got to be accurate and easy to read. NetSuite custom segments will ensure your staff has the best info possible to move your business forward.
Watch the tutorial below and learn how to make your own custom segments in NetSuite. Then, enjoy next-level data analysis.
Schedule a consultation with SuiteDynamics to start a training program that teaches your staff how to use NetSuite features like custom segments. As an ERP solutions provider, we can help you maximize all of the system's tools.
We pull information from NetSuite material, SuiteDynamics experts, and other reliable sources to compose our blog posts and educational pieces. We ensure they are as accurate as possible at the time of writing. However, software evolves quickly, and although we work to maintain these posts, some details may fall out of date. Contact SuiteDynamics experts for the latest information on NetSuite ERP systems.