Adaptive Planning Customer, Capital District Physicians' Health Plan, Inc. (CDPHP), Honored With Beacon Innovation Award

PALO ALTO, CA--(Marketwired - Sep 30, 2013) - Adaptive Planning, the worldwide leader in cloud-based business analytics solutions for organizations of all sizes, today announced that Capital District Physicians' Health Plan, Inc. (CDPHP), a not-for-profit health insurance provider in New York, was recognized by Saugatuck Technology as a winner of the Beacon Innovation Award. CDPHP was honored for its significant process streamlining, time and cost reductions, and improvements in enterprise finance planning, budgeting and management to keep pace with all the changes in healthcare.

"Adaptive Planning has saved me weeks of time," said Mark Smith, Director of Financial Planning for CDPHP. "It used to take us three weeks to finalize our budget, and now we can finalize in minutes. Instead of spending 95 percent of our time gathering data, we can spend critical time analyzing and optimizing our business and operating plans. This helps us keep up with all the recent changes in the healthcare industry."

Given recent policy amendments and complication in healthcare regulations, the CDPHP financial team needed a solution that enabled them to strategically plan and forecast more effectively and to adapt dynamically to an environment where more scrutiny was being placed on healthcare fees. The finance team at CDPHP also wanted to align its business operations and resources more effectively to seasonal changes in healthcare claims, as well as to improve its overall efficiencies in planning and budgeting. After implementing Adaptive Planning, CDPHP is now able to spend more time analyzing and optimizing vs. hunting down numbers and dealing with spreadsheet errors. Adaptive Planning helped CDPHP improve its overall ability to strategically plan and manage through significant healthcare change.

"To be named as a Beacon Award winner for innovation in business and technology is quite an accomplishment, and we congratulate CDPHP," said Greg Schneider, VP Marketing at Adaptive Planning. "Their successful implementation of our solution to improve business planning and operational adaptability is impressive. We are dedicated to saving CFOs and other finance professionals valuable time, and providing them with real-time analytics so that they can more successfully manage their finances and their overall business."

"The types of innovation that we envisioned for the Awards are significant improvements in how a firm operates, the types of markets or lines of business that it is in, or how a firm has applied different ways of thinking, management, and use of technologies to create new offerings, markets, ways of doing business, or entirely new businesses," according to Saugatuck SVP and head of Research Bruce Guptill.

Adaptive Planning fundamentally changes the world of financial planning and reporting, and has become the de facto solution for cloud-based CPM, with more customers and more partners than all other cloud CPM providers combined. Adaptive Planning's software as a service (SaaS) delivery model presents significant advantages over traditional on-premise corporate performance management software, including 75 percent lower total cost of ownership, greater ease of use, and deployments that take just weeks instead of months. Adaptive Planning recently announced $45 million in new funding, and has also been named the 5th fastest growing company in Silicon Valley on the Deloitte Technology Fast 500™ list.

"We are proud to recognize not only these terrific firms and their visionary leaders, but all of the firms that were nominated for our inaugural Beacon Awards. It's a tremendous feeling to see the broad and deep ranges of business and IT innovation being developed and deployed to create and improve enterprises, processes, ways of doing business, and even new business opportunities -- it's what our Cloud Business Summit is all about," added Saugatuck founder and CEO Bill McNee.

Saugatuck Technology founded the Beacon Awards in 2012 to recognize outstanding business and IT innovation through the use of such advanced technologies as Cloud, mobility, social / collaborative IT, and advanced analytics. The Beacon Awards recognize business and IT leaders for innovation in four areas of business and IT: 1) Customer Engagement / Satisfaction, 2) Products / Solutions, 3) Markets / Partnering, and 4) Business Models / Realizing Revenue.

Click to Tweet: Congrats to @AdaptivePlans customer @CDPHP for winning @saugatuckcloud Beacon Award for Biz Innovation http://bit.ly/186p785

About Adaptive Planning
Adaptive Planning is the worldwide leader in cloud-based business analytics solutions for companies and nonprofits of all sizes. The company's software as a service (SaaS) platform allows finance and management teams to work together to plan, monitor, report on, and analyze financial and operational performance. With capabilities for budgeting, forecasting, reporting, consolidation, dashboards, and business intelligence, Adaptive Planning enables finance, sales, and other business leaders to make better, faster, more collaborative decisions that drive a true competitive advantage.

Adaptive Planning is used by over 1,700 organizations worldwide, from midsized companies and nonprofits to large corporations, including AAA, Boston Scientific, CORT, Konica Minolta, NetSuite, Philips, and Vail Resorts. The company is the 5th fastest growing software company in Silicon Valley on the Deloitte Technology Fast 500™ list; has the #1 brand in midmarket CPM; and ranks #1 in customer satisfaction and usability in independent industry surveys. With customers and partners in 82 countries worldwide, the company has the strongest channel ecosystem in the cloud CPM space, with worldwide partners including Armanino, Intacct, IntuitiveTek, Plex Systems, SAP, and NetSuite, which offers a specialized version of Adaptive Planning as the NetSuite Financial Planning module. Adaptive Planning is headquartered in Palo Alto, Calif. and is funded by Bessemer Venture Partners (BVP), Norwest Venture Partners (NVP), Royal Bank of Canada (RBC), ONSET Ventures, Monitor Ventures, and Cardinal Venture Capital.