Executive Summary on IDC White Paper
Success in the digital economy is underpinned by intelligent data-driven decision making. Enterprises must make key decisions at different levels every day — strategic, operational, and tactical — and those decisions must be made on up-to-date data that often resides in enterprise systems of record: data warehouses, repositories, etc. Reports and analytics have been part of decision making for decades, but line-of-business (LOB) knowledge workers either are dependent on IT to get reports and data feeds out of complex applications and/or use desktop tools like spreadsheets to run their analyses on snapshots of data. Regardless of company size, IDC has found that the use of spreadsheets is very common, especially in the office of finance, to provide insights into the state of the business.
IDC interviewed organisations that have deployed Vena Solutions software to support their creation and delivery of budgets as well as other finance-related planning activities. These organisations explained that Vena Solutions has helped them streamline and improve the quality of budgets. As a result, they devote less staff time to budgetary activities and reduce budget-related risk. Further, by offering a user-friendly interface and improved visibility into budget processes, they have made more line-of-business users robust participants in budgetary processes. Based on these organisations’ experiences, IDC’s analysis shows that these organisations are achieving strong value from their investment in Vena Solutions, which IDC projects will yield an average three-year ROI of 456%, by:
• Speeding up the creation and approval of budgets, which means less staff time is expended on budgetary activities for finance and other teams
• Substantially reducing the frequency of budget-related errors, thereby minimising budget related risk and staff time required to address errors
• Bringing LOB users closer to budgetary processes, minimising friction by involving these teams and providing them with information that they can apply to their day-to-day jobs
Business Value Highlights
• 456% three-year ROI
• 6 months to payback
• 90% fewer budgetary errors
• 60% less staff time per budgetary cycle
• 45% faster creation of budgets
• 23% faster to get to budgetary approval
• 19% higher finance team productivity
• 6% higher operations team productivity
Interested in reading more? Click here to get your copy of the full IDC White Paper.
With over 18 years in data management and analytics experience and as a Microsoft Gold Partner, Altron Karabina are perfectly positioned to assist you in implementing Vena at your company.