Acquired by GE for $915 million in 2016
Prior to Anaplan, ServiceMax dealt with a myriad of complex inter-related spreadsheets. Planning and forecasting involved manipulating various versions of the model used for planning recurring revenues in conjunction with other models for headcount planning and budgeting general expenses. Most of the FP&A team’s time was consumed by maintaining these models and laborious planning cycles, instead of producing value-adding analysis.
ServiceMax needed to find a cloud solution suitable for such complex modeling, with implementation in time for the new year’s planning and budgeting cycle. Despite the tight schedule and steep learning curve, previously siloed FP&A processes were met within a 10-week deadline and Anaplan was successfully implemented.
In place of disconnected spreadsheets, ServiceMax now benefits from an integrated solution that covers bookings, revenue modeling, headcount planning, and budgeting. Having this unified process in place for the FP&A team has already reduced the cycle times in the planning and budgeting process by up to 25 percent in just the first year.
Prior to Anaplan, ServiceMax had already been through an aborted implementation of another cloud-based planning and budgeting solution. After a renewed selection process, Anaplan was chosen because it was the most capable at meeting ServiceMax’s immediate needs for modeling complex recurring revenue streams. The solution’s ability to scale and accommodate the large volumes of data set it apart from other considered tools.
The horsepower of Anaplan is huge in that you can truly see the potential of it being the standard across the organization for many different functions.
Senior Manager, FP&A,