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LOS ANGELES, CA. – July 21, 2020 – Solver, a global leader in cloud and web-based Corporate Performance Management (CPM) for mid-market ERP systems, today announced their recognition as an Overall Leader in the Customer Experience Model and a Trust Leader within the Vendor Credibility Model in Dresner Advisory Services 2020 Dresner Wisdom of Crowds® Enterprise Performance Management Market Study.  Dresner Advisory Service, an independent industry resource for Performance Management, Business Intelligence and related markets, annually conducts an in-depth analysis of the enterprise performance management (EPM) market, including trends, deployment options as well as current and planned industry capabilities.

Enterprise performance management remains an important technology, helping organizations to understand multiple metrics and optimize their business,” said Howard Dresner, founder and chief research officer at Dresner Advisory Services. “We congratulate Solver on their performance in their first year of inclusion in our annual assessment of the EPM market.”

In this year’s study, Solver received a perfect recommend score and is considered best in class for consulting continuity.  Specifically, Solver scored higher than the overall sample in categories such as responsiveness, , value, integrity, flexibility/accommodation, business practices and support.

“We are excited about the results of the Dresner Wisdom of Crowds research and the high scores provided by our customers,” says Nils Rasmussen, CEO at Solver. He continues, “With the rising domination of cloud as the platform of choice for corporate planning and financial reporting processes, we will continue to deliver what customers are asking for in order to help them move towards digitalization of the Office of Finance.”

The study noted that the use of enterprise performance management software increased in 2020 with fifty-five percent of survey respondents currently using or considering using EPM software.  Notably, the study also found that annual financial budgets are the highest priority planning capability requirement for EPM software.

Solver’s corporate performance management solution for automated budgeting and forecasting gives organizations a comprehensive planning tool for future investments, cost control, reporting and analysis.  Companies able to accurately estimate financial outcomes and managing financial expectations for the future gain critical insights and competitive advantages.  With budgeting ranked as the most important planning capability for enterprise performance management software, Solver’s advanced, cloud-based functionality delivers clear financial insights, enabling world-class decisions company-wide.

 

About Solver

With a quickly growing community of thousands of global customers and hundreds of partners worldwide, Solver provides a leading cloud Corporate Performance Management suite for Microsoft Dynamics 365 Finance and Business Central, Acumatica, SAP Business One, SAP ByDesign, Sage Intacct, Sage 100, Sage 300, Sage 500, Sage X3, NetSuite and other ERPs. Solver is ranked in the leader quadrant in the Corporate Performance Management (CPM) Software Grid on G2, and as a Microsoft Gold ISV Partner, Solver has won countless awards, including the Microsoft BI Partner of Year Award, recognition on the Gartner Group CPM Magic Quadrant, and Best Places to Work for a workplace culture that celebrates customer service, integrity, and innovation. Solver was named best in class for consulting continuity in Dresner’s Wisdom of Crowds EPM market report.  Solver is sold through its 12 global offices and a worldwide network of partners. For any questions, visit www.solverglobal.com or contact Solver at info@solverglobal.com.

powerbiandsolver

If you have ever tried to build and maintain financial reports inside a visualization tool, the answer should be simple. Power BI works well for dashboards, but modern cloud-based corporate performance management (CPM) solutions are the best option for your financial reports.

BI vs. CPM

Let’s elaborate. Power BI belongs to a category typically referred to as Business Intelligence (BI) tools. While purpose-built, financial reporting and consolidation tools belong to a category referred to as Corporate Performance Management (CPM) Software.

Business Intelligence:

In the business intelligence category, you also find other well-known solutions such as Tableau and Domo. For the most part, BI tools are purpose-built for dashboards with rich visualizations. Also, BI tools are increasingly infused with artificial intelligence (AI) capabilities.

Corporate Performance Management Software:

On the other hand, CPM solutions are specifically designed for accounting teams to consolidate financial data. CPMs often produce professionally formatted financial reports such as: 

  • Profit & Loss
  • Balance Sheet
  • Cash flow statements

Most CPM reporting tools offer budgeting modules. And in recent years, the ability to do sophisticated planning such as sales forecasting and modeling.

If the difference between BI and CPM is so clear, why is “Financial Reporting in Power BI or in a Corporate Performance Management Solution” even a topic worth covering in a blog? 

Well, with the rapid rise in popularity of Power BI for financial reporting and its key competitors, an army of “hungry” consultants have emerged.  And, given a strong and flexible tool like Power BI, a sales person with the right technical skills can make almost anything, including formatted financial reports, look good.  Many companies have fallen into this trap lately of using Power BI for financial reporting. And, when you ask a skilled, revenue motivated consultant: Can you do that? Chances are that you will get a “Yes!”  And after a few weeks…or a few months, and a sizable consulting bill, you may actually have good looking Power BI financial reports.  But, as excited as your executives may be to have a single cloud-based portal for both dashboards and financial reports, for most financial executives this has a tendency to turn into a small nightmare.  Why?

Because neither Power BI nor its BI competitors were designed to manage a financial reporting process.

A lot of hard coding and hacking is needed behind the scenes in Power BI’s modeling language. Of course, if you are ready to hire a technical expert or keep your Power BI consultant permanently retained to handle model changes as your chart of accounts grows, your roll-ups change or you need to write a new report, you could survive for a while. Eventually, we can say with certainty, you will be back in Excel to do your financial reporting where your accounting team is comfortable with formulas and formatting.

Alternatively, you can deploy a CPM solution that is built to streamline the financial process. Also, you can deploy a CPM tool to deliver professionally formatted financial statements.

With a CPM solution, you can also move your budgeting process into the CPM tool and run it all in the cloud.  Now, it does not have to be an either or.

The Best Way: Use BI Tools and CPMs Reporting Tools Together

An increasing number of CPM vendors offer pre-built integrations to leading BI tools like Power BI.

Two such vendors are Solver and Prophix. As an example, Solver is similar to Power BI in that it is an Azure cloud-based platform, and it comes with a pre-built connector to Power BI.  Below is an example of a comparison between Power BI and Solver. It clearly shows that companies looking for both dashboards and financial reporting should use a BI tool for their dashboards and a CPM tool for their financial reporting. Neither tool replaces the other.

power bi and solver

As organizations gear up for what can be the “Roaring Twenties,” having the right tools for the job might be one of the smartest strategic moves a management team can make. On the other hand, trying to fit a square peg in a round hole, could lead to frustration. The frustration is delayed reporting and wasted money. It is increasingly accepted that “data is the new gold.” BroadPoint Inc, a Microsoft Gold Partner located in Bethesda, MD, says that when Power BI is integrated with a best-in-class CPM solution and both are running in the cloud, organizations are likely a step closer to success and industry leadership in the years ahead. Learn more about BroadPoint and Power BI here.

This article focuses on the benefits of using cloud-based software.

Image taken Shutterstock.


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