Planful is a cloud-based enterprise performance management (EPM) suite. It includes financial applications for modeling, planning, consolidation, reporting and analytics.
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Amazon Redshift
Score 8.9 out of 10
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Amazon Redshift is a hosted data warehouse solution, from Amazon Web Services.
I think it is a useful tool from a reporting standpoint. It does a good job of data aggregation from different sources, even if slow at times. I think the tools for building forecasting and budgeting templates are straight forward but allow for a level of complexity that make it both easy to use but also allow for complex builds so that our models can take into account many different variables that drive our daily performance.
If the number of connections is expected to be low, but the amounts of data are large or projected to grow it is a good solutions especially if there is previous exposure to PostgreSQL. Speaking of Postgres, Redshift is based on several versions old releases of PostgreSQL so the developers would not be able to take advantage of some of the newer SQL language features. The queries need some fine-tuning still, indexing is not provided, but playing with sorting keys becomes necessary. Lastly, there is no notion of the Primary Key in Redshift so the business must be prepared to explain why duplication occurred (must be vigilant for)
Creating forecasts for the month, quarter, and year
Creating new variables by using variables pre-defined and that are new in the system
Having a very simple setup in the reports section - not straying away from the old Excel model which most people are used to. I can speak for a lot of people when I say that tools that look new can easily be frightening! 😅
[Amazon] Redshift has Distribution Keys. If you correctly define them on your tables, it improves Query performance. For instance, we can define Mapping/Meta-data tables with Distribution-All Key, so that it gets replicated across all the nodes, for fast joins and fast query results.
[Amazon] Redshift has Sort Keys. If you correctly define them on your tables along with above Distribution Keys, it further improves your Query performance. It also has Composite Sort Keys and Interleaved Sort Keys, to support various use cases
[Amazon] Redshift is forked out of PostgreSQL DB, and then AWS added "MPP" (Massively Parallel Processing) and "Column Oriented" concepts to it, to make it a powerful data store.
[Amazon] Redshift has "Analyze" operation that could be performed on tables, which will update the stats of the table in leader node. This is sort of a ledger about which data is stored in which node and which partition with in a node. Up to date stats improves Query performance.
We've experienced some problems with hanging queries on Redshift Spectrum/external tables. We've had to roll back to and old version of Redshift while we wait for AWS to provide a patch.
Redshift's dialect is most similar to that of PostgreSQL 8. It lacks many modern features and data types.
Constraints are not enforced. We must rely on other means to verify the integrity of transformed tables.
Our new Comptroller understands the value of Planful, and we plan to utilize it further in the organization to enhance external reporting. Strangely enough, Planful had not previously been embraced by the former CFO, who argued that we were running two sets of books (of course, we were not). Fortunately, the before mentioned reconciliation of EBITDA to Net Income demonstrated that to the banks.
The tool is extremely adaptable, and it enables very quick querying to give us opportunity to gain live insights into the business. Given its adaptability, we are also able to create scenario analyses very quickly in rapidly changing environments. The formatting also enables us to provide this information in a very consumable manner.
Just very happy with the product, it fits our needs perfectly. Amazon pioneered the cloud and we have had a positive experience using RedShift. Really cool to be able to see your data housed and to be able to query and perform administrative tasks with ease.
I only give a 9 rating rather than a 10 rating because it seems that every day around 2pm we see a slowdown in the use of Planful. I have requested our internal IT department verify that it is not an internal issue and have been assured it is the tool. We have not yet reached out to Planful to do extensive research to solve this issue.
Again, the system is very reliable and, for the most part, runs very quick and smooth. When running larger queries, it does take some time, and during budgeting season our users experienced slower loading times, but nothing that raises concerns outside of normal network issues. Occasionally, as with any software we use, it will crash and you have to restart, but that does not happen very often.
Sometimes we get great help when using Planful's support team and other times we don't. In particular, there is one person that often responds to our support tickets who is less than helpful, hence the reason for the 5 out of 10 rating. As a result, most of the time we reach out to our Planful consulting group as they provide faster and better support
The support was great and helped us in a timely fashion. We did use a lot of online forums as well, but the official documentation was an ongoing one, and it did take more time for us to look through it. We would have probably chosen a competitor product had it not been for the great support
My team has attended training offered several times before/during the Planful Perform conference. This training has been extremely useful and we always learn something we didn't know prior to the training. The trainers are always very knowledgeable and more than willing to help each and every user after the training with specific questions regarding their environment.
Planful provides a lot of online training support. There's so many options for training. Admin Learning Courses, User Learning Courses. Plus they have several webinars devoted to the tool and the new features they release. New Releases can be practiced in a Sandbox Environment prior to going live in Production
After going through the initial implementation with Host Analytics and a re-implementation with Cervello (due to an ERP change, not due to a poor initial implementation), I've learned that you really must rely on your internal staff to bear most of the implementation burden. Use the vendor or partners for ideas and best-practice suggestions, and some of the easy-but-time-consuming work. Since you will ultimately be using and maintaining the application, you should be able to do most of it yourself.
Prior to joining the company, we tried to implement Vena but were unsuccessful. There we're a few reasons it didn't work out, but a lot of it related to the implementation team they provided. In just the first week with Planful, we achieved more progress than we did in several months with Vena.
Than Vertica: Redshift is cheaper and AWS integrated (which was a plus because the whole company was on AWS). Than BigQuery: Redshift has a standard SQL interface, though recently I heard good things about BigQuery and would try it out again. Than Hive: Hive is great if you are in the PB+ range, but latencies tend to be much slower than Redshift and it is not suited for ad-hoc applications.
Redshift is relatively cheaper tool but since the pricing is dynamic, there is always a risk of exceeding the cost. Since most of our team is using it as self serve and there is no continuous tracking by a dedicated team, it really needs time & effort on analyst's side to know how much it is going to cost.
From our experience, Planful is only used in 2 overhead departments in our organization. We easily added another overhead department, but they decided against using Planful for their workforce and financial planning. Removing them from our environment was extremely easy.
Our company is moving to the AWS infrastructure, and in this context moving the warehouse environments to Redshift sounds logical regardless of the cost.
Development organizations have to operate in the Dev/Ops mode where they build and support their apps at the same time.
Hard to estimate the overall ROI of moving to Redshift from my position. However, running Redshift seems to be inexpensive compared to all the licensing and hardware costs we had on our RDBMS platform before Redshift.
