PALO ALTO, Calif., June 11, 2019 /PRNewswire/ -- Adaptive Insights, a Workday company (NASDAQ: WDAY), announced today the winners of its annual Torchie Awards, which were created to honor innovators who have achieved excellence in business planning across their organizations. The Torchie Award winners for 2019 include Bishop-Wisecarver Group, Branch Group, Bucknell University, CareStar, MINDBODY, and TELUS Communications.
The winners were presented with Torchie Awards at Adaptive Live 2019, Adaptive Insights' annual global gathering of business planning professionals held May 21-23 in Las Vegas. This year, more than 1,600 industry professionals from over 600 organizations attended the conference to network with peers, share planning best practices, and gain insight into future planning technologies.
"I'm inspired by our customers who continue to lead planning transformation in their organizations," said Rob Hull, founder of Adaptive Insights. "With our Adaptive Insights Business Planning Cloud, these organizations are able to expand planning beyond finance and deliver greater value to the business. We're thrilled to recognize these winners for both the planning best practices they've established and the dramatic impact they've made."
This year's Torchie Award honorees represent significant achievements globally across multiple industries. The categories for the awards range from best use of dashboard and analytics to exceptional collaboration, all in support of greater business agility. The Torchie Award winners this year include:
Bishop-Wisecarver Group—Largest Business Impact
With finance team members at Bishop-Wisecarver, that helps manufacturers and automation solution providers engineer linear and rotary motion products for harsh and extreme environments, spending up to 40-50% of their time on data collection and validation and not on analysis, it was time for a change. Using Business Planning Cloud, Bishop-Wisecarver saves an estimated total of 600 hours in the accounting and finance department alone. And with more time to focus on analysis, the finance team gained a deeper understanding of the business. This resulted in significant operational improvements, including the manufacturing shop floor in the assembly increasing efficiency by about 30% and improving returns by 60%, sales improving its quote-to-close ratio by 10% year over year, and accounting reducing its month-end close cycle by 10 business days to a mere three days total.
Branch Group—Excellence in Operational Planning
With a diverse group of construction subsidiaries, Branch Group, a provider of construction management, design build, general contracting, and preconstruction services, needed to simplify and streamline planning and reporting. Using Business Planning Cloud, each subsidiary of Branch Group now collaborates and reports to other groups at a project level with geographic, product, and subsidiary dimensionality, driving multiple 24-month forecasting cycles throughout the year. Operational and financial KPIs are reported to managers using dashboards in Business Planning Cloud, giving these decision-makers better planning, reporting, and analytics, and making finance a more strategic partner.
Bucknell University—Exceptional Collaboration
At Bucknell University, a private liberal arts college, planning has gotten easier for more than 150 users--ranging from academic assistants to deans and vice presidents of the university. What was previously a frustrating and an error-prone approach is now a simplified process all managed in a single cloud platform. Business Planning Cloud speeds decision-making with the right information at the right time, and, as important, enables the finance team to be the value-added partner to everybody in the organization that plans.
CareStar—Best Use of Dashboard and Analytics
CareStar, a provider of home- and community-based case management and assessment services for people who are disabled and developmentally delayed, broke through the silos created by a top-down planning process. The home and community-based case management company uses Business Planning Cloud to automate and simplify budgeting and reporting processes by converting its financial statement and operational metrics into reports and dashboards. By integrating operational data from multiple source systems into Adaptive Insights, CareStar's finance team has visibility into diverse operational details such as mileage, assessments completed, patient census, time reporting, caseloads, IT call center metrics, and software development productivity. Planning is now bottoms-up, becoming a collaborative process across the business.
MINDBODY—Outstanding Business Planning
MINDBODY, the leading technology platform for the wellness industry, has been able to model and integrate multiple acquisitions. This has helped the company as it has grown from ~ $70 million in revenue in 2014 to ~ $250 million in revenue in 2018. With Business Planning Cloud, the company is able to easily integrate with NetSuite and does extensive reporting using OfficeConnect. It now creates weekly rolling forecasts and has created long-term plans as well. The finance team is now able to highlight and spot trends in the business and to respond quickly when issues arise by providing data and strategic advice that supports overall business objectives.
TELUS Communications—Greatest Improvement in Forecasting
Telus, a Canadian national telecommunications company, is uniquely using Adaptive Insights not for traditional financial planning, but for resource planning and forecasting of a multi-billion dollar project. The project — a fiber optic rollout across their wireline network in British Columbia, Alberta, and parts of Quebec — is quite complex given the magnitude of the investment and impact to the communities they serve. The ability to constantly adjust the course of the project based on real-time data provided via Adaptive Insights has been pivotal to ensure the project delivers its annual targets such as the amount of homes and businesses connected and capital spend. As a result, accuracy improved to less than 0.5 percent variance per year, which has significantly improved forecast credibility.
To learn more about the customer successes shared at Adaptive Live, read the blog "Agents of change in the age of urgency."
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About Adaptive Insights
Adaptive Insights, a Workday company, is powering a new generation of business planning. Driving business agility in a fast-moving world, Adaptive Insights Business Planning Cloud leads the way for people in companies to collaborate, gain insights, and make smarter decisions, faster. Powerful modeling for any size organization, yet so easy for everybody who plans. To learn more, visit www.adaptiveinsights.com.
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