Introduction
Analyzing sales data across different countries and currencies can be complex. SPS Performance Analytics simplifies this by converting all your Point of Sale (POS) data, like Retail Sales (RTL SLS) and Cost of Goods Sold (COGS), into a single, standardized currency. This ensures accurate reporting and analysis, regardless of how your trading partners report their sales.
SPS Commerce provides two methods for managing currency conversion rates within Performance Analytics: SPS Managed Currency Conversion and Custom Currency Conversion Rates. This article provides a comprehensive guide on how currency conversion rates work within the SPS Performance Analytics platform, including how to access and manage them using these two rate management methods.
Article Contents
Currency Conversion Rate Management Methods
To give you the consistency when analyzing sales data across different currencies, Performance Analytics offers two distinct approaches to managing conversion rates. You can opt for the convenience of SPS Managed Currency Conversion, where rates are automatically updated weekly by our trusted third-party partner. Alternatively, leveraging the Custom Currency Conversion Rates option empowers you with granular control, allowing you to manually define your own rates and date ranges.
💡CLICK the table below for a detailed comparison of these options.
⛔Certain data types and other variables may make some customers ineligible for SPS Managed Currency Conversion. For questions about availability, please contact SPS Analytics Support or your SPS Analytics account Project Manager.
Concepts & Terms To Know
To help you navigate and utilize currency-converted metrics effectively, we've compiled a list of essential terms and definitions. Grasping these concepts will empower you to make informed decisions and maximize the effectiveness of your analyses.
NAME | DEFINITION |
| The folder (and panel) on the left-hand side of the screen when leveraging Report analyses. The All Objects folder contains the Attribute and Metric folders with the available objects that may be utilized in reporting. |
COMMON CURRENCY | The standardized currency selected for reporting and analysis, to which all sales data is converted in an analysis. |
CONVERSION RATE | The rate used to convert sales activity from the 'Reported Currency' metrics to the 'Common Currency' metrics. |
| A file that customers leveraging the Custom Currency Conversion Rates method provide to specify their preferred currency conversion rates and the date ranges for when those rates should be applied. |
| The currency applied to MSRP and Cost related attributes in the supplier's Item Master file. This Item Master Currency is established during account implementation in partnership with SPS Commerce implementation teams. |
| A file provided by the supplier that contains detailed product information, including attributes like Manufacturer's Suggested Retail Price (MSRP). The currency specified for these attributes in the Item Master File is crucial for accurate currency conversion and sales calculations within SPS Performance Analytics. |
INTEGRATED METRICS (INT) | Reported Currency and Common Currency metrics will include "Integrated" versions. These Integrated Metrics (INT) are used when the data provided by the retailer does not include all necessary sales metrics for calculating cost-related metrics. 📖Click Here to access a Help Article for additional information on Integrated (INT) Metrics in SPS Performance Analytics. |
REPORT OBJECTS | The Report Objects (folder) contains all available objects (Attributes and Metrics) that are loaded and available in the report being accessed. 📖Click Here to access a Help Article for additional information on leveraging the Report Objects in SPS Analytics. |
REPORTED CURRENCY | The original currency in which sales transactions are recorded and reported to SPS Commerce. This is usually the local currency of where the sale occurred. |
Key Takeaway: Understanding Currency Conversion
To grasp the concept of currency conversion, refer to the visual aid below. The graphic depicts various Reported Currencies (represented by circles with different currency symbols) being filtered down into a single circle, which represents the Common Currency in USD.
This visual illustrates that Common Currency metrics encompass not only all currencies converted from the Reported Currency but also include any Reported Currency that has a 1:1 conversion to the Common Currency (USD, in this example).
Locate and Select Common Currency Metrics
The location and customization options for Common Currency Metrics will differ depending whether you're using reports or dashboards and whether they are SPS-provided prebuilt or Ad Hoc analyses. Refer to the tables below for detailed information on how to locate, change, and utilize Common Currency metrics.
ReportsChoosing a Common Currency on the Filter Prompt Screen |
When leveraging Ad Hoc reports (and some dashboards) in SPS Performance Analytics, users will have the option to select their desired currency to convert the Common Currency metrics on the filter prompt screen, prior to running the analysis. Users can choose from the country currency codes available in their account by selecting from the "Available" field and moving the desired currency into the "Selected" field using the corresponding arrow buttons. Only the country currency codes that were set up during implementation will be available.
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Accessing in ReportsLocating Common Currency Metrics in Reports |
After selecting the filter prompts and running the report analysis, all available Common Currency metrics will be located in the report's All Objects folder on the left-hand side of the screen. Within the All Objects folder, navigate to the report's Analysis Metrics folder (To-Date Analysis in the image below). Here, you will find the Common Currency metrics organized within each time frame or trend cadence subfolder's Common Currency Metrics folder.
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Prebuilt DashboardsLocating SPS Commerce Common Currency Prebuilt Dashboards |
Prebuilt dashboards leveraging currency conversion will be located in the respective subfolders of the "Dashboards" folder from the Performance Analytics homepage. These subfolders will typically have "Currency" in parentheses in the subfolder title. These dashboards will have a default Common Currency selected to convert all sales metrics, and this setting CANNOT be adjusted without the assistance of the SPS Commerce Support team. |
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Prebuilt DashboardsIdentifying Common Currency Metrics in Dashboards |
Prebuilt dashboards will have a single Common Currency selected during implementation, and this selection cannot be changed without the assistance of the SPS Commerce Support team. In these currency dashboards, all sales metrics will be presented in the Common Integrated metric version. 💡If additional Currency dashboards are needed to be added to your account, please reach out to SPS Analytics Support. |
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⛑️ SPS Analytics Support
If you have any additional questions regarding Currency Conversion, Collaboration Analytics or Performance Analytics, please reach out to our Analytics Support team at the contact information below:
☎️ 888-739-3232, Option 2