Innovative new release comes on the heels of record-setting go-lives and first annual FP&A benchmark study
REDWOOD CITY, Calif. – June 16, 2016 – Tidemark, maker of modern cloud business planning and enterprise analytics apps, today announced significant customer go-lives as the company updates its financial planning and analytics platform. Tidemark’s Summer ’16 release strengthens its modeling engine to improve the speed and accuracy of plan and forecast creation, while bolstering the platform’s capabilities to eliminate the gap between finance and non-finance users. Now line-of-business (LOB) users can engage in a self-service environment to perform ad-hoc analysis, pattern examination through instant visualizations, and mobile-first reporting. The release comes on the heels of a record-setting first half of the year where the company saw more than 50 customer go-lives.
In today’s ever-changing business climate, modern CFOs are evolving beyond their traditional roles of financial transaction and reporting-overseers, to strategic partners of key LOBs, executive teams and Boards. Yet in order to support this transformation in finance, CFOs must free up time to focus on more strategic issues that enhance corporate performance and value creation. Deloitte research notes that, “…mutual understanding and strong communications can form the basis for finding common ground to discuss how to jointly deliver value to the business.”
Tidemark’s new Summer ’16 release empowers core modelers, finance users and LOB personnel with ready-to-use ad hoc analytics, visualization, reporting and localization capabilities so they can perform their own analysis without extra assistance from IT. When forecasts are accessed or changed, the Tidemark platform automatically updates existing workflows and plans so everyone in the organization –- regardless of location or department –- works securely off the same set of numbers in real-time. This cross-departmental collaboration accelerates the company’s financial and operational planning processes, leading to deeper insights, faster consensus and more accurate projections for decision-makers.
Powering the Summer ’16 release is the industry’s only non cube-oriented, pure cloud platform built on SPARK. With scalable, high-performance computing capabilities that serve as the foundation for big data finance and predictive analytics, the Tidemark platform handles in-memory calculations 10x faster than other providers in the market that are limited by older, cube-oriented technology. Finance teams can aggregate and analyze data across multiple hierarchies and attributes while enabling contextual variance explanations at the most granular levels. Tidemark’s newly updated modeling framework offers:
Faster time-to-value: model quicker, make limitless changes without breaking or recreating the existing model
Complete transparency: take a declarative approach to modeling with complete access into how calculations and models are built and used by various teams
Improved internal compliance and risk management: better manage data manipulation with full visibility into when and how existing processes or frameworks are altered
Greater flexibility and interoperability: integrate more data sources without the need to build separate cubes, eliminating the time and costs associated with added consultant support
The new release closes out a historic first half of the year for Tidemark, when the company saw more than 50 customer go-lives including Stanford University, AAA, Dominion Enterprises and others. In addition, Tidemark embarked on its first annual customer benchmarking study. The study measured the effectiveness of new FP&A processes vs. traditional processes on improving planning cycles. On average, Tidemark customers experienced 60 percent faster business cycles, as well as completion of annual budgets and plans quicker by 25 percent.
“Having worked with numerous organizations, I can tell you collaboration is essential to how modern CFOs lead planning and decision-making every day,” said Hyoun Park, Chief Research Officer of Blue Hill Research. “Understanding new insights and getting better direction rarely come from past performance data. I'm pleased to see Tidemark help brands move past that era of finance and evolve toward unified planning across the enterprise.”
“More departments and business units are unlocking opportunities every day with big data and other advanced analytics projects,” said Christian Gheorghe, Founder and CEO of Tidemark. “Our CFO customers are taking and analyzing that data to create new performance insights so decision makers can employ them in innumerable ways that create financial, operational and strategic impact.”