For those of you who may not know, Quantrix is a part of IDBS and the Danaher Corporation. The incredible resources afforded to us by these parent companies have allowed us to grow our brand and our products.
As much of the IDBS team lives in the United Kingdom, we have decided to follow their lead this year with respect to celebrating PRIDE.
PRIDE is a time for people to come together to celebrate equality and the visibility of the LGBTQ community. Pride month is celebrated across the UK from mid August to mid September. Quantrix is supporting and celebrating the Pride month along with IDBS.
Quantrix is happy to be an inclusive and welcoming organization. To share our support, you will notice a new logo on our social media accounts.
Interview with David Phillips, Co-founder and VP of Sales and Marketing at Model Metrix
At Quantrix, we love it when our partners expand their scope and deliver higher and differentiated value to our shared customers. Case in point is Model Metrix, an energetic firm not only delivering subject matter expertise in financial and operational modeling but also extending the Quantrix platform with custom capabilities and data connectivity. We sat down with David Philips, Co-founder and VP Sales to learn more about their trajectory.
Can you tell us a little about Model Metrix?
Thanks for the opportunity to talk about Model Metrix. Steve Bailey and I founded Model Metrix to address the capability void that exists between spreadsheets and less flexible corporate performance management solutions. Many organizations have high-value modeling and planning processes that are reliant on spreadsheets. Of course, spreadsheets have well-known risks and are often a siloed, weak link in complex planning and decision-making processes. We combine the flexibility and power of Quantrix Modeler with data warehouses, business intelligence tools and other technologies to deploy cloud-accessible solutions that address clients’ complex modeling, analysis and reporting needs. Our team can leverage a client’s existing solution ecosystem or build it for them. Importantly, our solutions can integrate with a company’s corporate performance management system to provide more comprehensive data for budgeting and reporting.
Are you focused on particular vertical markets and services?
We have strong domain knowledge in a number of verticals and are designing solutions with configurable base models for those markets. However, many of our offerings are broadly applicable to a host of modeling challenges that a company may face. In addition to solutions, we also offer a full suite of professional services including model development, optimization, integration, and support. Perhaps more uniquely, we provide managed services in which we maintain and update client models on an ongoing subscription basis.
What other initiatives are you working on?
We have developed a multi-functional plug-in that provides exciting new ways to extend Quantrix Modeler. One of the high-value features is the ability to do direct connections with 3rd party data providers. For example, we have all seen that economic disruption caused by COVID-19 has increased the level of merger and acquisition activity. In response to that, we initiated a partnership with Intrinio, a leading provider of curated fundamentals and market data, to create a solution that allows growth companies, PE/VC and other organizations to model potential acquisition targets, valuations, the competition, and much more. Building on that foundation, they can also model the synergies, financial impacts and other outcomes due to an acquisition. Likewise, investment firms are able to do both modeling and analysis on companies in their portfolio. It’s a more cost-effective and extensible solution than, for example, a Bloomberg Box. The plugin also features new functions for science, engineering, statistics and more for non-financial modeling. The list of capabilities is too long to describe here so I’d encourage Quantrix users to contact us for details and to take advantage of a free trial.
What’s the best way for organizations to learn more about Model Metrix?
Last December, families and companies were hosting holiday parties as people packed into malls and shopping centers to find last-minute gifts. It would have been hard to imagine how upside down our lives would be in just a matter of months. Not too long after ringing in the new year, families canceled or postponed plans, and employees worked from home and only got together online. As a society, we learned new terms like “social distancing”, and started wearing masks to protect ourselves and others.
Quantrix, like many other companies, was not immune to these changes. We did not host our user conference this year and we’ve been working from home since March. But, during this time, the Quantrix team has been hard at work building new features and introducing new initiatives to benefit our customers and planners/modelers around the world.
This year the Quantrix team has continued to grow. We added a new member to the Qloud development team, and welcomed a new General Manager, Brad Hopper. Next year, we look forward to growing the team even more!
The development team built and released new versions this year: 20.1.0, 20.2.0 and 20.2.2. Each release helped to make Modeler and Qloud better products for our users.
Planning for Good: As the pandemic took hold of the world, companies were left wondering: which business changes might we make to work within the constraints of the pandemic? How can we reconfigure our teams and operations to best serve the community and sustain ourselves? To do our part, Quantrix created an initiative to help people and organizations plan for the future. As an agile planning platform, Quantrix provides the ideal experience for planners to ask and answer “what if” questions, especially if they are re-imagining their business from the ground up. Through this initiative, we provided Quantrix Modeler licenses at no charge, so that people could plan their next steps using the best possible tools. Additionally, we hosted a webcast series featuring a variety of speakers, each sharing their stories of how Quantrix helped them adapt and thrive in this challenging time.
Academic Alliance: This year we launched our Academic Alliance Program. Universities from all over the globe use Quantrix. We created this program to provide Quantrix software to students in participating higher education programs to support their learning of modeling concepts and to build a network of planners with Quantrix skills and a pool of qualified candidates for our customers. Students can use the Academic Alliance license for a year after graduation to help them leverage their skills into the workplace.
The Quantrix Takeaway: If your company paid for you to have a Quantrix license and you leave that company, we can grant you access to Quantrix for an additional year at no charge. You can take Quantrix with you to your new job! To find out how to register and if you are eligible for this program, and a few restrictions, please visit our Takeaway page.
