Vena - Excel Modeling's Partner
Updated September 25, 2024

Vena - Excel Modeling's Partner

Choy Chu | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User

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

If current forecasting models are using only Excel, then recommended to move on to use a cloud-based forecasting platform. Vena should be considered if the core of the team using the software is Excel proficient. Expert services are recommended for engagement if forecasting model setup changes frequently. Not recommended for Mac users.

Vena Feature Ratings

Long-term financial planning
8
Financial budgeting
8
Forecasting
8
Scenario modeling
8
Management reporting
8
Financial data consolidation
8
Journal entries and reports
Not Rated
Multi-currency management
8
Intercompany Eliminations
8
Minority Ownership
Not Rated
Local and consolidated reporting
8
Detailed Audit Trails
8
Financial Statement Reporting
8
Management Reporting
8
Excel-based Reporting
10
Automated board and financial reporting
Not Rated
XBRL support for regulatory filing
Not Rated
Personalized dashboards
Not Rated
Color-coded scorecards
Not Rated
KPIs
Not Rated
Cost and profitability analysis
Not Rated
Key Performance Indicator setting
Not Rated
Benchmarking with external data
Not Rated
Flat file integration
8
Excel data integration
8
Direct links to 3rd-party data sources
Not Rated
Pixel Perfect reports
Not Rated
Customizable dashboards
Not Rated
Report Formatting Templates
Not Rated
Drill-down analysis
8
Formatting capabilities
10
Integration with R or other statistical packages
Not Rated
Report sharing and collaboration
8
Publish to Web
Not Rated
Publish to PDF
Not Rated
Report Versioning
8
Report Delivery Scheduling
Not Rated
Pre-built visualization formats (heatmaps, scatter plots etc.)
Not Rated
Location Analytics / Geographic Visualization
Not Rated
Predictive Analytics
Not Rated
Pattern Recognition and Data Mining
Not Rated
Multi-User Support (named login)
8
Role-Based Security Model
8
Multiple Access Permission Levels (Create, Read, Delete)
8
Report-Level Access Control
Not Rated
Single Sign-On (SSO)
8
Responsive Design for Web Access
8
Dashboard / Report / Visualization Interactivity on Mobile
8

Vena Solutions Attributes

Vena support responds within the same day the ticket is opened. If the issue cannot be resolved that day, then they will let you know that they are working on it and investigating or regenerating the issue to try to resolve on their end. If they cannot come up with a good solution, they will provide a temporary fix. If it is known that more people have the same issue, they will work to get a fix out as soon as they can and push an system update out.
Vena allows any solution to be built the way you need it to work, and there are many different ways of going about what you need it to do. It may require time to build, test, and rebuild and retest, before the best solution to what you are trying to accomplish is reached. It is best for those who are Excel proficient because Vena utilizes and enhances the usage of existing Excel functions. For those who are not Excel proficient, the journey may be more challenging, however, with help of EMS, you can get your planning and reporting to a dynamic state.

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
  • 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)
We renewed already!

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

Having knowledgeable technical expertise, whether thru EMS or third party, can make your implementation journey smoother.
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

  • Online Training
  • In-Person Training
The virtual live instructor course was extremely important for the success of my Vena training as I am the main admin for our FP&A team. I was able to follow along with the exercises and ask questions and learned tips from the instructor.
The virtual live instructor training was extremely important for a user who builds input templates and reports. The on-line academy/training portal have very useful short lessons which I encourage everyone to take advantage of BEFORE the virtual live instruction. Not all lessons are applicable to all users. There should be more categories of users and there should be applicable training tracks for each category. I also learned a lot from implementation specialist and EMS contact.

Configuring Vena

Vena can be configured to do anything you want it to do. This is a great advantage for those who knows how the data well, knows exactly what needs to be done and what is expected to happen. However, if there is any uncertainty or unknowns related to what is needed, then there may be a few iterations before you reach the best configuration setup. Generally, there is not much out of the box, everything needs to be configured and built if you want Vena to do exactly what you want.
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

ProsCons
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

ProsCons
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

Vena dimensional hierarchies are extremely easy to manage, alternate reporting hierarchies are extremely easy to add via 'shared member' designation. Depending on how templates and reports are built, hierarchy changes can be automatically incorporated, or easily remapped.
Vena has been available and running. There are notifications well ahead of scheduled maintenance and so far, scheduled maintenance has been occurring during off hours and fortunately has not occurred during a time that is crucial for us to be actively using.
The performance is dependent on how much data and calculations are involved and how complex the security settings are. A simple template or report loads in seconds. A complex template or report can take a while. If there are many users with complex security settings, that will be a factor in the load time.

Integrating Vena

Like anything else with Vena, Vena is highly customizable as long as you know what you are trying to achieve and have the right people to help you -- so anything is possible.
  • 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.
  • 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

The sales process included a demo that illustrated Vena's capabilities which proved to be true and applicable to our needs and requirements. The sales rep at the time was very responsive to our questions, arranged for demo, and was timely in providing agreements.
After the sale, we have an account rep who is very responsive to our questions, checks in often, and reaches out with ample time before renewal time to make sure we are taken care of.
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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