Integrate Budgeting and Forecasting with Your BI Solutions
Are you ready to continue your journey across the analytics maturity model? Watch the recorded webinar to explore ways to expand your BI applications to include forecasting, budgeting, and planning capabilities with IBM Planning Analytics.
Webinar Recording
What’s Covered
Overview
Cognos Analytics
Planning Analytics
Similarities
Reporting
Dashboards and Visualizations
SaaS and Local offerings
Differences
Writeback Capabilities
Multi-Dimensional vs. Relational Database
Excel Add-In for interaction with live data in Excel
Where Does PA Fit to Complement an Existing Implementation(s) of Cognos Analytics/BI Solutions?
Covers Planning and Forecasting Need
Provides Organized Workflow for Planning Process
Introduces Predictive Analytics for Future Projections
Supports Monthly Closing Process
Conclusion
Summary of Benefits
PMsquare POC Offering
Resources for Additional Product Information
Webinar Q&A
Q: What version of IBM Planning Analytics is being demoed?
A: Our demo environment runs PA Server 2.0.9.6 and PAW 62.
Q: What is the current version of IBM Planning Analytics?
A: Note that PA Server 2.0.9.7 was just released 04/16/21.
Q: Are there canned reports already built in Planning Analytics?
A: IBM Planning Analytics Software doesn't contain prebuilt reports, however, Pmsquare implements the solution using tried and true blueprints which contain stock Balance Sheets and P&L reports.
Q: How does Planning Analytics automatically apply eliminations?
A: As long as the monthly intercompany eliminations are produced in a data source or flat file, these entries can be automatically uploaded into Planning Analytics. Otherwise, they can be manually entered into Planning Analytics each month.
Q: Can you use the Planning Analytics predictive forecast feature to automatically populate a Forecast version?
A: Yes, the predictive forecast feature automatically populates a forecast version. Actuals would typically be copied from the Actuals version to the Forecast version, and then the forecast wizard could be run for the forecast version in order to predict the future months based on the most recent 12-24 months of Actuals data available. Typically the algorithm needs twice the number of historical periods as the number of periods being predicted. Example: 24 historical periods to predict 12 future periods.
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Why is FP&A Important?
Financial Planning & Analysis: In the Beginning…
Ever since the dawn of the computing age, businesses of all sizes and industries have relied on spreadsheet-based financial reporting and budgeting. Team members would cobble together piles of completed spreadsheets and compile a monthly reporting booklet or annual budget. Cycle times were long, cell errors were pervasive, version control was laughable, and weekends were sacrificed. Sound like you? Please read on!
Improved Technology and Better Tools
The integration of database technology with financial processes brought a welcomed change to reporting and FP&A. Issues with data accuracy were resolved as reporting could be performed from a centralized data repository. While transactions were best housed in relational database management systems (RDBMS), it was multi-dimensional reporting applications that could extract this data for analysis by a multitude of different descriptors: Account, Department, Cost Center, Region, Channel, Product, etc. The standard x and y P&L spreadsheet could now be sliced and diced into reports for a sales plan by region, departmental comparison, product performance analysis, or rolling 12 month forecast with a few clicks of the mouse.
Why Choose IBM Planning Analytics?
Planning Analytics: A Comprehensive Solution
IBM’s TM1 technology has long been the best performing multi-dimensional data engine in the industry. TM1 was rebranded as Planning Analytics and paired with brand new interfaces a few years back. Planning Analytics incorporates a web portal for easy reporting, planning, and collaboration across the organization with zero local installation. In addition, this new Planning Analytics Workspace (PAW) incorporates a dashboarding interface where end users can easily build and synchronize visualizations of their data alongside traditional tabular numeric displays. These visualizations are the key to unlocking insights not easily visible among 1000 cells of numeric data. While there are still throngs of Microsoft Excel fans out there, IBM also retooled their Excel add-in and now offers Planning Analytics for Excel (PAX). PAX is a lightweight add-in that allows the end user to interact with and writeback to the centralized data repository directly from the comfort of Excel.
Planning Analytics: Quick Hits
In-Memory Database Architecture: Data is uploaded into RAM for lightning fast access, as opposed to traditional query-based architecture of the RDBMS
Single Source of the Truth: All data is sourced from a centralized repository which alleviates key errors and inaccurate cell calculations
Writeback Capability for Integrated Planning: Users can input budget data directly to the plan while GL Actuals data is synched and displays alongside as read-only
Version Control: Multiple iterations or scenarios of the plan can be produced, adjusted and evaluated without the proliferation of separate files and workbooks
Self Service Dashboarding: End Users can produce dashboards that bring together tables of data with synchronized graphical displays for quick insights on performance
Microsoft Excel Add-In: Die Hards can still rely on spreadsheets as their weapon of choice; centralized Planning Analytics data can be viewed, analyzed and modified in Excel
Why not reach out for a quick chat?
Contact us today to review your current pain points and strategic goals. No matter what stage you are at in your analytics journey, we are happy to provide our perspective and insights we’ve gathered in working with hundreds of customers of all industries and sizes. Or, just use the chat option in the bottom right to chat immediately with an analytics professional in the PMsquare offices.