By 2025, 80% of finance executives surveyed by Deloitte say they will undergo some kind of transformation. For instance, they’ll elevate their role to provide strategic insights to the business, move to real-time planning and decision-making, automate manual processes and transactions into frictionless operations, and more. A full two-thirds (66%) expect adoption of modern technology will accelerate these changes.
When you spend time with Adaptive Insights customers, however, you realize finance transformation isn’t a major initiative road-mapped for some date in the next five years. It’s happening now, today. And by relying on modern planning tools that help them do all the things finance execs told Deloitte they want to do, our customers are leading the way for everyone else.
In the process, they’re becoming agents of change in their organizations and their industries.
Recently at Adaptive Live 2019, a group of these change agents stepped into the spotlight in a well-deserved celebration of the outstanding, real-world results they’ve achieved with the Adaptive Insights Business Planning Cloud. The annual Torchie Awards are always a high-profile part of Adaptive Live. They give us an opportunity to share with other Adaptive Live attendees the stories of colleagues like themselves who have broken free of the limits of manual, static planning—and found ways to help their organizations achieve business agility in the age of urgency.
This year, Adaptive Insights founder Rob Hull presented the latest Torchie Awards exactly 16 years from the day Adaptive Insights was incorporated. While this happy accident made the occasion even more momentous, the important thing is the results these customers have achieved from their various transformations. The lessons of their experiences are important because change is accelerating, and it’s unlikely to slow down. The pace, scale, and breadth of technology change over the past few decades has created such fertile ground for innovation that it’s fundamentally changed the way companies succeed. It has created a competitive environment in which agile businesses are rewarded and inflexible ones punished—sometimes severely.
It’s agility that wins, and those who plan for it will be a step ahead—able to anticipate and respond to change the fastest. You’ll find no better real-life examples of this than our 2019 Torchie Award honorees.
Agility benefits the business
Bishop-Wisecarver Group, winner of the Torchie Award for largest business impact, saw its finance team free up 600 hours of staff time by automating formerly manual processes and applying that reclaimed time to gaining a better understanding of the business. Among the results: improving sales-quote-to-close ratio by 35% year over year. And at MINDBODY, winner for outstanding business planning, rolling forecasts and flexible what-if scenario modeling has helped the company grow from $70 million to $250 million in annual revenue.
Insights lead to strategic advantage
Financial statements and operational metrics are far easier to understand when presented as dashboards and reports. CareStar, honored for best use of dashboard and analytics, integrates operational data from multiple sources into Adaptive Insights, and the finance team now has visibility into diverse operational details. A top-down, siloed planning process has been transformed into an agile, bottom-up process that spans the entire business. And Telus Communications, winner of greatest improvement in forecasting, is using real-time data from Adaptive Insights to constantly adjust the course of a multibillion-dollar project.
Collaboration creates a culture of agility
Bringing more stakeholders into the planning process leads to better, more complete plans and a more responsive organization. Bucknell University, winner for exceptional collaboration, extends planning to more than 150 users, from academic assistants to deans and vice presidents. Collaborating via a single cloud system speeds decision-making and enables the finance team to be the value-added partner to everybody who plans. And Branch Group, Torchie Award winner for excellence in operational planning, relies on our Business Planning Cloud to report to various groups at a project level, driving multiple 24-month forecasting cycles throughout the year. Operational and financial KPIs are available to managers so they can make better decisions sooner. (An added benefit: Finance is a more strategic partner to the business.)
The Torchie Awards offer a powerful opportunity to show what’s possible when people make the most of modern, cloud-based planning. The stories of the winners—and the nominees—demonstrate that the transformational change required to bring agility to your planning environment and to your business isn’t out of reach.
All it takes is the right Business Planning Cloud and a few forward-looking change agents. We congratulate all the Torchie Award winners for their remarkable work, and we thank them for letting us share their stories of transformation. We honor them for leading the way.