Kermit S. Randa, CEO
As the backbone of an organization’s financial vision, Chief Financial Officers (CFOs) always strive to gain a deeper understanding of their existing revenue streams while seeking new ones. However, owing to the economic volatility caused by the COVID-19 pandemic, financial leaders are struggling to accomplish their revenue expansion strategies. The need for CFOs in 2021 and beyond is a robust solution that enhances their ability to build strong budgeting models and perform better financial forecasts. With this tech- and data-driven implementation, CFOs aim to boost the accuracy of their budgeting processes with models that incorporate unexpected factors such as future market disruptions and force majeure. It’s Kermit S. Randa’s contention that one of the best ways to gain this kind of agility and predictive power is to transform rigid financial processes and to incorporate flexible scenario modeling and rolling forecasts.
Helping businesses overcome the challenges in their financial vision with its intuitive enterprise performance management (EPM) tools is Illinois-based Syntellis Performance Solutions. “We elevate financial performance with advanced planning and forecasting by integrating data from disparate sources, which reduces planning cycle times and enables the development of sophisticated scenario modeling,” says Randa, CEO at Syntellis.
The company’s core mission is to boost the financial performance of the United States’ foundational institutions, including leading healthcare, higher education, and financial institutions. According to Randa, the organizations served by Syntellis represent various communities across the U.S. whose financial performance is proven to have profound impacts on the country as a whole. To ensure that it achieves this goal, Syntellis developed award-winning, cloud-based EPM solutions, including the Axiom Healthcare Suite, Axiom Financial Institutions Suite, and Axiom Higher Education Suite.
Syntellis’ software helps clients acquire insights from their extensive financial datasets regardless of where they are stored, analyze them, and extract critical insights that can enhance budgeting and forecasting processes. “We accelerate decision-making by integrating data from disparate silos and assisting our clients in converting that data into actionable intelligence that can be leveraged to build stronger and smarter financial strategies,” explains Randa. And once Syntellis’ clients succeed in building a competent financial plan, the software supports them in advancing their priorities with ease, which is a growing need in the ever-evolving business ecosystem.
More recently, as the COVID-19 outbreak pushed workforces to work remotely, Syntellis’ cloud-based EPM solutions enabled CFOs to seamlessly manage their teams’ data, thereby maintaining the continuity of their financial processes.
With such unmatched competencies, Syntellis has ignited several success stories since its inception. In one instance, the company assisted a large health system in improving their financial planning, efficiency, and agility.
At the start of the pandemic, the client was struggling to effectively organize their budgeting and forecasting for the coming months because of the sudden surge in data. With Syntellis’ software, the health system unified the data across their entire footprint, providing their team with a holistic view of their finances and the ability to create flexible and highly adaptable strategies through the use of Syntellis’ EPM rolling forecasting capabilities. As a result, the health system was able to reduce its planning cycle time by 47 percent while creating department-specific financial reports that boosted decision-making for operational leaders. “In a short period, the financial team saved time and put actionable information in the hands of decision-makers that they did not have previously,” Randa recalled.
Moving forward, Syntellis will continue to expand its portfolio and capabilities to enhance the scale and scope of client benefits. Today, Syntellis’ healthcare team collects data from over 900 hospitals and 50,000 physicians every month to offer clients the ability to compare their financial performance against that of contemporaries. Moving forward, the company will continue to leverage its cloud-based capabilities to further expand its already extensive data sets to help CFOs gain an even more in-depth understanding of their business’ financial performance. To conclude, Randa reiterates the ethos of his company, “We will continually innovate our portfolio and provide unparalleled customer service to help society’s most foundational institutions ensure business continuity in today’s ever-changing business landscape.”