Advanced Energy Industries Upgrades to Cloud EPM With Host Analytics
(Marketwire Via Acquire Media NewsEdge) REDWOOD CITY, CA -- (Marketwired) -- 06/25/14 --
Host Analytics, the leader in cloud-based enterprise performance management (EPM), today announced that Advanced Energy Industries, Inc., a global leader in innovative power and control technologies for high-growth, precision power conversion solutions, has achieved dramatic improvements in the efficiency and transparency of key financial processes in using the Host Analytics Cloud EPM Suite.
A full case study detailing Advanced Energy's experience with Host Analytics can be found here: http://ow.ly/yq16r
Advanced Energy moved to the Host Analytics suite because of the inefficiencies of using an outdated, on-premises enterprise performance management system. The company chose Host Analytics after three months of research and demonstrations.
In searching for the right EPM solution, Advanced Energy looked for a cloud-based solution that would reduce costs and dependence on IT resources. Most importantly, it needed a solution that could be quickly implemented before its annual planning process and offered a Microsoft Excel-like user interface that would be familiar to all employees in the financial department.
"We knew that our software was no longer a viable option, but we wanted a solution that would be easy for our staff to quickly adopt," said Lianna Gerrish, corporate finance manager, FP&A. "We were able to keep the same processes and templates. No one needed to learn a new way to forecast, just a new way to navigate."
In seven short weeks, the Host Analytics team was able to train 150 Advanced Energy users to navigate and utilize the Host Analytics EPM Suite. After implementing the system, Advanced Energy's finance team cut time spent on planning and forecasting by 71.8 percent in the first year alone. "Every cycle, the time-savings increase as we automate more and more of the process," Gerrish says. "Because we're not bogged down with the day-to-day management of our system, we're able to work on projects directly with the business."
Advanced Energy uses the Host Analytics suite across all levels of the organization, from the finance team to VPs. Executives use the executive reports to gain instant access to key performance drivers. They also report significant improvement in the financial team's ability to incorporate acquisitions into the planning process.
"At Host Analytics, we see many customers struggling with outdated, on-premises software issues including increased costs for updates and constant reliance on IT consultants," said Alison Holmlund, VP of Customers For Life at Host Analytics. "For us, it's about helping to make the financial planning process as efficient and successful as possible and to give valuable time back to the finance team. We're happy to alleviate this problem for Advanced Energy and many other customers."
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About Advanced Energy
Advanced Energy (NASDAQ: AEIS) is a global leader in innovative power and control technologies for high-growth, precision power conversion solutions. Advanced Energy is headquartered in Fort Collins, Colorado, with dedicated support and service locations around the world. For more information, go to www.advanced-energy.com.
About Host Analytics
Host Analytics is the leader in cloud-based financial applications for planning, consolidation, reporting and analytics. Host Analytics enterprise performance management (EPM) customers benefit from improved business agility, improved security, and lower overall cost compared to legacy on-premises alternatives. World-class companies like NEC, Burlington Coat Factory, and Crocs trust Host Analytics to power their strategic financial processes. Host Analytics is a fast-growing, private company backed by leading venture capitalists and is headquartered in Silicon Valley with offices around the globe.
For more information about Host Analytics, please visit www.hostanalytics.com
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Source: Host Analytics
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