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Groupon Manages Rapidly Growing Finance Needs With Host AnalyticsConsolidation, Reporting Process Drastically Streamlined: Proof of Host Analytics' Number One Status in Cloud CPM (May 16, 2012)
AUSTIN, TX -- (Marketwire) -- 05/16/12 -- (Host Analytics' Decisions 2012: Bridging the GAAP User Conference) - Host Analytics, the leader in Cloud-based corporate performance management (CPM) solutions, today announced Groupon, a popular global daily deals website, is using its award-winning technology to drastically improve its financial consolidation and reporting processes. In fact, Groupon has reduced its financial consolidation process from three days to just one hour.
"Our company's rapid growth led us to search for a solution that could handle the financial consolidation of a large and growing number of businesses, as well as provide timely financial and management information to decision makers throughout our company," said Joe Del Preto, Chief Accounting Officer at Groupon. "Previously, we relied on spreadsheets to track results and consolidate multiple countries. This manual method was error-prone, inefficient and quite time consuming. We needed a new solution that was easily implemented, cost-effective and seamlessly integrated with our NetSuite ERP system. Using Host Analytics has allowed us to do just that, by consolidating and reporting on our international entities in a much more accurate and timely manner."
Groupon has used Host Analytics' solutions for financial consolidation and reporting since late 2010 and is currently implementing the solutions for expanded budgeting and planning purposes. Additionally, the company's finance department will add forecasting and "what-if" analysis, capabilities that will extend Groupon's view of its results and present a variety of financial options for going forward.
"Strategic insight into financial data plays a pivotal role in all companies," said Jon Kondo, CEO at Host Analytics. "In the case of rapidly growing companies, such as Groupon, the sooner they get that insight, the quicker they can grow. For over a decade, businesses have turned to Host Analytics because our solutions are easily implemented via the cloud, allow rapid scalability, and are extremely cost effective. With our solutions executives have all the information they need to manage their rapidly expanding worldwide businesses."
"While few companies have experienced the same growth of Groupon, many can relate to its escalating need for a central repository of real-time data that can be used to make critical corporate decisions at the executive and departmental levels on a day-to-day basis," said Jeffrey M. Kaplan, Managing Director of THINKstrategies, Inc. and founder of the Cloud Computing Showplace. "Groupon's use of Host Analytics' cloud-based CPM solution clearly demonstrates the functional strength and scalability of the product to meet these escalating needs."
Host Analytics' suite of cloud-based corporate financial planning and management solutions helps finance executives drive fast and smart fact-based decision-making throughout their organizations. The company's solutions cover planning, budgeting, scorecarding, financial consolidation and reporting.
To learn more about Groupon's use of Host Analytics' solutions, go to: http://www.hostanalytics.com/customers
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About Host Analytics
Host Analytics is the #1 cloud corporate performance management company, providing the only complete suite for finance. We help organizations make better operational and financial decisions by streamlining and automating their consolidations, planning and reporting processes.
Over the span of a decade, we've gone from pioneer to leader with our deep product functionality, world-class team and broad partner ecosystem. Thanks to the cloud, our customers enjoy low costs, low risk and fast results that give them an edge and helps Finance gain greater influence in setting business strategy and operational priorities.
Host Analytics is:
- 1st cloud corporate performance management solution;
- 1st to deliver external data integration;
- 1st to deliver a business analytics application built for finance in the cloud.
Host Analytics serves midsize to large customer organizations, including AT&T, Groupon, Crocs, Thule, Otis Spunkmeyer, Schumacher and Red Roof Inn. We have received on-going industry recognition and were most recently recognized by AlwaysOn for the OnDemand 100 Awards and by Network Products Guide for its Hot Company Award.
Groupon, launched in November 2008 in Chicago, features a daily deal on the best stuff to do, eat, see and buy in 47 countries around the world. Groupon uses collective buying power to offer huge discounts and provide a win-win for business and consumers, delivering more than 1,000 daily deals globally. To subscribe for the best deals in your city, visit http://www.groupon.com. To learn how to become a featured business, visit http://www.grouponworks.com.
Kulesa Faul for Host Analytics
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