MineSweep

Minesweep

Introduction

Minesweep is a Governance, Risk, and Compliance (GRC) solution within Netsuite Product suite that supports organization in business process alignment. NetSuite is a versatile cloud ERP solution that is widely used by medium and large size enterprises. NetSuite strength lies in its highly configurable and customizable ability and adaptability with partner applications.

The Challenge

NetSuite is typically implemented at the hyper-growth phase of the company that introduces various discrepancies in the ERP system. The challenges for most companies that use NetSuite include

  • Changing business models that may require constant changes to the system

  • Many users are not properly trained on the system and may be temporary contractors with limited knowledge of the business and corporate accounting policies

  • With phased implementation, manual workarounds are built that may introduce additional risks in the process

  • NetSuite as part of their releases introduces new features semi-annually. Although most of the features are backward compatible, sometimes a new feature may make a workaround irrelevant and may introduce data errors into the system

Controllers and other business process owners tasked with running the business face constant challenges in various facets such as

  • Unauthorized transactions

  • Data errors and integrity

  • Potential fraud

  • Noise due to stale data

  • Increase business efficiency

  • Implement appropriate internal controls and audit preparedness

Solution

MineSweep is a solution built natively within NetSuite to identify users to identify transactions and records that need further review or additional information. MineSweep leverages the powerful search capabilities of NetSuite to identify potential exceptions or records that need to be highlighted.

Encapsulating the native searches in a powerful probe, MineSweep provides the ability to collaborate, manage and document on these exceptions all within the confines of NetSuite.

This includes

  • Ability to assign a probe or a single exception to a user for further follow-up

  • Apply exceptions for current and future at various levels with an appropriate justification that may be captured

  • Provide comments for other users

  • Capture a system generated snap-shot for audit documentation with appropriate comments.

MineSweep includes more than 100 prebuilt probes that provide insights into potential issues and guide on leading practices in usage of NetSuite. These are strategically built for various modules and functions and are customizable for the organization. Apart from these pre-built probes, users can also build a simple exception search and turn it into a probe.

MineSweep provides advanced capabilities to compare results from two searches (e.g. Employees who are also set up as vendors) and sophisticated access management for fine-tuned access.

Conclusion

MineSweep is an essential add-on to NetSuite for business process owner who needs to have an effective approach to boil up potentially out-of-norm entities, transactions or set up in NetSuite.

By | 2019-01-22T11:09:07+05:30 January 19th, 2019|Categories: Blog|0 Comments

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