Connected financial planning for an innovative tech company

Background

The client is the creator of an innovative web browser used by millions of people around the world each day. For more than 20 years, the client has worked to ensure open access to the internet, drive innovation across the web and enrich the lives of individuals through free and open source software.

Challenge

An increasing number of companies are deploying applications that can be purchased as a service or deployed in the cloud, and this client is no exception. They use multiple cloud-hosted systems to accomplish its accounting, general ledger reporting and financial planning and forecasting. Both Intacct and Anaplan are central to the client’s financial planning process, yet data from the two programs does not connect automatically.

In order to make accounting data from Intacct available for budgeting and forecasting in Anaplan, a company using both applications would have to manually extract data, manipulate it into the form needed and then upload it. This time-consuming process could take senior financial analysts and IT employees anywhere from four hours to two days and could prevent leaders from accessing the most recent data for budgeting and forecasting. Human error during manual adjustments can also introduce errors into the process.

So when the client decided to implement Anaplan, it turned to Concentrix Catalyst for help solving this challenge up front, before manual data manipulation became overwhelming. The client needed a framework for data integration that could be applied to Intacct and Anaplan while laying the foundation for integration with additional systems in the future.

Solution

Catalyst developed a cloud data integration framework that automated the data-sharing process and gave nontechnical employees the ability to quickly and easily move finance data between Anaplan and Intacct. This allowed the client to avoid the need to manipulate data, and with up-to-date data available at the click of a button, the solution provided greater confidence in the accuracy of the client’s financial forecasts. The solution also ensured that the client’s finance team could focus efforts on higher-value projects rather than on moving data between systems.

Catalyst’s solution also lays the groundwork for the client to be able to consolidate its data ecosystem in a single database. Once implemented, this will allow the company to pool cloud data from HR and other sources, enabling a true enterprise view of cloud data for analytics.

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