Budget Expenses Become More Accessible After Full Clarity Replacement
Company Size
1,000+
Region
- America
Country
- Canada
Product
- Vena
- Clarity 7
- Microsoft Excel
Tech Stack
- SQL-based MultiView
- Microsoft Excel
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
- Productivity Improvements
Technology Category
- Analytics & Modeling - Predictive Analytics
- Application Infrastructure & Middleware - Data Exchange & Integration
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Quality Assurance
Use Cases
- Predictive Replenishment
- Process Control & Optimization
- Remote Collaboration
Services
- Software Design & Engineering Services
- System Integration
About The Customer
The customer is one of Canada’s leading investment firms, specializing in providing comprehensive financial services and investment solutions. The firm has a large and diverse client base, including individual investors, corporations, and institutional clients. With a strong focus on delivering value and achieving financial goals, the firm relies heavily on accurate and efficient budgeting and forecasting processes. However, their existing system, Clarity CPM, posed significant challenges, including the need for hard coding and extensive reliance on external consultants. The firm sought a more integrated and user-friendly solution to streamline their financial processes and reduce dependency on IT support.
The Challenge
The client faced several challenges with their existing Clarity 7 system. The conversion to Clarity 7 required new templates that did not integrate well with the client’s source system. This led to a constant need to rely on external consultants to build templates, preventing the Finance team from taking true ownership of the budgeting and forecasting processes. The team had to collect data via email from dozens of sources and then manually copy and paste the data into Clarity, prolonging the processes and leaving little time for discussion and analysis. Additionally, ongoing use of Clarity 7 required hard coding and heavy reliance on costly external consultants for system changes and the creation of new templates.
The Solution
Vena performed a full platform migration from Clarity to Vena in just 30 days. Vena’s secure, central data repository fully integrates with SQL-based MultiView, ensuring that dynamic templates and spreadsheets are automatically updated with changes made to the data in the client’s GL. The templates can be extended for use in various financial processes, including distribution, reporting, planning, and revenue processes. The Finance team can use sophisticated modeling capabilities in a playground environment to adjust financial assumptions on the fly and immediately visualize their effects on a forecast scenario. Additionally, Vena’s drag-and-drop process designer allows managers to visually design workflows, assign tasks and deadlines to particular users, and monitor their progress in near real-time. Detailed audit trails record user activity in an easily accessible log, providing greater control and transparency.
Operational Impact
Quantitative Benefit
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