Host Analytics Moves Parsons Electric Beyond Spreadsheets for Drastically Improved Visibility Into Finance

REDWOOD CITY, CA--(Marketwire - Aug 7, 2012) - Host Analytics, the leader in cloud corporate performance management (CPM), today announced Parsons Electric, an established leader in the electrical services industry, is successfully using its award-winning technology to advance its financial budgeting, reporting and forecasting processes. Using Host Analytics, Parsons Electric has significantly improved visibility into its financial results and shortened its annual budgeting process from five months to 10 weeks.

"Parsons Electric's finance team faced a growing challenge in meeting the demands from the company's executive leadership to deliver budget, real-time reporting and forecasting information quickly and accurately," said Monica Ross, director of strategic projects at Parsons Electric. "We needed a modern finance tool that was easy-to-use and comprehensive, without being cost prohibitive or disruptive to operations. Host Analytics met our requirements and delivered immediate results."

Today, Parsons Electric uses Host Analytics Budgeting, Reporting, and Forecasting technology. "Being able to forecast three or four quarters ahead enables us to build scenarios and weigh options, providing optimal business value," Ross said.

Since the initial budget run, the finance team has introduced 20 other Parsons Electric business leaders to the Host Analytics system, and these leaders can now access their own data as needed. "Ad-hoc reporting in the Host Analytics system lets our users drill down to the transaction-level details," Ross said. "This is powerful. The Host Analytics technology helps everyone understand the nature of their costs and what they can control."

"The needs of finance and management are rapidly growing," said Jon Kondo, CEO of Host Analytics. "More and more businesses today are recognizing the potential of their internal finance teams to provide strategic insight into financial data, allowing for improved operational decision-making. For more than a decade, forward-thinking businesses have turned to Host Analytics for their corporate performance management needs because our technology is proven, easily implemented via the cloud, allows for rapid scalability and is extremely cost-effective."

Host Analytics is one of Silicon Valley's fastest growing cloud companies. The company delivers the first and only complete suite of cloud CPM and business analytics applications to help finance executives drive faster and smarter decisions throughout their organizations. Host Analytics' technology covers planning, budgeting, scorecarding, financial consolidation and reporting.

To learn more about Parsons Electric's use of Host Analytics' cloud CPM technology, go to: http://www.hostanalytics.com/customers/case-studies/parsons-case-study.

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About Parsons Electric
Parsons has been providing quality services to our customers for over 80 years. Since our inception in 1927, we have become one of the Nation's premier electrical and communication systems providers. Parsons has over 850 employees and a 75-vehicle fleet that provides service for on-going maintenance needs to our customers. We strive to build long-term relationships with our customers by offering a full range of services, and by hiring talented people who specialize in finding creative solutions.

For additional information, visit http://www.parsonscorp.com.

About Host Analytics
Host Analytics is the #1 cloud corporate performance management company, providing the only complete suite for finance. Host Analytics helps organizations make better operational and financial decisions by streamlining and automating their consolidations, planning and reporting processes.

Over the span of a decade, Host Analytics has gone from pioneer to leader with their deep product functionality, world-class team and broad partner ecosystem. Thanks to the cloud, customers enjoy low costs, low risk and fast results that give them an edge and helps Finance gain greater influence in setting business strategy and operational priorities. Host Analytics is:

• 1st cloud corporate performance management solution;
• 1st to deliver external data integration;
• 1st to deliver a business analytics application built for finance in the cloud.

Host Analytics serves midsize to large customer organizations, including AT&T, Groupon, Crocs, Thule, Otis Spunkmeyer and Schumacher. The company has received on-going industry recognition and was most recently recognized by AlwaysOn for the OnDemand 100 and Global 250 Top Private Companies Awards and by Network Products Guide for its Hot Company Award.

For additional information, visit http://www.hostanalytics.com or join the conversation at www.twitter.com/host_analytics.