Vena - Excel Modeling's Partner
Overall Satisfaction with Vena
We initially used Vena for only our extensively detailed global recurring revenue model in the finance dept. Our model has always been very detailed, one of which excel alone can no longer handle. We moved the model onto Vena platform and resolved the file size issue by storing the data used in the cloud instead of on the spreadsheet. Vena's capability to dynamically expand wherever there is need to made maintenance of the model, reports, and templates much easier. We currently have expanded our Vena usage to operating expense planning as well. So far, forecasting has been much easier than before due to better visibility and ease of running reports in multiple slices made possible with the cascade reporting feature.
Pros
- Dynamic expansion and mapping.
- Integrations with other tools.
- Data and file storage in the cloud.
- Versatile.
- Cascade report feature.
Cons
- Template automation encountering issues due to certain excel functions used.
- Mac users often have issues.
- There should be a built-in option to automatically overwrite actual periods with actual data in forecast scenarios.
- Users must be proficient in Excel to use Vena to its full potential.
- Some technical knowledge is required to set up ETLs, but can engage support and EMS for help.
- Excel-only model stopped functioning due to file size and formula errors, Vena allowed us to continue the core of the model while storing the data in cloud and dynamically expanding to accommodate the growing price plans of our product.
- Cascade report feature allows time saved running multiple slices of the same report automatically.
Vena sales team connected us to the customer services team. We were onboarded with training and assigned with an implementation specialist. Implementation was done by an extremely intelligent excel expert who incorporated complex formulas to make our model better than the previous excel-only model. We engaged in EMS which provided another level of knowledgeable support to help build solutions, ETLs, templates, reports, and help troubleshoot issues when encountered.
For the revenue model, the actual data from the data warehouse is automatically loaded into our model, eliminating the need to manually feed the actuals. We therefore only focus on the projections.
Different software has different pros and cons. The pros of Vena is that it is Excel-based. One can do a lot in Excel if the user is already Excel-proficient. Other software may be better for those who are less Excel-proficient.
Do you think Vena delivers good value for the price?
Yes
Are you happy with Vena's feature set?
Yes
Did Vena live up to sales and marketing promises?
Yes
Did implementation of Vena go as expected?
Yes
Would you buy Vena again?
Yes
Vena Feature Ratings
Vena Solutions Attributes
Using Vena
9 - 8 from FP&A, 1 from Accounting
3 - Admin/Report/Template Builders (2 in-house) - Excel proficient, Multi-dimensional database knowledge, System Admin maintenance knowledge, Finance and Accounting knowledge, Detailed oriented, Task oriented
Data warehouse data feed connection maintenance person (1 in-house) - Data warehouse technical expertise
Data warehouse data feed connection maintenance person (1 in-house) - Data warehouse technical expertise
- Forecasting & Budgeting
- Reporting
- Consolidating
- Visibility
- Cascade reporting feature allowing automatic report refreshes of the same report into multiple slices of a selected dimension
- Being able to forecast different locations of different currencies in a single template which saves time and allows for increased visibility
- Incorporating into key results into slides (currently Vena connects with MS Office Powerpoint, maybe one day it can connect with Google Sheets and Google Slides)
Evaluating Vena and Competitors
Yes - Vena replaced Planful as our FP&A tool. Originally, we implemented Vena for our revenue model only, but as the choice prove to be dynamic for us, we proceeded to move our operating expense planning and workforce planning to Vena as well.
- Cloud Solutions
- Scalability
- Integration with Other Systems
- Ease of Use
- Other
Originally we chose Vena for our extensively complex and detailed revenue model because of the dynamic expansion of data. It made sense that if it can handle our revenue model, then it can handle the easier operating expense model.
I wish we could have decided to switch earlier.
Vena Implementation
- Implemented in-house
Yes - Initially, we had implemented our revenue model in Vena, which involved connecting to our data warehouse for actuals and building out the forecast template, while building out the reporting. Then, recently, we have finished implementing our operating expense model in Vena, which includes the workforce planning model, loading of actuals, building out fx conversions, building out the input template and reports. Now, we are implementing direct feeds from Netsuite for actuals and making sure that our existing templates and reports still work.
Change management was a major issue with the implementation - Change management has directly affected progress of building out the revenue model. While we started the revenue model in the lowest level of detail, changes in management and leaders of business sectors with different requirements caused us to shift from global to regional and back to global POVs, along with changes in pricing structures. Vena is flexible enough to change along with new requirements, though every edit need time and careful testing. Consideration of whether the edit is worth the time and effort is highly recommended.
