A relative newcomer to the business intelligence software scene is taking on industry giants like IBM, SAP and Oracle by offering a web-based planning and budgeting tool that undercuts the traditional pricing model for such systems.
Michael Coveney, a former executive with Comshare (now part of Infor), has first-hand experience of six-figure planning and budgeting systems, but joined Financial Driver because he saw the potential for the “straightforward” planning and budgeting tool to carve out a niche in previously untapped markets.
“Financial Driver is perfect for organisations using spreadsheets,” he told AccountingWEB. “Usually when you move away from Excel, it means going to online analytical processing (OLAP), which requires a huge investment.
“What Financial Driver has done is create a really simple model with a fixed number of business dimensions: accounts, time, structure, version and one other, say for products.
“For anyone coming from a spreadsheet environment, it only takes 5-6hrs to pick up.
“What sets it apart is that it’s hosted service in the Cloud. So you can email out links to the main database, and people can enter their data via the web. As soon as it’s in there, the data is available for consolidation and reporting. It doesn’t require you to understand the technology.”