DATARAILS: Overview, Features, Pricing & Competitors 2023

Datarails is a cloud-based financial planning and analysis (FP&A) platform that helps businesses automate their financial reporting and planning processes. The platform uses artificial intelligence (AI) and machine learning to extract data from spreadsheets, databases, and other sources, and then present it in a way that is easy to understand and use.

Datarails is a great option for businesses that are looking to improve their financial reporting and planning processes.

In this article, we will take a look at an overview of Datarails, its features, pricing, and competitors.

What is Datarails

Datarails is a platform for financial planning and analysis. It automates financial reporting and planning while still letting finance teams use well-known Excel spreadsheets and financial models to their advantage. By automating these laborious manual processes, finance teams will have more time to analyze data and less time to gather it. Additionally, it equips them to respond to crucial strategic queries, like what their company may do to boost sales and save expenses.

Features & Benefits of DataRails

#1. Centralize Your Records

Data from your ERP, CRM, GL, and other business systems is centralized. This ensures that the company’s transactional and operational data are secure, up-to-date, and in sync with one another.

#2. Quick and Automated Data Preparation

DataRails can consolidate and analyze data from hundreds of Excel spreadsheets and turn it into something you can easily understand and make sense of using its own proprietary machine-learning algorithm. In addition to consolidation, the transformation includes FX conversion, elimination, hierarchies, and financial changes. The entire process is completed quickly, saving you time and resources spent on extracting information from spreadsheets.

#3. Make Simple Visualizations

You can visualize reports in a neat and easy-to-grasp manner by using the Insights feature. The features allow you to clearly present your key performance indicators (KPIs) or other business insights to executives or other stakeholders. DataRails can also generate reports using Excel’s visualization tools.

You can conduct advanced investigations with Insights’ tools for slice-and-dice, drag-and-drop, drill-down, and ad-hoc capabilities. Key business metrics such as variance and vertical/horizontal analyses can be investigated.

#4. Eliminate Errors

One of the most significant disadvantages of using spreadsheets is that they are prone to errors such as miscalculations and incorrect entries. Placing information in the incorrect field can have an immediate negative impact on your work. Because of its comprehensive spreadsheet data integrity and version management capabilities, DataRails eliminates the need to deal with errors.

#5. Complete Compliance

SOX, Basel III, Solvency II, Dodd-Frank Stress Tests (DFAST), and Comprehensive Analysis and Review (CCAR) are just a few of the regulatory policies and mandates that DataRails strictly follows. When you conduct comprehensive audit trails, you don’t have to worry about being compliant. Furthermore, such functionality greatly reduces risks by ensuring that every step you take is within policy.

What Issues Will DataRails Address?

Problem #1: FP&A departments frequently spend too much time consolidating information in order to create management reports. This consolidation process is automated with DataRails, saving time and eliminating tedious work.
Problem #2: Because FP&A involves the consolidation of information from various teams and departments, information can become lost or inadvertently manipulated. Professionals can trust the numbers they work with because DataRails provides a cell-level audit trail and immediate data integrity.
Problem #3: FP&A teams frequently spend too much time compiling all of the numbers. With DataRails, teams can focus on analysis and provide decision-makers with value-added information. Insights features in DataRails allow users to create visualizations that illuminate previously inaccessible insights.

Competitors and Alternatives to Datarails

Although Excel-based SMBs with no plans to scale may find Datarails to be a good alternative, you should be aware of the other FP&A market participants. And we did begin with Cube. We’re happy with how successfully it enables FP&A teams of all sizes to strategize, evaluate, and work together to scale their businesses quickly, shrewdly, and sustainably.

#1. Cube

The first spreadsheet-native FP&A platform, Cube, enables financial teams to plan more quickly, nimbly, and flexibly without altering the way they do business. By gathering and consolidating data into a single source of truth, our cloud-based FP&A software makes it possible for finance teams to work more productively.

This gives teams the ability to produce plans and reports using the spreadsheets they are familiar with and appreciate when using reliable data. With a platform that is native to spreadsheets, Cube transforms FP&A by providing quick, adaptable, and scalable financial analysis for ongoing collaboration and insights.

#2.Vena

Businesses using the financial planning and analysis application Vena may create a dependable automated workflow for data analysis and decision-making. Vena helps businesses’ financial systems by reducing the amount of manual labor required and improving total operational efficiency. Automated processes can decrease bottlenecks and boost productivity by assigning specific duties to each team member.

