Adaptive Planning, a global cloud-based business analytics solutions provider, recently announced the introduction of Adaptive Consolidation in Australia.
Adaptive Consolidation offers a complete, integrated cloud-based suite of products from corporate performance management (CPM) to business intelligence (BI).
Rob Hull, founder of Adaptive Planning, is currently promoting the application in Sydney. He told us the product is experiencing rapid growth around the world and is providing an effective solution to some of the limitations set by Microsoft Excel.
Adaptive Planning CEO John Herr explains: “Our customers are increasingly facing complex business scenarios, including multiple currencies, multiple departments, and multiple ownership structures that require the robust consolidation features that our new product offers.”
“We’re particularly proud that the design point of Adaptive Consolidation leapfrogs existing solutions, featuring numerous different design touches that embrace the ‘consumerisation of enterprise software,’ and making the application a great fit for a large, global use base.”
A recent study of finance professionals conducted by Business Performance Innovation Network and Adaptive Planning, found that 84 percent of companies need to manage multiple business units, two-thirds have multiple geographic entities, and over a third have merged and acquired businesses and deal in multiple currencies.
The study also revealed that 70 percent are not completely satisfied with their current consolidations process, and 58 percent would like to improve the accuracy and quality of data in their month-end consolidation and reporting process.
“We are seeing increasing importance placed on financial consolidation in the marketplace,” said Craig Schiff, president and CEO of BPM Partners.
“Adaptive Planning’s design and user experience is elegant and intuitive, and the allocations capability could be a huge improvement over both Excel and older enterprise software applications.”
According to Adaptive Planning, the new product will allow companies to:
- Achieve faster and more accurate close and reporting cycles, with greater transparency
- Improve visibility, audit, and control during financial consolidations
- Easily define elimination and allocation rules with a user-friendly interface for finance and accounting
- Enhance flexibility with date-effective rules for eliminations and allocations
- Perform what-if scenario planning with version-specific rules and ownership percentages
- Comply with IFRS and GAAP requirements to report ownership changes when and as they occur
- Provide clear and accurate view of financial results
- Accelerate reporting cycles to internal and external stakeholders