Whether you are looking for the best alternative to Adaptive Insights or considering it for the first time, here are the key factors you should keep in mind.
Beyond a Corporate Performance Management (CPM) software’s budgeting and reporting capabilities, other features, such as ease of use and seamless integrations, will ultimately decide if the software will be quickly adopted by your company.Limelight is a modern and affordable FP&A platform that takes the best of a web-based platform and an Excel-environment to make our software easy to use and accessible. Finance teams can quickly build reports, forecasts, and budgets using data directly sourced from their ERP.
Both Limelight and Adaptive Insights have a collaborative planning process, drag-and-drop capabilities, and are web-based platforms, so what are the differences?
In this article will look at Limelight and Adaptive Insights based on four key factors for finance teams:
- Ease of Use
- Excel-based Workspace
- Reporting Capabilities
1. Ease of Use
A simple and intuitive workspace helps teams quickly adapt to new software and enhance productivity. Your business can achieve better cross-departmental collaboration throughout the entire organization. Having a self-service software also leads to less of a reliance on IT and vendors, allowing your company to create the reports they need when they need them.
Limelight is a web-based tool with an Excel environment. Team members will find it easy to collaborate with access to their reports from several devices. The software is quick to deploy, and finance teams will be able to view their data in real-time and in a way that makes sense to them.
With Limelight, you can easily create budgets, forecasts and reports with our intuitive workspace. Enabling faster data input means you will have more time for analysis and delivering key business insights.
Adaptive Insights has basic features that are easy to learn, however, any advanced functions require training. Although the learning curve is steep, you can always purchase more training from their customer service team.
Users will need to set aside a significant amount of time to learn the various processes, sheets, reports, and formula scripts in Adaptive Insights. Deeper customization is limited on their interface, so those needing fluid and complex models should be prepared for a longer training process.
2. Excel-based workspace
Excel is the preferred choice for finance and accounting teams, and your team is likely already using it to track and manage financial business processes. Depending on if you want to leverage your Excel skill set or find a complete replacement, choose a CPM software that aligns with your team’s preferred requirements.
Limelight is a web-based application, however, we provide the full Excel experience and functionality. Limelight’s workspace is easy to use thanks to its Excel-based look, features and formulas. Finance teams will find the environment familiar and can easily create templates and reports just as they would in Excel.
Adaptive Insights is an entirely new system that users will need to learn. For example, users will need to adapt to new ways to enter formulas using Adaptive Insights’ scripting language. For teams who prefer to work in Excel, Adaptive offers an Excel add-in. However, that does mean users will need to access, learn and manage two interfaces.
One large benefit of using automated FP&A software is the ability to integrate with ERPs and other data sources. With direct integration, data is pulled from your sources without manual effort, reducing the time and effort spent on gathering information for reports. Integrations also ensure data accuracy, so you can trust the numbers you are working with. Check to see if the CPM software offers integrations with the data sources your business uses currently and may want to look into in the future.
Limelight has direct and native integrations with leading ERP, Payroll and CRM systems to centralize and connect your data in one place.
Many Adaptive Insights integrations work with either data loads or third-party tools. Any data you have in your ERP, accounting systems, and HR systems must be loaded into Adaptive Insights before you can start analyzing.
4. Reporting Capabilities
Every company needs FP&A software to better understand business performance and create strategies that lead to growth. The ability to drill down into details and look at a business from all angles can help beat out the competition. With a strong FP&A software tool, you can see the exact driving forces behind income and expenses. And with automation, you get an up to date view on your finances to make the most well-informed decisions.
When choosing the best FP&A software, make sure it is customizable and can support anything from basic to advanced reporting. You want to be able to get your data into one place and create variance and ad-hoc reports to provide real-time insights.
With Limelight, everything from budgets to forecasts to reports is all done on one platform, keeping your data centralized and giving you a more accurate overview of your business. Reporting is done in real-time and is highly formatted, allowing you to drill through to transactional level data. And for data visualization, Limelight has interactive charts that allow you to zoom into more details, so you can discover insights at a glance.
Adaptive Insights offers reporting through their web console, however, its capabilities are somewhat limited. Users typically opt for their Excel Add-In OfficeConnect to create more detailed reports. Users can log into OfficeConnect to produce more formatted reports, and manipulate reports in Excel.
CPM Software Evaluation Tips
Choosing between two similar CPM software tools starts with evaluating your current financial planning and reporting process. What do you like about the process now, and what aspects need to change?
Decide if your team has the time to manually export data from your source systems. For those who want to have a system bring in data automatically, Limelight is the best alternative to Adaptive Insights. Take the learning curve of the software into consideration when deciding on your CPM software tool. If you are unsure of how to use the software, you may not be leveraging all of its capabilities.
Want to see the difference for yourself? Watch our video here.