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The UCF College of Medicine Supports Rapid Growth With Adaptive PlanningInnovative Medical School Manages Operating Plan With Improved Budgeting and Reporting (December 07, 2011)
MOUNTAIN VIEW, CA -- (Marketwire) -- 12/07/11 -- Adaptive Planning, the worldwide leader in cloud-based corporate performance management (CPM) solutions for companies and nonprofits of all sizes, today announced that The University of Central Florida (UCF) College of Medicine, a new medical institution established in 2006 to increase opportunities for medical education in Florida, address the physician shortage, and enhance the economy, has successfully automated their budgeting, planning and reporting process using Adaptive Planning.
Prior to deploying Adaptive Planning, the finance team at UCF College of Medicine relied on an Excel model for their annual budget which was developed for the state of Florida's approval. It was difficult to manage the budget versions, as well as to measure the individual operating departments, validate formulas, or track personnel costs.
"One of the first projects I embarked on when I joined the finance team was to develop a budget to actual comparison. This was very difficult because the line items did not match the general ledger codes, requiring an enormous amount of manual effort," said Steven Omli, Director of Finance, UCF College of Medicine. "I knew there were solutions out there that could automate this effort. Adaptive Planning stood out unanimously among the review committee because it was intuitive and had a rich feature set. The Software as a Service model made sense, and we could get up and running quickly without burdening our IT department -- which had significant demands to support the education program."
Now budget contributors have improved access to key financial information and they are always working with the current numbers. Budget to actual comparisons are simple and the finance team can run financial operating reports with personnel, salary and benefits details in a matter of minutes compared to the old, manual process which could take days.
"Adaptive Planning has made a huge difference for the UCF College of Medicine, to develop the budget and conduct reporting," said Omli. "We have many different funding streams including state support, research grants, clinical services, and foundation gifts, which were very difficult to consolidate into a unified plan. Now with Adaptive Planning, it is easy to consolidate and report on this information. The satisfaction level of the executive team has increased substantially as a result of improved reporting and what-if analysis."
"We are pleased to support an innovative higher education customer that is improving their financial management with Adaptive Planning, enabling them to better manage their programs and staff and compete effectively for top students in medical education," said Greg Schneider, VP Marketing, Adaptive Planning. "The entrepreneurial spirit of the UCF College of Medicine is a natural fit with Adaptive Planning, and we look forward to being a partner in their ongoing growth and expansion."
About Adaptive Planning
Adaptive Planning is the worldwide leader in on-demand corporate performance management (CPM) solutions for companies and nonprofits of all sizes. Adaptive Planning's solutions allow finance and management teams to obtain real-time visibility into performance metrics, streamline financial planning and reporting, and drive better business decisions. By offering affordable annual subscriptions and rapid implementations, and by eliminating the need for new hardware and IT support, Adaptive Planning makes it easy to move beyond spreadsheet-based processes without the cost and complexity associated with traditional on-premise CPM applications. Adaptive Planning is headquartered in Mountain View, Calif. and is funded by ONSET Ventures, Monitor Ventures, Cardinal Venture Capital and Clairmont Capital.
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