Vena: Turning Ordinary Excels into an Extraordinary Enterprise Solution

Don Mal, CEO
Corporate performance management (CPM) plays a predominant role in defining and differentiating an organization from its counterparts. Hence, the need to remain agile and reciprocate a high response time has increased magnanimously for companies in the recent years. Today, nearly 80 percent of the organizations use Microsoft Excel in conjunction with their corporate performance solution–making it one of the most powerful, flexible and widely used productivity applications. A traditional CPM solution however alienates the users from the Excel format with zero flexibility, high ownership costs and low user adoption. Same goes for organizations using native Excel which has no version control, no audit trail, data integrity issues and lack of collaboration.

Vena Solutions offers Vena Cloud platform, a SaaS-based enterprise performance management platform to aid organizations leverage on the benefits of Excel for all their spreadsheet-intensive finance and accounting business processes, alongside benefitting the features of an enterprise-class corporate performance management solution. The firm’s solutions enable enterprises to utilize the flexibility and incorporate changes that do not involve the IT or costly consultants along with providing optimal user experience, cost efficiency security and reliability.

Most enterprise software products today try to recreate the user experience and functionality of Excel for data entry and reporting. These products encompass features like web-based access, central data repository and automated workflows to spreadsheet like interfaces to create user-friendly solutions. Unfortunately, people find to difficult to adopt an interface that resembles the native Excel on a superficial level. Vena addresses this requirement by providing a solution that leverages the native Excel and offers all the structure and security needed for the process. “We are not asking business users to sacrifice the Excel models. Our aim is to empower companies to embrace Excel while adding an enterprise-class CPM solution. So that, it is a win-win situation for them,” says Don Mal, CEO, Vena Solutions.

With Vena Solutions, tasks that require to be worked on spreadsheets to drive business processes are simplified by giving users more flexibility, easy-to-use modeling capabilities, and raw analytic power to generate reports with charts and graphs.
All these functionalities are merged together into a deployment methodology called ‘Venalocity’ to allow for faster implementation of solutions into the work environments at zero cost and performance risks.
The Financial Solution by Vena leverages an extensive template builder to delineate an organization’s financial data to a central database, helping companies by Excel mapping technology, extended Excel functionality and role based data security. The company’s process management technology featuring a “drag and drop” function is one of its core differentiators that helps speed up repeatable finance, accounting or operational processes while keeping the data secure and up-to-date.

A multitude of companies like Obero Solutions, Applied Analytix, Inc and SandPoint Consulting, Inc have been benefited by Vena Solutions. One such example is the AES Corporation, an electric power distribution company that needed distributing, tracking and consolidating over 150 Microsoft Excel spreadsheets from over 100 businesses to prepare10-Q and Annual 10-K filings for the securities Exchange Commission (SEC). The clients suffered a few drawbacks—insufficient version control of Excel sheets, lack of edit tracking and auditing features that resulted in errors which affected their timely submission of reports. Vena’s solutions helped AES streamline and iron out complexities that helped them complete their financial report substantially faster using a globally distributed, centrally managed and auditable process.


As a result, the users continue to benefit from the flexibility and unmatched computing power of Excel, while resting assured that their data is secure, accessible and up-to-date


“Success as a term is imperative for Vena Solutions and they work towards achieving incremental productivity for their customers. For future, we wish to carry forward same philosophy to add value to customers’ work processes,” concludes Mal.

Vena News

The Vena Industry Benchmark Report: Only 48% of Businesses Are Operating with an Agile Planning Process

TORONTO - Vena Solutions, the platform that connects people, process and technology to power integrated finance-led business planning, today announced the release of the inaugural Vena Industry Benchmark Report. The report surveyed 350 business leaders and finance and operations professionals on how their organizations are facing the challenge of today’s unprecedented change, focusing on organizational culture, agile finance-led business planning processes, technology and data.

The report reveals that many businesses are not well-positioned to pivot in the face of sudden changes and are not operating with agility as a core focus.

“It was great to find that almost half of respondents are implementing more agile planning processes, but that leaves more than half who are not, which is a powerful insight but a little unsettling to learn,” said Hunter Madely, Chief Executive Officer at Vena Solutions. “Our passion is in providing our customers and community of business leaders and finance and operations professionals with best practices they can use to plan confidently with agility. With this report, we aim to add context to their decision making and provide a view to where they stand compared to others working through similar challenges and opportunities.”

In this report Vena uncovered several other key findings, including:

• Only 44% of respondents have an early warning system in place to provide weekly and monthly operational and financial reviews

• 40% of respondents aren’t utilizing scenario modeling, despite the current unpredictability in the market

• Disparate and disconnected data sources remain a pivotal problem, with 57% still seeing this as a key organizational challenge

• The biggest challenge when it comes to effective planning is...everything. When asked to identify the greatest challenge to their current integrated planning process—people and culture, process or technology—a large number of recipients couldn’t make a choice, with 49% saying “all of the above”

In today’s environment, finance and operations teams are at the forefront of change and must re-evaluate and recognize their ability to adapt to quickly changing conditions. Businesses need to have the right plan—but more than that, they need the right agile planning solutions, tools and processes in place to know when to act so teams can work together to ensure the health of the business today and tomorrow. With that in mind, the report also offers four recommendations for agile planning.

Company
Vena

Headquarters
Toronto, Canada

Management
Don Mal, CEO

Description
Vena Solutions is a platform that embraces the best of Microsoft Excel, extending and evolving its capabilities to create a next-generation enterprise solution that is powerful yet intuitive.