Host Analytics MyPlan Enables Finance and Business Users to Rapidly Adjust and Align Budgets and Forecasts
Host Analytics, the leading innovator of cloud-based enterprise performance management (EPM) solutions, today delivered the first ever collaborative planning, budgeting and forecasting solution. MyPlan was originally announced earlier this month as “Project Orion,” and is the only offering in the industry that delivers an intuitive interface with a task-oriented design made specifically for business owners. MyPlan allows budget owners to view the state of their business and make updates to budgets and forecasts, all in the same tool. By engaging business users, and creating greater accountability, enterprises can now instantly allocate and reallocate resources to eliminate “surprises” and create optimal business outcomes.
“By demystifying the mechanics of budgeting and forecasting, MyPlan will foster greater buy-in of budget owners who will now be more empowered. Benefits will also accrue to the finance function as less effort will need to be invested in converting budget owners’ ideas into dollars and cents,” said Paul Peterson, chief financial officer at Philadelphia Mixing Solutions, Ltd., a Wind River Holdings company. “The prospect of cultural enhancement and efficiency in financial planning and analysis is exciting.”
Collaborative planning results in improved accuracy in budgets and forecasts. Ventana Research recently issued a report that found that fewer than half of participants said their company performs its budgeting and planning processes well.
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“Software that enables budget owners to concentrate not just on the financial aspects of their business but on things that matter to their performance would substantially improve the business value of planning and budgeting,” said Robert Kugel, senior VP research directorof Ventana Research. “Budget owners could automatically construct a budget by planning the resources they need to meet their business objectives.”
MyPlan was designed for business users, rather than finance teams, with the intention to eliminate the pains associated with budgeting and empower budget owners to be able to efficiently allocate and reallocate resources. FP&A teams are now able to move away from the time consuming, manual ways of collecting data that typically include having to leverage information gathered from conversations, spreadsheets, and emails. As a result, finance teams can dedicate less resources to supporting budget owners and focus more on strategic initiatives and analysis.
“Up to now, the industry has failed to address this pain. When we surveyed our customers, they shared that they dread this process, and some went so far as to say that they would rather have a root canal than work on their budget,” said Dave Kellogg, chief executive officer of Host Analytics. “We decided to take a fresh look at this problem and solve it. Our team is proud to be the first to create this type of solution and will continue to lead as the innovators in our industry.”