Software-as-a-Service Innovation of the Year
Everyone in an enterprise plans. But in most enterprises, manual planning (often done in spreadsheets) produces an ocean of individual, operational plans with no ability to see the whole picture. This produces an unfathomable amount of data that is interwoven into large and complex models that businesses use to meet, or hopefully excel, performance targets. Ensuring accuracy becomes difficult as models need to be updated continuously and various groups across the organisation are maintaining separate spreadsheets. As such, there’s a need for all plans to come together in a single planning platform.
Enabling business agility
Whether planning as a functional team—as in sales operations planning—or participating in finance-led corporate planning processes, active involvement and collaboration between people is critical for an effective planning process. Adaptive Insights Business Planning Cloud enables companies to gain agility in a fast-moving world by enabling them to streamline their planning processes and gain an accurate view of their business, without forcing them to compromise on user experience or comprehensive modelling.
Business Planning Cloud is the platform that integrates all planning functions in a single source of truth. In July 2018, Adaptive Insights delivered patent-pending Elastic Hypercube Technology, the next-generation planning, reporting and analytics engine for Business Planning Cloud.* Instead of wasting memory and calculation cycles on unneeded cells, Elastic Hypercube Technology uses efficient dynamic caching to eliminate the cell bloat that plagues traditional systems, enabling rapid calculations on multidimensional models of virtually unlimited size. As its name suggests, this new patent-pending technology also adds memory and compute power when model elements need to be calculated in parallel, automatically scaling with the dynamic needs of businesses. All while remaining the easiest to use planning software, according to user reviews.
Less error prone, faster, and much more scalable than manual planning solutions, Adaptive Insights’ SaaS delivery model presents significant advantages over traditional business planning software. The enterprise-wide platform cuts planning cycle times by up to 70 percent, reducing risk with always-fresh data, version-controlled plans, and driver-based models. This ensures business planning becomes collaborative, comprehensive and continuous, enabling active planning processes that gives customers the ability to plan continuously using data from across the business.
A future powered by machine learning
In May 2019, Adaptive Insights showcased its new anomaly detection capability for Business Planning Cloud.** The new capability provides the ability for both finance and business planners to easily catch potential errors in budgets, forecasts, scenarios, and other models. Working with financial and operational data, the system detects when data is outside the historical norm, flagging it for the user. Innovative ML algorithms enable the system to then learn from user feedback—determining if the anomaly was in error—to continually improve the process and better predict where anomalies occur.
Industry recognition and customer success
Recognised by leading analyst firms—including 451 Group, Constellation Research, Gartner, and Forrester—for its innovation, ease of use and market leadership, Adaptive Insights continues to accelerate enterprise-wide adoption of cloud business planning solutions. In August 2019, Adaptive Insights was named a Leader in Gartner Magic Quadrant for Cloud Financial Planning and Analysis Solutions, based on its ability to execute and completeness of vision.*** Additionally, Adaptive Insights now has a customer count of more than 4,500 companies—including optical retail chain, Specsavers, and law firm, Pinsent Masons—in more than 50 countries.
Specsavers, a leader in high quality, affordable optical and hearing care across the UK, Ireland and many other regions, deployed Adaptive Insights Business Planning Cloud for faster, more reliable planning and reporting to guide business decisions and company growth opportunities. Adaptive Insights has allowed Specsavers to allocate budget far more simply and efficiently; reducing unnecessary costs and minimising the hours spent correlating data from different cost centres. Planning has been accelerated by 50%, thanks to automated aggregation and pre-population of planning sheets with data from the company’s general ledger and ERP systems.
“Adaptive Insights o¬ffers Specsavers visibility into all of our key performance metrics all through a single pane of glass. We can rest assured that this information is both accurate and up-to-date, which is vital when we’re planning and making predictions.” -- Matt Buckley, group planning & reporting lead for finance, Specsavers
UK-headquartered law firm Pinsent Masons deployed Adaptive Insights following a merger that increased the company’s size by one-third, leaving it with several different financial systems that needed to be consolidated within months. Previously, 90 percent of the finance team’s time was consumed with finding numbers for the monthly close, and it could take up to 15 days for satisfactory final date to retrieved. Now, numbers can be retrieved within a day, and error-free reports and analysis without discrepancies be produced within two or three days. Increased productivity enables the finance team to focus on new initiatives in cash flow and balance sheet forecasting to guide longer term investments in IT, real estate, and personnel, projects they didn’t have the time to accomplish before.
“With the time savings, ease of analysis, and the scale of consolidation achieved using Adaptive, we’ve gone from scorekeepers to strategic business advisors.” -- Andrew Brett, financial accounting manager, Pinsent Masons