VENA tool for FP&A.
October 26, 2022

VENA tool for FP&A.

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

Overall Satisfaction with Vena

VENA is used as a financial reporting and consolidation tool. Primarily for GL data but expanding to other uses in the organization (i.e., Human Resources, Sales Team). VENA is really powerful at consolidating the different data from the different data sources and ERP systems, consolidating in one place for easy reporting and analysis of financials.

Pros

  • Consolidates data from different financial systems.
  • Allows for drill down of data, as well as consolidation of data.
  • Creation of different data models, and consolidation of those models within VENA.

Cons

  • The process for checks and balances can be improved, especially when it comes to consolidation.
  • Support community where users can ask and find answers from other users.

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?

I wasn't involved with the selection/purchase process

Did implementation of Vena go as expected?

I wasn't involved with the implementation phase

Would you buy Vena again?

Yes

  • Saved time on the FP&A team in terms of reporting improvement.
  • FP&A was able to focus more of their time analyzing and less time consolidating.
  • The additional analysis provided by VENA allows the company to tackle cost issues and improve profitability.
Yes - the support from VENA, both in implementation and improvement, has been top-notch. The expert hour services have been a lot of help when implementing new initiatives or projects. Even learning new features as we go along the way and we learn new ways to implement VENA, the VENA team has been there to provide total support.
In the past, the data had to be downloaded from the different ERP systems and then manually consolidated and validated in Excel to then be used for reporting and analysis. Excel could only hold so much data, so the multiyear analysis was almost impossible. With VENA, the data collection is more efficient, and the reporting and analysis can be completed on demand within the VENA environment.
For companies with lots of acquisitions or entities in different financial systems, VENA provides one place to consolidate different data (GL, HR, Billings, etc.) and generate reports and analyses either individually or consolidated. The downside is that VENA might not be able to directly connect to as many ERP systems as some of its competition.

Vena Feature Ratings

Long-term financial planning
8
Financial budgeting
10
Forecasting
10
Scenario modeling
8
Management reporting
10
Financial data consolidation
10
Journal entries and reports
Not Rated
Multi-currency management
Not Rated
Intercompany Eliminations
7
Minority Ownership
Not Rated
Local and consolidated reporting
9
Detailed Audit Trails
7
Financial Statement Reporting
10
Management Reporting
10
Excel-based Reporting
10
Automated board and financial reporting
10
XBRL support for regulatory filing
Not Rated
Personalized dashboards
Not Rated
Color-coded scorecards
Not Rated
KPIs
Not Rated
Cost and profitability analysis
7
Key Performance Indicator setting
Not Rated
Benchmarking with external data
Not Rated
Flat file integration
9
Excel data integration
9
Direct links to 3rd-party data sources
9
Pixel Perfect reports
Not Rated
Customizable dashboards
Not Rated
Report Formatting Templates
Not Rated
Drill-down analysis
10
Formatting capabilities
10
Integration with R or other statistical packages
Not Rated
Report sharing and collaboration
10
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
Multi-User Support (named login)
10
Role-Based Security Model
10
Multiple Access Permission Levels (Create, Read, Delete)
10
Single Sign-On (SSO)
10
Responsive Design for Web Access
Not Rated
Dashboard / Report / Visualization Interactivity on Mobile
Not Rated

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