When It’s OK to Use an Out-of-Box FP&A Solution

by | Oct 30, 2019 | Financial Planning & Analysis | 0 comments

A standardized financial planning and analysis solution may have cut it when you upgraded from Microsoft Excel, but if you’ve outgrown your current system, it might be time to consider an out-of-the-box solution. But picking a data system isn’t just a matter of deciding on a program but rather depends on the company you want to work with. Sure, Gartner’s “Magic Quadrant for Cloud Financial Planning and Analysis Solutions” report breaks down off-the-shelf solutions, but here are the factors to screen a new FP&A vendor that will customize a solution based on your needs and budget.

Integration

An FP&A system should integrate business intelligence, performance management, and predictive analytics into a single framework that makes sense for your organization. Each business domain will have “a degree of control over its own model while not sacrificing the application governance of all connected models,” Gartner notes in its report.

Flexibility

An FP&A solution should be easily modifiable by both the vendor and the user via the source code as an extensive of the platform as a service. The initial configuration should be set up to support a more diverse set of business needs based on the need to model more dynamically and plan between business domains.

Complexity

Large organizations with complex, enterprisewide requirements need a solution that is customizable to satisfy unique needs. A robust discovery process with the vendor should unearth the level of task complexity necessary for the software to perform in its current state while also growing the organization.

Efficiency

Alternatively, a customized FP&A solution shouldn’t be so complex that it can only be run by the contact who put the system into place. While proper documentation is a must, both finance and nonfinance users should be able to use the final product effectively, from maintenance to administration.

Expertise

In-house expertise should all be taken into consideration when considering a new FP&A vendor. A good vendor will help you consider all options, from selecting an out-of-the-box solution or customizing a program to making sure all your systems talk to each other to get you the results you want on the level you want. In other words, no one system should be siloed

Communication

Any good FP&A vendor doesn’t drop off once the system has been put into place. Your representative should stay on board to make sure your system is up to date with the proper documentation in place, in addition to being proactive with ongoing support for upgrades related to maintenance or updates.

More Articles from G7

4 Tips for Making Your Month-End Reports Easier

These days, companies are under more pressure than ever to finish their month-end...

How Can Employee User Interfaces Increase Morale and Profits?

Employees rely on various tools and applications as part of their everyday life at work....

Measuring the ROI of a Data Analysis Project? Read this FIRST!

When you invest in a piece of machinery, like a heating system, calculating your ROI is...

David or Goliath? How to Pick a Data Systems Partner

If you’re looking for a new data analysis solution, you probably have prestigious names on your...

Acquiring BOARD International – What We Want Nordic Capital to Know

A few high-profile acquisitions in the business intelligence software space have made the news...

Women in Tech – Hear Us Roar

A leader in the BI industry recently dismissed my opinion on BI software almost entirely because I...

One Version of the Truth: Does Your Financial Process Cause Confusion or Clarity?

Bad data has become the "fake news" of the financial world. The accuracy of your data isn't solely...

Look at Your Project Management before You Build Your BI Tool

When talking about data, it's easy to forget that time is money. An often-overlooked question that...

What Systems Do We Need to Invest in to Stay Competitive in the Data Game?

Analyzing and cleaning data is not a linear process. Even with all the different stages that data...

5 Signs It’s Time to Break Up with Your Current Data Analytics

Not all data analytics systems are created equal. But sometimes it's not easy to find the time or...

Ready to upgrade?

Call us to explore the ways to customize an FP&A solution. 

Share This