- Change in requirements
- Complex formulas causing saving back 0's in template automation
- Mac users having trouble with templates with complex formulas
Vena Training
Configuring Vena
Our recommendation is always asking the question 'what is best practice' for anything we bring up to our EMS to help us build so we can consider if it is the right solution for us.
Some - we have done small customizations to the interface - For the vena.io online page after user logs in, the only customization we have done is the small identifier for our Vena space (which unfortunately has very short character space) and adding adhoc tool icon. We are not aware of any other customizations available. For the templates and reports, we have added our logo and corporate colors and font.
Some - we have added small pieces of custom code - We have customized scripts written by our EMS consultant for certain specific tasks.
Although Vena can be configured / customized to do anything you want it to do, it is important to remember that complexity may have adverse effect on performance and there may be iterations of edits before finding the perfect balance.
Vena Support
Pros | Cons |
---|---|
Quick Resolution Good followup Knowledgeable team Problems get solved Kept well informed No escalation required Immediate help available Support understands my problem Support cares about my success Quick Initial Response | None |
We have engaged EMS + (basic hours) and EMS ++ (more hours) and we have been very satisfied with the expertise, guidance and help we have been receiving. It is like having technically knowledgeable staff on board who understands your business and your models.
Yes - When we first implemented Vena, we encountered our input template saving back zeroes for some calculations and after some investigation, Vena team informed us that very complex formulas seem to have issues when opened in MS Office Online 365 and Mac. It was a complex issue, and we could not give up on the complex formulas, so we resorted to using desktop version Excel instead of MS Office Online 365 or Mac.
As we are constantly learning how to use Vena, there were some instances where I accidentally deleted some things or did something unintentional and ended up with very bad unintended consequences. Those are the times when I am absolutely grateful that we have engaged EMS and that our EMS contact immediately looked into the issue to help calm me down and help resolve the issue.
Using Vena
Pros | Cons |
---|---|
Like to use Relatively simple Easy to use Well integrated Consistent Quick to learn Convenient Feel confident using | Requires technical support Lots to learn |
- Cascade reporting feature is spectacular in automatically running the report in the dimension slices that you may need
- Multidimensional dynamic mapping is very valuable for report building once you have mastered how to use it properly
- Setting up ETLs will need technical expertise, preferably by EMS or third party consultant who understands what you are trying to accomplish
Vena Reliability
Integrating Vena
- Data Warehouse
- Tableau
- Netsuite
Actual for metrics is directly feed from our data warehouse into Vena for our revenue model. We were fortunate that our data warehouse technical colleague is very knowledgeable so the integration was very smooth.
Currently, EMS is helping us with the integration with Netsuite to feed Actuals from Netsuite into Vena for our operating expense planning model and for reporting. The connection setup was surprisingly quick and was done over a single call. The setup of dependent data tables on the Netsuite side is a challenge as we are not regular Netsuite users and do not have dedicated help on this but we are making progress.
Currently, EMS is helping us with the integration with Netsuite to feed Actuals from Netsuite into Vena for our operating expense planning model and for reporting. The connection setup was surprisingly quick and was done over a single call. The setup of dependent data tables on the Netsuite side is a challenge as we are not regular Netsuite users and do not have dedicated help on this but we are making progress.
- GoogleSuite Sheets
- GoogleSuite Slides
As far as I know, integration with GoogleSuite is not on Vena's product road map (we have inquired before).
- File import/export
- ETL tools
Unfortunately my knowledge in this area is weak but we have the necessary help from our data warehouse colleague and EMS to make integration work.
Understand your requirements, understand your data, and find the right people for the project.
Relationship with Vena Solutions
Basically the coverage period, scope of work, different pricing and discount offers based on multiyear commitment and number of users, and EMS support options.
Understanding internal requirements and communication is important.
Upgrading Vena
Yes - There are frequent updates to Vena which involve very simple click of a button on the Vena toolbar. Most of the time, the updates only take a few minutes. There are usually no issues with updates, however, very recently there was 1 issue with an update that affected the cascade feature. While awaiting for the fix, a workaround was provided as temporary solution. The issue was resolved within a few days and the fix was available for installation.
- Most recent upgrade fixed an issue that affected the cascade feature in the update prior
- Any fix to bugs experienced by users would be helpful
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