Nav Level 1 - Customer Success

After using Adaptive Insights, I can’t imagine ever going back to modeling and reporting with linked spreadsheets. We have saved over twenty weeks of time spent by the finance team on the budgeting, forecasting, and reporting process by moving to Adaptive Insights.

Joe DeSalvio, CFO

As a non-profit focused on providing research, data, and education to address the future of finance, you’d expect the Association for Financial Professionals (AFP) to be using the latest and greatest FP&A technology available. Guess again. Without a real-time forecasting tool to use to create an annual budget, the AFP relied on a very manual process of updating spreadsheets, forecasting budgets, and reporting.

“We knew we could eliminate a lot of manual effort on the part of the finance team by automating our budgeting, forecasting, and reporting processes,” said Joe DeSalvio, CFO. “This represented the last frontier of automation for our finance organization.”

Within several weeks of adopting Adaptive Insights Business Planning Cloud, AFP had rolled out the new system and was able to begin automating essential processes. Key product features made it easier to create model changes, perform multi-entity consolidation with different currencies, and adopt reporting capabilities that enabled them to more easily prepare executive and board presentations.

“After using Adaptive Insights, I can’t imagine ever going back to modeling and reporting with linked spreadsheets,” DeSalvio said. “We have saved over twenty weeks of time spent by the finance team on the budgeting, forecasting, and reporting process by moving to Adaptive Insights.”

Challenges

  • Relied on an outdated annual budgeting planning process that was built on 127 linked spreadsheets with 176,000 linked cells that had to be re-established each year
  • Wasted time fixing errors caused by version control which made the budgeting process cumbersome and unnecessarily time consuming
  • Struggled with time lost due to the extremely manual workflows distributed across a broad group of participants

Results

  • Saved more than five months of work throughout the year by eliminating time spent on managing version control issues
  • Increased collaboration between the finance team, budget owners, and program managers to immediately reinforce strategy, financial concepts, and consistency
  • Enabled team to save significant amounts of time spent on budgeting, modeling, and reporting by automating full financial statement forecasting and trend analysis
About:
The Association for Financial Professionals (AFP) represents more than 16,000 individuals in the corporate treasury and financial management fields. It provides training, certification, career counseling, and other professional development services and hosts an annual four-day conference. AFP is an advocate for financial professionals and lobbies for improved industry standards and systems.
Location:
Bethesda, MD
Industry:
Nonprofit