Integrating Stock Market Prices for Asset Valuation with NetSuite

Problem Statement   

Our client receives various donations as both online and offline cash. They also receive assets such as stocks, crypto and other forms of payment. They faced challenges in tracking the value of their asset-based donations daily.  

The organization wished to simplify their operations by integrating their stock market data with Oracle NetSuite. They wanted a solution that would allow them to automatically fetch the daily stock market prices. The client also wanted to create corresponding records in NetSuite. This helps them to accurately track the value of the assets.

What We Suggested 

Our experts developed a custom solution involving 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. It fetches the latest stock market prices from marketstack.com daily. We confirmed that the asset records in NetSuite were consistently updated with accurate values. 

4.Asset Revaluation Reports: We designed comprehensive reports within NetSuite. They presented the current value of the assets received. This permitted 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

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

• One calculates the value based on 70 global exchanges. This makes the process more accurate. 

Customer Success 

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

•Improved Efficiency: You can do away with manual data entry thanks to automated integration. It also reduces the time and effort required to track asset shares.

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

•Enhanced Financial Visibility: Asset valuation reports provide the client with a comprehensive overview of the value of their assets. That includes 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

• Minimal amount of manual work

Way Forward 

Jobin & Jismi focuses on customer satisfaction by understanding client needs and offering efficient remedies. We also deliver tangible benefits like optimized operations, consolidated data administration, automation, and risk reduction.

Based on client feedback, we are confident that our collaboration empowers them to accomplish their objectives. They can also lay a solid groundwork for ongoing business expansion and success.