Out of all the things replaced by cloud technology, one wouldn’t expect Excel spreadsheets to be among them. Yet that is starting to be the case, as Calypso Technology has started using Host Analytics’ cloud corporate performance management (CPM) suite for its financial processes, reducing the time they need for budgeting and reporting, a process formerly done by Excel.
With Host Analytics, Calypso managed to analyze financial exchange rates and manage the expenses of their foreign offices. With 17 financial centers across the world, that’s pretty important for it. At the same time, it can produce monthly reports in a matter of minutes, allowing for quick analysis and planning, compared to the days it used to take.
Host Analytics provides a complete suite of cloud CPM and business analytics tools. Its cloud CPM suite covers planning, budgeting, score carding, financial consolidation, and reporting, helping companies make faster and better financial decisions.
"Our finance team was juggling several spreadsheets at once, and it became impossible to manage the growing influx of data," says Aaron Palajac, Calypso’s senior financial analyst. "Formatting and validating the data consumed most of our annual six-month budget process, and by the time this was done, information was already out of date. With Host Analytics, we've streamlined the process, and -- no longer buried in spreadsheets -- can deliver more strategic value in terms of corporate planning."
When dealing with finances, having the best tools available is important. After all, it’s your money you’re working with. While Excel spreadsheets work, they can often be time-consuming, especially for larger organizations. Host Analytics’ cloud CPM suite makes it much easier to calculate, map, and plan with a business’s finances, as Calypso can attest.
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Edited by Rachel Ramsey