Many businesses have pain points that are difficult to attribute to a single problem during the sales cycle. There are other difficulties, such as laborious procedures for entering crucial data into NetSuite or a lack of sales data accessibility for pipeline tracking.
A large portion of this is related to inadequate reporting and visibility, which makes it challenging to generate precise sales dashboards using NetSuite data.
What is a NetSuite Sales Dashboard?
An executive, manager, sales representative, or member of the marketing department can all benefit from seeing current sales data visually on a monthly NetSuite sales dashboard. When information is visually presented on a single page, salespeople are often able to process it faster than when they have to sift through large, bulky reports or raw data.
Sales teams with monthly targets can rapidly examine a summary of their current performance, spot trends, and evaluate data against prior months with the use of a dashboard.
Among other data sources, monthly sales dashboards usually include information from ERP and CRM systems. Role-specific information may be shown, and it may even be personalized for each user.
A sales representative for the West Coast, for instance, would have a part of their dashboard devoted to showing the territory’s average transaction size and overall revenue.
Components of NetSuite Sales Dashboard
A monthly sales dashboard might incorporate a wide range of indicators that are important to each user, in addition to tracking the total amount of sales made each month.
Sales
This allows you to compare reps to quota or quarters, months, and years against one another. It can also be sorted by renewals and new business as opposed to customers.
Opportunities
To know where they stand in relation to goals, sales representatives, managers, and other teams must be able to see opportunities, both closed and open.
Customers
Businesses may monitor the number of new users who sign up, the number of users who leave, and the change in the number of users from month to month (churn rate).
Pipeline
Another key performance indicator (KPI) that indicates whether the company will meet its sales goals is the pipeline. You can slice this data by region, rep, and closed versus quota.
Importance of Monthly Sales Dashboard
NetSuite sales dashboards are a tool for regularly checking in on the state of the company. Important metrics like reaching sales targets, turnover, and pipeline can assist detect problems early on.
Sales dashboards can also assist in closing agreements more quickly by tracking trends, which can significantly alter the course of the future.
Teams might also feel more linked to their outcomes when they use sales dashboards. Team members will have a better understanding of the company’s source of truth if they have access to metrics that are used across the entire organization.
Having a single source of truth also makes forecasting based on reliable data easier.
Benefits of NetSuite Monthly Sales Dashboard
Monthly sales dashboards can benefit various roles in the company in a number of ways.
A dashboard should allow individual sales representatives to monitor their progress toward their quota on a daily basis. Revenue and other firm data ought to be visible to anyone. Customer success managers should also be able to view their churn or customer cancellations by product, by customer, by date, and even more, down to the individual product line.
In order to reach their sales targets, sales reps may easily observe how they’re doing and where they need to concentrate their efforts. Team members have the authority to choose which product line or prospects to pursue further.
A sales manager is able to monitor the development of the whole team. They can also tell who is performing at the highest level and who might benefit from further guidance or support.
Marketing departments are able to track which strategies and campaigns result in the highest number of quality leads and sales.
Key Features of NetSuite Sales Dashboard
Sales managers must be able to prod team members if they notice numbers declining. Sales reps have always needed to know if they are meeting their quotas.
Sales agents and their supervisors can both benefit from having a monthly sales dashboard filled with pertinent data that shows them where they stand in terms of hitting sales goals.
Role-based Dashboards
Not all users must see the same KPIs. Each user can examine the monthly sales data that is most relevant to their job through dashboards that are customized for individual roles. An executive’s dashboard might show a detailed summary of sales and revenue prediction, but a sales representative’s dashboard might focus on showing open opportunities and progress toward their monthly quota.
Customization
Permitting users to alter dashboards to suit their own requirements and tastes might be beneficial. On their monthly sales dashboard, one sales professional might want to track their progress against sales quotas, while another would want to concentrate on the sales prospect pipeline.
Visualization
Users can easily comprehend and use data visualizations to inform their decision-making. Dashboards ought to display data in various ways to accommodate both the organization’s and each user’s demands. For instance, a salesman should be able to determine which customers to target right away if they can see that they are 90% of the way to their revenue objective.
Integration
Data feeds into the dashboard from critical company systems—typically ERP and CRM software suites—are crucial. Integration guarantees that dashboards provide the most accurate and current data. Prominent software suites come with pre-made dashboards that can track success against KPIs in real-time by retrieving data from a database.
IT Controls
These safeguards guarantee that only individuals with permission can access sensitive or private information in conjunction with audit trails.
Setting up a NetSuite Sales Dashboard
To set up a NetSuite Sales Dashboard, follow these steps:
Step 1
Prior to creating a dashboard, it’s critical to decide which KPIs to include. That is dependent upon whatever KPIs are most pertinent to the users and significant to the business.
The dashboard may be customized by the organization to present data pertaining to the achievement of particular objectives, like a 10% increase in monthly sales.
Step 2
If your software suite comes with dashboards, importing KPIs or creating any other KPIs your company requires may be as simple as using easy-to-use tools.
Businesses utilizing an independent tool might have to manually enter data or utilize application programming interfaces (APIs) to link the dashboard to the CRM and ERP systems.
Step 3
Establish who will use and how they will utilize the monthly sales dashboard. Every day, sales personnel can check their progress toward their objectives by using the dashboard.
Conversely, an executive might glance at the dashboard a few times a month to determine if their approach needs to be modified.
Businesses should take into account the devices that are being used to see the monthly sales dashboard. Desktop and mobile device dashboard displays might differ greatly.
Step 4
If your CRM system comes with basic, prebuilt dashboards for various roles inside the company, you can simply modify such dashboards to fit your needs and build monthly dashboards.
If not, you might have to select different software for data visualization and analysis that works with your current systems.
Step 5
Choose the optimal layout for the data display. You can usually select among alternatives like pie charts, bar charts, and line graphs while using software.
You might be able to quickly compare current data with sales targets or previous data using certain dashboards.
If you require professional NetSuite integration services for your business, get in touch with us at Folio3. Our team of experts is dedicated to providing streamlined and effective NetSuite services that boost your online business.
FAQs
How to create a custom sales dashboard in NetSuite?
Creating a custom sales dashboard in NetSuite is pretty simple. You just have to follow these steps:
- Navigate to Customization > Centers and Tabs > Center Tabs >
- Click New and create a new center
- Add portlets
- Save the dashboard and publish it
What KPIs should be included in the sales dashboard?
You can include some common KPIs, such as sales revenue, sales pipeline, conversion rate, average deal size, sales cycle length, sales quota attainment, customer acquisition cost, and customer lifetime value.
How to integrate external data sources with the NetSuite sales dashboard?
You can integrate external data sources with the NetSuite sales dashboard using SuiteScript and NetSuite’s web services. You can also hire third parties like Folio3 for their integration tools and connectors.
