VENA tool for FP&A.
October 26, 2022
VENA tool for FP&A.
Score 9 out of 10
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.
- 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.
- 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?
Are you happy with Vena's feature set?
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?
- 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.