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“Our spreadsheets were too complex and unmanageable. I was looking for a better solution.”
Doug Pitts, Chief Financial Officer
Rapid growth can create an enormous amount of stress, but establishing solid business processes supported with the right tools can help companies to manage the growth. Healthcare company Dynasplint Systems, Inc. recognized it needed a better way to manage its 20+ percent annual growth, and chose Quantrix Modeler, the business modeling and analytics software, to help it establish a comprehensive budgeting and planning process.
Dynasplint Systems, Inc. develops a dynamic splinting device that has helped more than a quarter of a million patients restore range of motion in their joints. Based in Severna Park, MD, the company was founded in 1981, and has been growing at a rate of more than 20 percent per year for the past 10 years. Doug Pitts joined the company in 2005 as Chief Financial Officer and Chief Technology Officer, and realized that the company’s size and growth rate required a more robust solution than spreadsheets could deliver. One of his first goals was to develop a comprehensive budgeting and planning process that would enable the company to manage its rapid growth.
Dynasplint has five different product groups – orthopedic, neurological, carpal tunnel, veterinary, and international – that are sold within 40 sales regions and 10 divisions, and needed a solution that could better manage this high number of categories of data. “Our spreadsheets were too complex and unmanageable,” says Pitts. “I was looking for a better solution.”
Pitts has a background in investment banking, and remembered how mainframes managed large volumes of data by running financial modeling languages. Searching for an updated solution lead him to Quantrix Modeler.
“What intrigued me is that Quantrix Modeler combines some of the best features of a financial modeling language with spreadsheet and data base capabilities,” says Pitts. “We have the ability to slice and dice through the data from all of the product lines, regions, and territories.”
Dynasplint has been using Quantrix Modeler since 2006, and has discovered a number of benefits:
►Organization. Pitts likes how he can build models in modules called matrices that help him keep Dynasplint’s budgets and plans organized.
►Fewer formulas. Quantrix enables modelers to create categories, which keeps the number of formulas to a minimum. “I don’t have to write a separate formula for each of the five product groups in 40 sales regions and 10 divisions; I write one formula and the changes ripple across a model,” says Pitts.
►Speed: Pitts is very impressed with the processing speed of Quantrix Modeler. “Functions that would take several minutes to recalculate within a spreadsheet are instantaneous within Quantrix Modeler,” says Pitts.
►Auditability: With spreadsheets, if one cell is out of place, “it can ruin your day,” says Pitts. Formulas reside outside of the cell in Quantrix Modeler, making models far more transparent and easy to edit and audit.
►Data integration: Pitts gathers financial and operating data from a number of systems, including its general ledger and order-entry/billing system. “It’s easy to import the data via the Data Link feature of Quantrix,” says Pitts.
For Dynasplint, Quantrix Modeler has been a good choice to keep the company on track while it manages its impressive growth. “Quantrix Modeler has given us something solid that we can build upon,” says Pitts. “I have been able to do a much more thorough analysis of our budgeting and planning than I ever could with a spreadsheet.”