Report Highlights Key Industry Findings, Best Practices, Guidelines and More to Support Successful Implementation of Financial Planning and Analysis (FP&A) Software
TORONTO – September 13, 2018 – Vena Solutions, the fastest growing provider of cloud-based financial planning and analysis (FP&A) software, today announced the availability of “Beyond the Sale: Successfully Implementing FP&A Software,”’ a new research report developed in collaboration with CFO Research Services. Along with new survey findings, the report includes best practices, checklists and case studies to help finance professionals succeed when implementing new FP&A software.
“Just as important as selecting the right Financial Planning and Analysis software for your business is ensuring it’s implemented properly, yet there are surprisingly few resources on what makes an implementation succeed,” said Rishi Grover, chief solutions architect of Vena Solutions. “Vena is proud to offer this report, based both on quantitative research and insights from subject matter experts, to fill a vital, unmet need in helping organizations make the most of their FP&A software.”
Today’s leading FP&A software systems allow CFOs and their finance teams to automate, accelerate and streamline processes, including budgeting, planning and reporting. They offer deep visibility into the drivers of business performance, and the analytics to predict future performance under varying business scenarios. When implemented successfully, FP&A software can help shape the future of an entire organization.
The report reveals, however, that many organizations have yet to adopt practices proven to drive successful software implementation. Key findings from the CFO Research survey of U.S. finance executives include:
- Nearly three in 10 organizations (29%) do not establish and use clear metrics to measure the efficiency and effectiveness of the financial software they adopt, making it nearly impossible to determine the software’s success with certainty or objectivity.
- The same number forego a phased approach to financial software implementation, minimizing early opportunities to demonstrate the value of the software – and the finance department – to management and other stakeholders.
- Nearly two in 10 organizations (17%) do not make the end-user experience a critical factor in selecting and implementing new enterprise financial software, in spite of the make-or-break role it plays in maximizing software adoption.
- Three out of 10 say their organizations do not consider it very important to integrate their FP&A software not only with financial but also nonfinancial data sources, hampering their ability to perform company-wide, integrated business planning.
“Even more valuable than the state of implementation practices today, the report also includes a detailed implementation checklist, vendor questionnaire and other best practices proven effective by subject matter experts and successful implementation experiences of hundreds of Vena customers,” added Grover.
Key steps include: identifying all roles, responsibilities and expectations from the outset, breaking the process into manageable phases, and using a collaborative approach between customers and vendors. Also critical to the success of the implementation, the software – and ultimately the business itself – is ensuring end-user involvement throughout the process.
“Make sure everyone has a seat that the table to at least discuss their needs and make sure there is buy-in,” Marcus Huffer, IT senior director at Mill Creek Residential, said in the report. “Even if people aren’t necessarily going to be using the model today, it’s good that they know what’s going on. Because once you begin to realize the value in the product, everyone is going to want to use it.”
By following the tips and practices in the CFO Research report and guide, organizations can achieve true success in their FP&A initiatives. To download a free copy, visit:
Uniquely embracing Excel to automate financial processes, such as budgeting, planning, forecasting and reporting, Vena offers an enterprise-grade FP&A solution with features including workflow, data management and a centralized cloud database. Unlike traditional solutions that try to replace Excel with rigid, hard-to-use software, Vena is recognized by customers and analysts alike as the easiest way to get trusted numbers and insights – fast.
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About Vena Solutions
Vena Solutions redefines how medium and large companies manage their budgeting, planning and forecasting. Vena provides a cloud-based financial planning and analysis (FP&A) solution that combines Excel with a centralized database, sophisticated workflow, powerful reporting and advanced analytics. Almost 500 of the world’s best companies use Vena to get trusted insights that drive faster, smarter business decisions. Vena is the fastest growing company in its sector and recognized leader in customer satisfaction and product usability. Visit us at https://www.venasolutions.com.