Vena converts your obsolete company spreadsheets into in-depth studies that provide you with more information for strategic planning as automation becomes an increasingly important change for businesses and organizations. Vena assists you in adjusting to contemporary finances with capabilities like visual control, graphical data modeling, project budgeting/forecasting, and more.

#3. Mosaic Tech

A strategic financial platform called Mosaic was established in 2019 and enables real-time reporting, budgeting, and planning for enhanced company decision-making. Companies may cooperate to achieve their objectives thanks to Mosaic.

For stakeholders and management, Mosaic compiles and turns insights into understandable graphics. Like other finance applications, Mosaic streamlines the workflow by automating various financial operations.

Datarails vs. Vena Solutions

#1. Functionality and Features

A great product for a cloud solution, such as FP&A software, combines as many features as possible with simplicity and usability. In fact, both companies excel at this.

Datarails and Vena Solutions provide a plethora of functionalities that enable businesses to accurately budget and forecast in an error-free and time-saving manner via automation and integration. Financial analytics, scenario modeling, and financial close management are just a few of the features offered by Vena and Datarails, two of the market’s best solutions.

The main feature and functionality difference, however, is not in the service that either provides, but in how they provide it. Datarails has greater Excel compatibility, which means that ease of use, familiarity, and implementation time all outrank Vena Solutions, giving them the advantage in this category.

#2. Pricing and Plans

Both solutions have different pricing and payment options, but Datarails outperforms Vena Solutions in both. When the first year of payments is calculated, Datarails is less than half the price of Vena.

Vena’s significantly higher price is due to the one-time implementation fee calculated into the first year, but Datarails is still far less expensive even with their cheaper long-term option (3 years for approximately $120k).

#3. Pre-Configured Options

Although Datarails has a simpler platform that allows for faster implementation due to its integration with Excel, Vena Solutions offers more complex options for what can be done with its workflows. In addition to the time-saving workflows, report sharing, and version control that both solutions provide, Vena’s innovative add-ons, such as Workforce Planning and Pre-Configured solutions, enable experts to go a little deeper with reporting.

#4. Integrations

Datarails and Vena both integrate with CRM, ERP, HRIS, and virtually any other system of choice. The number of data integrations from cloud applications and systems is where the two companies really differ.

Vena Solutions and Datarails cover the most popular and important native connectors, including NetSuite, Sage Intacct, Salesforce, and Intuit QuickBooks.

Datarails, on the other hand, integrates with over 70 large and small cloud applications from all types of software (HR, Accounting, Sales, Real Estate software, and so on). Among the differentiators are Google Analytics, Oracle, Xero, and Yardi.

#5. Summary

Datarails: It’s difficult to beat the price, flexibility, and ease of use of Datarails. However, what most customers appreciate about Datarails is that its compatibility with Excel is so precise that it’s as if nothing has changed. The ROI from day one, as well as the very limited time spent on employee training, are huge benefits of this option.

On the other hand, Vena, one of the most dependable FP&A software solutions founded over a decade ago, is a great choice for many financial teams due to its compatibility with Excel and a plethora of add-ons. Catering to medium and large enterprises is advantageous for businesses with large finance teams and massive amounts of data. The disadvantages are the time it takes to implement (approximately 3-6 months), the cost (more than twice as much as Datarails), and the increased rigidity.

What are Datarails used for?

You must have heard about Datarails if you are here. They are an automated financial planning, reporting, analysis, and data collection tool built on the Excel platform.

What is Datarails for Excel?

For Excel users, Datarails is a platform for financial planning and analysis. While letting finance teams continue utilizing their current Excel spreadsheets and financial models, it automates data consolidation, reporting, and planning.

Is Datarails a SaaS Company?

One of the SaaS firms we have watched grow the fastest is DataRails, and we look forward to working with the business as it continues its impressive global expansion.

Is Datarails cloud-based?

A cloud-based web platform called Datarails is used to extract data from submitted spreadsheets and provide it to consumers in a variety of ways, including through reporting, visualization, and audit information.

Conclusion

Although Datarails would often be enough for your FP&A requirements, its combination of drawbacks and complexity makes it difficult to convince most FP&A teams to use it.

DATARAILS: Overview, Features, Pricing & Competitors 2023

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What is Datarails