Host Analytics has been working for the past few years to connect business and finance users. Following their much anticipated release of Host Dashboards in the Fall17 release, Host Analytics is at it again. This March, Host Analytics announced MyPlan (formerly Project Orion), a feature designed to connect business users with finance more easily than ever.
What is MyPlan?
One of the most common complaints that exists when considering planning or enterprise performance management software is that the user experience creates problems for budget owners or business users. Too often, business users receive either a “dumbed down” version of an enterprise application or are expected to keep up with the steep learning curve that many of these applications. In this, there are no winners, but Host Analytics MyPlan has created common ground for these two lines of business to connect.
This application was designed with collaboration, efficiency, and accuracy in mind, bringing together the intuition and big picture thinking of budget owners and business users with the expertise of the finance department.
“Software that enables budget owners to concentrate not just on the financial aspects of their business but on things that matter to their performance would substantially improve the business value of planning and budgeting,” said Robert Kugel, Senior VP Research Director of Ventana Research. “Budget owners could automatically construct a budget by planning the resources they need to meet their business objectives.”
Host Analytics MyPlan is the first product designed specifically for budget owners, allowing finance to fully engage and collaborate with them in the planning, budgeting, and forecasting process.
Benefits of Host Analytics MyPlan
Providing accountability for budget owners, this application cuts down the learning curve and minimizes the amount of time that people in the finance department need to spend training business users.
- A consumer-grade user interface built for, and extensively tested with, business users. The MyPlan user interface makes it easy and intuitive for business users to use and provides a single interface for all planning, budgeting, and forecasting needs. This increases adoption of the EPM system, and accelerates the planning, budgeting, and forecasting process. It also increases collaboration in the process, and strengthens accountability for the numbers in the resultant plan.
- A task-oriented design that guides business users through the most mission-critical EPM tasks. Instead of overwhelming business users with empty grids that can cause “blank screen syndrome,” MyPlan guides users through key tasks, identifies variances, and highlights the impact of modifications to plans and forecasts. Future versions of MyPlan will further extend this capability – offering both prescriptive and predictive techniques – that provides recommended choices to fix budget anomalies and assist with course correction.
- A design that balances end-user autonomy with finance control. MyPlan provides finance with the ability to customize the interface with business drivers and assumptions that govern the options presented to business users. For example, MyPlan can be set up to automatically include employer benefit expenses, employer taxes, and office expense allocations for new hires or terminated employees. In this way, MyPlan empowers users to build budgets and forecasts in a manner that is guided by central finance rules.
Key Features of Host analytics MyPlan
Built on top of Host Analytics’ Host Planning, MyPlan is expected to change the way businesses plan and execute. Among the key features:
- Easy-to-use, task-oriented design: Rather than forcing budget owners to learn complex finance jargon, everything a budget owner needs is presented in a single location, in the terminology they understand.
- Visual charts that show you where you stand: MyPlan gives budget owners a quick snapshot into the current state of their business by displaying period-to-date performance against budget. Choose between month-to-date, quarter-to-date, or year-to-date views, or any other cut of the data that provides meaningful insight.
- Freedom to create budgets and update your forecasts: MyPlan provides a comprehensive yet succinct view of your forecast & budget in a single interface. Visually compare forecasts to the budget and your budget to target to see where and what the variances are. Create budgets and update your forecasts in just a few clicks.
- Action oriented design: Make adjustments to a budget or forecast based on preset groups of actions – for example, add or adjust headcount, add a new marketing program, or purchase a laptop for a new employee. A customizable pop-up form prompts the budget owner for the information required to make the updates.
- One-Click Fix It: Need to fix a variance? One-click Fix It automatically spreads the variance equally or proportionally over the remaining months in the period.
- Activity Manager: Activity manager tracks the updates made to budgets and forecasts, so a budget owner can get a comprehensive view of all the changes made within a session. Users can undo any changes regardless of order with a single click. Activity manager takes the guesswork out of remembering the changes you’ve made.
- Finance Controlled Process: Finance maintains control over the planning, budgeting, and forecasting process because MyPlan is an alternative interface in Host Analytics Planning designed specifically for budget owners. Finance can customize and personalize the interface, add notes for the budget owner, and even set timelines for updates.
Learn More about Host Analytics MyPlan
Host Analytics MyPlan is making it easier for business and finance users to work together to get the job done by easing collaboration and communication. Learn more about the platform here and watch the video below to understand the value of this product.