Planning Analytics

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  • 1.  Planning Analytics for Group Consolidation

    Posted Thu February 25, 2021 12:32 PM
    The technology space for Group Consolidation is a competitive one with players like One Stream and Tagetik. Its always been difficult to share that Planning Analytics can compete in this area as we lacked the right demo asset. However there is now a business partner in the UK that has created a fast start asset, We are running this event on 23rd March at 10am UK time to take a look. What are your thoughts on using Planning Analytics for Group Consolidation, are you doing this today? do you have concerns on the amount of modelling to do?  would be good to hear your view?

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    Louis Regan
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    #PlanningAnalyticswithWatson


  • 2.  RE: Planning Analytics for Group Consolidation

    IBM Champion
    Posted Thu February 25, 2021 02:09 PM
    Louis:

    Planning Analytics (and TM1 before it) has always been a fantastic platform for financial planning (including budgeting and forecasting) and financial reporting. For financial consolidations, Planning Analytics meets most of the technical requirements including:

    - Data and account mapping to a single chart of accounts (when there are multiple ERP source systems)
    - FASB-52 compliant currency translation including the Cumulative Translation Adjustment (CTA)

    These can be all designed into a Planning Analytics solution with out-of-the-box functionality (including Rules and TI).

    The one thing that Planning Analytics does not do "out of the box" is auditable controlled journal entries, which are best suited to be done in a back-end relational database, though a "creative" developer could probably do it in a PA/TM1 cube (an expensive and hard-to-maintain approach, because journal entries are transactional in nature, and cubes are not).

    Years ago (around 2003 - 2009) there was a product called Applix TM1 Consolidations which added the journal entry capability to any existing TM1 model, and provided a web user interface to manage the journal entries - including support for batch posts, recurring posts and all the audit controls needed. Today this product still exists and is called ControlWORQ (case study: https://quebit.com/wp-content/uploads/2020/04/Global-Manufacturer-Financial-Consolidation.pdf ) We have had a fair amount of success displacing Hyperion Financial Management with Planning Analytics+ControlWORQ, and we have also recently won business over OneStream.

    For the customer there is immense value in having planning, reporting and their consolidation all in one place. It is exciting to see that other Planning Analytics fans are seeing its potential as a Consolidation solution as well, and finding ways to make it happen!

    Regards,
    AG




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    Ann-Grete Tan
    Chief Strategy & Marketing Officer
    QueBIT Consulting

    Analyze. Plan. Achieve.
    https://quebit.com
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  • 3.  RE: Planning Analytics for Group Consolidation

    Posted Mon March 01, 2021 06:17 PM
    Hi Greta

    We are a new PA customer, I'm interested to find out more about the Out of the box offering for data and account mapping.  Could you send me some details please?

    Kind Regards
    EM

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    Emma Marais
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