Integrating a Complex Series of Transactions
For decades, fantasy sports has grown steadily in popularity undergoing rapid advancements with emerging technology. The number of fantasy sports players across the United States and Canada was estimated to be 32 million in 2010 and 59.3 million as of 2017, with particular growth in mobile phone usage and new players in the under 25 demographic. The advancements and accessibility of online fantasy sports has brought increased complexity and impulsivity to the games, providing shorter game intervals and more diversity in how the games can be played.
Managing the real-time changes of simultaneous contests is the specialty of innovative sports-tech companies such as OwnersBox. As long-time users of NetSuite, OwnersBox had developed a process for managing finances and operations. However, with a growing customer base and increased government regulations to uphold, the status quo process was under heavy pressure and needed optimization. OwnersBox required seamless integrations of their gaming system with NetSuite to maintain data accuracy and efficiency without slowing down their growth.
The high industry standards of fantasy sports require large volumes of data to be recorded in detail and processed promptly in the correct order, a feat that challenges the capacity of any Cloud ERP software. With so much data changing concurrently and in real-time, OwnersBox needed reliable and fine-tuned control to prevent liabilities to their company.
Expanding NetSuite’s Capabilities
To keep up with industry regulations and customer growth, OwnersBox partnered with 67 Solutions and their team of NetSuite certified consultants to seamlessly integrate their platform into an interconnected hub of data. Their extensive IT knowledge and NetSuite expertise allowed for the capabilities of NetSuite to be expanded beyond that of simple integrations.
The 67 Solutions team mimicked all of OwnersBox transaction types within NetSuite and tracked all of the data involved in those transactions throughout three categories: player accounts, contest, and fantasy transaction activity. Based on the transaction type, a cascade of unique automations are triggered, with the large volumes of data refreshing every 15 minutes. Additionally, 67 Solutions set up a script to mark the incoming data with timestamps to ensure that the data is processed chronologically.
These complex, simultaneous processes occur at volumes too large for the default 67 Solutions programmed loops within NetSuite’s data processing and tracking scripts to run tasks repeatedly until all the data is processed. This technique used within the integration enhanced NetSuite’s capabilities to best fit the volume of data in need of processing.
Keys to Success
67 Solutions’ close collaboration with members of OwnersBox was key to ensuring their needs were met and that no details were overlooked in the integration. This also provided opportunities for OwnersBox to assure that all processes adhere to government regulations for their type of business, supporting their unique financial structure and accounting processes.
“I’ve used NetSuite in three different companies and they’ve all used it differently… it’s one system that has fit very well for three very different needs, three very different companies”
– Andrew Walsh, Financial Controller, OwnersBox
Customizability was integral to the process as well. 67 Solution’s expertise led the development of custom records and custom lists for all areas of the data in NetSuite. The script processes the data in an efficient, organized manner, and presents the data to OwnersBox on an appealing and simplistic visual field that sorts the information neatly by player, contest, and league.
Collaboration across the integrations also assured that the process was catered to the preferences of the business owner, offering flexibility with the accounting and how it’s organized in their records. 67 Solution’s provided the mechanism for up-to-date and accurate balances, records, and monitoring, aiding the running of OwnersBox functionalities while creating a hub to better their access and awareness of trends and changes.
Real Business Intelligence
With the intricacies of an integrated system in NetSuite, detailed data records can be easily viewed and analyzed, containing information on player activity that is recorded down to the second. This feature is significant for keeping pace with industry growth, bolstering data processing to keep up with the real-time, impulsive performance of modern fantasy sports.
These features allow for more accurate, in-depth insights into player activity and trends, providing refined analytics. These analytics provide OwnersBox with new, valuable business intelligence for better decision-making today and in the future. More accurate analytics can provide fine-tuned understanding of functioning or flaws and, in the case of fantasy sports, can create more accurate fill curves for sports and contests.
“With the way that the integration was done, there’s a lot of nuances about the operations of the contests we can derive”
– Andrew Walsh, Financial Controller, OwnersBox
Seamless and interconnected ERP can bring new dimension to business intelligence and innovation, and in the industry of fantasy sports, can provide a fast-paced and in-depth system of managing data that can propel the growth of your platform beyond the competition. NetSuite and 67 Solutions hold the tools to optimize and accelerate your business, with experts trusted by sports-tech trailblazers such as Ownersbox.