Setting the Scene Pre-Adaptive Insights
PowerHealth Solutions had an Excel-based financial reporting process that was time-consuming and tedious, preventing the company from generating monthly reports. Consequently, PowerHealth wanted to simplify its financial planning and analysis to enable its Board of Directors to more effectively make data-driven strategic business decisions during monthly meetings.
"We needed a way to efficiently create and maintain monthly reports and budgets to present to the Board of Directors, complete with high-level snapshots and detailed drill-downs into our individual product offerings," said Amanda Anderson, Chief Operating Officer.
Visualizing business performance for improved decision making
PowerHealth began looking for a solution that would allow them to achieve three goals:
• Create monthly financial reports in a timely, error-proof, and visual manner
• Increase the frequency and efficiency of reporting and drill-downs
• Present dependable reports to its Board of Directors
"At a prior company I implemented Adaptive Insights, and I knew it would be the right solution for PowerHealth," Anderson stated. "The implementation was seamless, and the reporting templates and drill-down capabilities made monthly reporting efficient. Visual dashboards show summaries of profit and loss, cash flow, and various graphs that enable our executive team to make better and faster business decisions."
PowerHealth self-implemented Adaptive Insights and found it to be a straight forward and intuitive process.
Quick Reporting on the Pulse of Business
Adaptive Insights has helped PowerHealth significantly cut the amount of time it takes to create budgets and reports. Moreover, the reports are accurate for the Board of Directors to trust and rely on for making decisions.
"I can now produce accurate monthly reports for our Board of Directors in an efficient, quick, and visual way, which I couldn’t do with Excel," Anderson confirmed. "As chief operating officer, Adaptive Insights makes my finance role a smaller part of my job because I’m saving so much time on budgeting and reporting."
Reporting in Adaptive Insights enables PowerHealth to compare actuals to its budget. Visual dashboards provide summaries of profit and loss, income by product and cash flow.
"We are now able to see which areas of the business are lacking," Anderson said. "We took all of those graphs out of our system by running reports, and we produce monthly reports in a few hours. Our Board of Directors is very pleased with Adaptive Insights' reporting capabilities."
