Goodwill Industries of Denver Slashes Financial Planning Process Time by 50% and Improves Productivity and Data Integrity With Adaptive Insights
The Nonprofit’s Switch to Cloud Boosts Overall Collaboration, Accountability, and Accuracy
Adaptive Insights, the leader in cloud corporate performance management (CPM) for the biggest brands and the hottest companies, today announced that Goodwill Industries of Denver achieved remarkable results by switching from a cumbersome, Excel-heavy process to the Adaptive Suite. Goodwill Industries of Denver is comprised of 60 locations serving nearly 23,000 people, is one of eight country-wide branches currently using Adaptive’s cloud-based product for budget creation, cash flow projections, forecasting, and reporting. This has increased the ability of Goodwill’s finance team to drive strategic decisions, generate solid numbers, produce valuable metrics, and collaborate with cross-functional departments to improve overall efficiency.
“Moving our financial models to Adaptive was transformational,” said Mike Pritchard, CFO of Goodwill Industries of Denver. “Adaptive has helped finance contribute to strategic decision making and become more accountable overall. Financial reporting within Adaptive Planning is incredibly flexible. We can quickly create reports, make changes on the fly, and even drill into specific account details at the transactional level. We can also group reports by specific sets of locations and compare their performance to another set of locations–that’s key to understanding how to operate more efficiently every month.”
The addition of the Adaptive Suite has created a more accountable environment; due to the intuitive nature of the product, users were eager to adopt Adaptive. The ability to create various budgets within the Planning solution enabled the finance department to eliminate single, yearly Excel budgets, and have other departments own their budgets within the system. Maintaining those budgets includes producing monthly financial reports with balance sheets and income statements used to create future month-end cash projections. Those projections are instrumental to making important decisions, like determining when to open new locations.
The shift from Excel to Adaptive Planning accelerated their process so much that the finance department was able to completely modify their methodology and cut down their FP&A process by a full 50%, enabling employees to focus more on metrics and drill down into valuable performance analysis. Additionally, their numbers are now generated without the worry of spreadsheet errors.
“The feedback from all of our users has been that data in Adaptive is bullet-proof,” Pritchard added. “We’re all benefiting from using it today, and we plan to significantly expand that use as we move forward.”
About Goodwill Industries of Denver
Goodwill Industries of Denver seeks to reverse the cycle of poverty through career preparation and skills training for more than 23,000 at-risk youth, struggling families, and individuals with disabilities. Through its thrift retail operations and community programs, Goodwill is ensuring that every individual in our community has the opportunity to live to their fullest potential and overcome barriers to success and self-sufficiency. Visit www.goodwilldenver.org to learn more.