Guest blog by Kevin Bradshaw, Finance Director, Gentiva
I know first-hand that all growing businesses have to go through growing pains, even if that business has been around for more than 40 years.
Such was the case with Gentiva, a company that has steadily grown through a series of acquisitions since 1971 and now includes more than 400 U.S. locations.
Each acquired branch of Gentiva brought with it a unique set of financial processes and tools. Having been a part of the company’s finance team for the last six years – first as a business analyst, then as a senior financial analyst, and now as a finance director – I’ve seen Gentiva grow and add several tools for financial budgeting and reporting along the way.
Eventually, the budgeting, planning, and reporting process became far too time-consuming for our business. Each site had its own way of handling its finances. Rollups had a variety of rules that each had to be integrated at the corporate level. The increasing complexity within the financial planning & analysis (FP&A) process began to interfere with our pace of growth.
We started to evaluate new financial tools in 2012, specifically Adaptive Insights. We were hoping to settle on a solution that we could use to standardize our entire process, and we ultimately decided on Adaptive based on its ease-of-use, flexibility, and overall cloud-based platform.
We implemented the Adaptive Planning product in just three months and knew almost immediately that we had made the right choice. Adaptive helped us replace our complicated FP&A tools and processes with a single, standardized version of the financial truth that has increased our overall productivity.
Yes, our Adaptive Insights cost-benefit ratio of 1: 11.7 is unprecedented. In just over one month of using Adaptive, we achieve a 751% ROI (an average annual benefit of $914,870). Still, it doesn’t tell the whole story of how Adaptive has positively impacted the way we look at and use our financial data. With Adaptive, we have reduced the finance team’s workload by more than two months. The solution has enabled us to improve our visibility into specific sets of data. It has helped us to reduce and, in some cases, completely eliminate software and consulting costs. And because Adaptive is intuitive enough for line-of-business managers to use and manage without heavily depending on IT for support, the solution has helped us to dramatically increase budget manager engagement within the budgeting and planning process.
We are particularly proud of our 2015 ROI award because it highlights the great experience we’ve had in using Adaptive Insights to turn our financial process into an efficient and accurate one that can meet our business needs. Our experience is an example of how important modern technology is to running a modern business.