Vena! Great for centralizing data and easy-to-use for end users
December 29, 2023
Vena! Great for centralizing data and easy-to-use for end users
Score 10 out of 10
Vetted Review
Verified User
Overall Satisfaction with Vena
we use Vena for numerous functions.
1. we use for budgeting and forecast twice a year of operating and capital expenses and workforce. I generate the reports and this is distributed to all 40 department heads for completion.
2. it is used for monthly variance analysis - again distributed to all departments
3. we are in process of implementation of financial reporting where accounting will begin generating all month end financial statements.
this has helped us in numerous ways, especially timeliness of being able to generate the reports and distribute them to all end users, as well as having the data stored centrally and removing the previous issues of human error. It has also helped us in being able to automate a lot of adhoc monthly reports that are usually sent out to certain departments. Once mapping is set in the report template, it's just a matter of making it available and departments are able to access whenever they need. It has technically reduced the amount of time and effort for all finance reporting, which has allowed us to save money by reducing our overall FTE.
1. we use for budgeting and forecast twice a year of operating and capital expenses and workforce. I generate the reports and this is distributed to all 40 department heads for completion.
2. it is used for monthly variance analysis - again distributed to all departments
3. we are in process of implementation of financial reporting where accounting will begin generating all month end financial statements.
this has helped us in numerous ways, especially timeliness of being able to generate the reports and distribute them to all end users, as well as having the data stored centrally and removing the previous issues of human error. It has also helped us in being able to automate a lot of adhoc monthly reports that are usually sent out to certain departments. Once mapping is set in the report template, it's just a matter of making it available and departments are able to access whenever they need. It has technically reduced the amount of time and effort for all finance reporting, which has allowed us to save money by reducing our overall FTE.
- centralizing and storage of data
- automating monthly/quarterly reports
- easy functionality for end users
- for financial institutions, it would be nice to see easier functionality for asset-liability management - we currently have a "cube" for this, but not yet in use
- better coaching for mapping dimensions - certain areas that were a little difficult to understand during the initial implementation
- more options for email notifications - there are set actions, but some of these don't allow us to notify end user's in certain situations
- cost savings with a reduction of 2 FTE
- time efficiency on a monthly basis in having reports automated
- more accountability for end users by giving them greater visibility of their overall spending
through the sales process, everything was fine. We did have a few issues with implementation, but due to time restriction, it was a little difficult for us to learn all functionality and continue running day-to-day business. after implementation, we needed to purchase additional consultant support as there were some functions that were not working and the Vena support team were unable to help.
by automating our reports and being able to consolidate budget data more instantly, it has saved time in putting together the report and given us more time to evaluate the actual data and make better business decisions. this overall helps us to make better informed decisions. Previously, we had less time to review data as the time taken to put it together was extensively longer than what it is now.
we used Fiserv AML Risk and MPC. Risk was used for ALM (we will still need to find another solution for this as Vena does not offer this). We also used Fiserv MPC for budgeting and forecasting. This system was extrmely inefficient and provided us with many complications and issues every budget cycle as data had to be manipulated in many ways before we could input. We also did not use this for centralized data or have the ability for end users to go in and make inputs. This was all done manually through excel files (macro-enabled). Vena definitely has saved us a lot of time and made it easy for us to have an report that allows for inputs from all departments.
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?
No
Would you buy Vena again?
Yes