What do you like best?
The power and flexibility of the system. We operate in a rapidly changing environment; where we have new data sources, new accounting structures, to deal with on an ongoing basis. Prevero allows us to adapt to this changing environment and gives us the flexibility to adapt our approach quickly, build new models and processes. The more you get to know the product the more you see its power and flexibility.
The road map and product development, there are a number of features coming that have exciting potential.
The Prevero team itself has been very supportive and responsive. Particularly to change requests for both bug fixes and new features. Key new feature requests have been delivered quickly.
We’ve removed routine manual tasks. We can extract data and generate standard reports/packs with a click of a button. The excel add in and integration is very good and used to do adhoc analysis quickly, generate flexible reporting packs etc. and also write back data to Prevero.
What do you dislike?
The resources (i.e. the literature) available to take your learning further is being developed. This means that you cannot necessarily find materials to support your learning and you therefore develop through test and learn. Having said this Prevero support and team have been very responsive to our questions.
While the dashboarding has been improved considerably since we first started using Prevero it is an area of future development on the product road map.
Recommendations to others considering the product
Prevero is hugely powerful and flexible, you start with nothing and can build processes/models in any way you like. It is therefore important to start with a very clear implementation plan and scope. Given the flexibility of the product you will undoubtedly find better ways of doing things as your understanding of the product increases. Make sure you are heavily involved in the actual build and implementation. This is very important in developing your knowledge of the product and will allow you to be self sufficient and problem solve going forwards.
What business problems are you solving with the product? What benefits have you realized?
We collect a large amount of data (financial and non-financial) from many different sources with a high degree of automation, where appropriate we can mix approaches. This has helped increase the quality of our data, the ability to action up to date data quickly and to provide one source of financial truth.
We have retired a complex series of excel spreadsheets with a automated rolling 12 mth P&L forecast (by day), generated weekly for a number of entities. This is supplemented with automated daily variance analysis. The rolling plan feeds an integrated Balance Sheet and Cashflow.
We have different longer term planning budget models which again integarate with Balance Sheet and Cashflow.
The above has all freed the team up to concentrate on more value add activities rather than having time eaten up by gathering data, re cutting data and maintaining spreadsheets.