Like many of you, we are looking forward to the new year. We wish you a happy and healthy 2021!
Working with your team to review data and make decisions can be incredibly rewarding. Sharing spreadsheets and insights with different departments can offer an array of opinions, however, it can also create more versions of the truth and more confusion. To ensure you’re making the right decisions, you’ll want the confidence that your data is accurate.
These concerns are even more apparent now, as many people are working from home and sharing data online.
If you’re a modeler or planner, Quantrix can offer peace of mind.
Qloud: Quantrix Online Collaboration
Chat and make edits at the same time: Users can live chat and make edits while viewing the same model on the web.
Role Assignment: Grant some users full Modeler access, while restricting others. This can be tailored for every use case and every individual. This helps to ensure the integrity of your data.
To stay competitive in today’s business climate, you need an agile and sophisticated collaboration tool. Check out our free trial to see the power of Quantrix for yourself!
Are your spreadsheets efficient? You may not realize the flaws in your spreadsheets. Determine the health of your spreadsheets and data models by completing the checklist below.
Spreadsheet Best Practices Checklist:
The number of formulas in my workbook is reasonable*
I can maintain and update my model at a moment’s notice
I can audit each of my formulas to ensure they are working correctly
If I share my model, I am confident that the data will remain unaltered
There is only one version of the truth
The size of my data is not impacting my performance
The structure of my model is easy for others to comprehend
The person who created the spreadsheet still works at my company
* To find out how may formulas you have per Excel worksheet, press F5, choose “Special…” Then, click the radio button for Formulas, click OK and see the count in the status bar.
Your Score: _______
If you couldn’t check all the boxes or are unsure about any item(s) on the checklist, you may have an unhealthy spreadsheet. Don’t worry! There is a cure. You can correct these issues by using a tool specifically made for modelers and planners: Quantrix. There are a variety of ways spreadsheets could be hindering your potential. Continue reading to learn more about how your spreadsheets could be costing you time and money.
Have you ever received a spreadsheet or data model from a colleague and thought to yourself: “what am I looking at?” or “how does this work?” If so, you’re not alone. Spreadsheet calculations are frequently unclear and difficult to understand. Let’s say you’re reviewing data and want to determine the formula and calculation for a particular cell. In traditional spreadsheets, you’ll find =B9+C32. Wouldn’t it be easier if it said: Current Assets = Cash + Accounts Receivable? In Quantrix it does! Natural language formulas offer the clarity that other tools lack. Further, Quantrix offers users the ability to trace calculations back to their origin with the Dependency Inspector feature.
Not having clear and accessible data can dramatically impact your business. Save time and increase comprehensibility with Quantrix. Try it for yourself with our Free Trial and keep reading to find out more about how your spreadsheets might be hindering your work.
Your company’s data tells a story. Your financial models should readily describe the profitability and overall health of your organization. But like any good story, there are plot twists. You add product lines, sell to new regions, hire new employees. As these changes occur, your models will need to adapt. Because spreadsheets weren’t designed for modeling, models constructed with spreadsheets grow fragile over time, taking increasing amounts of effort to keep them running, and eventually they can shatter with important business consequences. Data modelers who use spreadsheets shoulder the responsibility and risk of the spreadsheet approach and their progress is slowed by continuous care and feeding – manual insertion of rows, copy/paste of formulas to fill gaps, data reconciliation, and error checking. Is your financial model a mystery story or even a horror story…?
There’s a better way! Quantrix offers a flexible, multidimensional experience wherein one single formula can govern entire logical regions of the model. Added items simply inherit those formulas and compute as expected with no additional work. Modelers who use Quantrix make changes with confidence and spend less time auditing, instead focusing their effort on new scenarios and opportunities for the business. What planning organization wouldn’t want to write their business future as a thriller instead of a tragedy?
When your business grows, it naturally changes: new hires, new offices and more equipment, to name a few. These changes have knock on effects, and compound one another as you work to adjust processes, fill gaps and accommodate new behaviors. Your operational and financial models should help you not hinder you on this growth journey. They should, in effect, be a digital twin for the business, allowing you to monitor health, experiment on the impact from plan adjustments, and benefit from structure as you execute and measure success. If you are using spreadsheets to account for new customers, new locations and new products they can quickly become overwhelmed and even break down as you struggle to manage formulas, relationships and the spreadsheet artifacts that hold them.
Spreadsheet solutions might be considered ‘free’ or inexpensive from a technology perspective, but from a scalability perspective, they consume more time and effort than the value they produce.
Modelers and planners need an option that is purpose built for scalability. Quantrix can help!
It has been well reported that spreadsheets can be hazardous to your business health. For example, a Fidelity Magellan Fund spreadsheet was off by $2.6 billion because of the omission of a minus sign.
More recently, we’ve heard how spreadsheets can also be hazardous to public health. An article in The Guardian titled: “Covid: how Excel may have caused loss of 16,000 test results in England” details how, as a result of a spreadsheet error at Public Health England, “50,000 potentially infectious people may have been missed by contact tracers and not told to self-isolate.”
Sometimes the best cure is an ounce of prevention. To better understand the dangers of using the wrong tool for the job, we urge you read our whitepaper. Find out all 6 ways traditional spreadsheets are hindering your potential and learn how Quantrix can help!