Have you ever thought about different ways you can improve routines in your life? What if you reduce your commute time by 20%? What if you could reduce the time it takes to do your laundry by 63%? What if you could get your groceries 80% quicker? I don’t know about you, but I would do this in a heartbeat. Recently, IBM hired Forrester to do an economic impact study of corporations using IBM Planning Analytics for a couple of years and evaluate the company’s ROI and benefits of using IBM Planning Analytics. Here are some of the results that will leave you astounded:
Reduced labor time for the annual budgeting cycle
Much of the time spent during the annual budgeting cycle is gathering data from multiple sources and combining them into a consolidated report. Many organizations operate in siloes pertaining to departments and lines of business. The problem with these siloes is lacking a single source of the truth. IBM Planning Analytics promotes communication and collaboration across the entire organization while consolidating a single source of the truth for all types of users. Organizations have seen these benefits reduce 63% of labor time during annual budgets, leading to a cost savings of $1.2 million over three years.
Increased processing speed
When organizations complete month-end, planning systems need to be updated to report on current year actuals versus budget. Many organizations have hundreds of reports needing to be refreshed. One of the biggest strengths of IBM Planning Analytics is processing speed to load data and report on data. Customers have seen improvements where other planning systems take nearly 45 minutes to refresh the legacy system while IBM Planning Analytics reports in less than 10 minutes. Think of all you can do in that time?
Benefits of replacing legacy planning systems
Organizations that have replaced their legacy planning systems with IBM Planning Analytics have not only reaped the benefits of a centralized platform but have also seen reduced costs compared to their legacy systems. Organizations using IBM Planning Analytics as the sole planning system have seen cost savings of nearly $689K over three years.
Why switch to IBM Planning Analytics?
Sure, we have listed out a bunch of cost savings by using IBM Planning Analytics, but there are other benefits besides quantifiable costs. IBM Planning Analytics reduces the risk of errors (compared to Excel and other legacy planning systems), improves data cleanliness and consistency, and promotes increased collaboration across the organization.
Organizations using expensive and inflexible spreadsheet-based legacy planning systems struggle to integrate data siloed workflows together. This leads to increased costs due to paying for licensing for each software and customization of business requirements per siloed planning system. Customers using IBM Planning Analytics to handle complex business requirements have seen ROI of 133% over three years by integrating their business processes to be streamlined and allow the organizations to make quicker business decisions.
So, what are you waiting for?
IBM Planning Analytics is scalable to grow with your organization. By automating planning, unifying business processes, and simplifying your planning environment, your organization can flourish by using one of the top planning systems in the industry. Please reach out if you have any questions or would like a demo of what IBM Planning Analytics can do for you.
Sources: The Total Economic Impact of IBM Planning Analytics, Forrester