11 reasons Pigment software may be right (or wrong) for your business

What is Pigment software?

Pigment is an integrated planning tool that helps businesses create forecasts, model data, and generate reports for financial decision-making. Executives, finance, and revenue teams use this tool to carry out strategic finance operations.

Some of its key features include:

• G-suite connector: Allows users to move data seamlessly from models to slides.
• Scenario planning: Empowers users to run what-if scenarios and make results-based decisions.
• Custom dashboards: Enables users to create and share dashboards within and outside the organization.
• Automated data imports: Allows users to collect accurate data from multiple sources in real-time to avoid time-consuming tasks and data import errors.
• Granular access rights: Enables users to configure what an individual or a group of users can do, see, or modify on any board, metric, dimension, or cell.

Reasons why Pigment may be right for your business

Selecting the right FP&A software can be a game-changer for your business, and Pigment software stands out for its blend of innovation and practicality. It's designed to tackle the unique challenges of today's dynamic business environment, offering features that go beyond just number-crunching.

Let's explore how Pigment's capabilities can be significant assets for your business strategy and growth.

1. Real-time integrated business planning

Pigment's integrated business planning platform is designed for dynamic and real-time business planning. It enables you to swiftly adjust your business strategies in response to market changes to future proof your business. This agility is critical in today’s fast-paced business world, where delayed decisions can mean missed opportunities.

Pigment software allows for modeling various scenarios, helping you evaluate different strategic outcomes quickly. This capability is especially beneficial for businesses that need to frequently revisit and revise their forecasts and plans.

2. Comprehensive data integration

The software excels in integrating data from diverse business tools. This feature is essential for creating cohesive plans across different departments, ensuring everyone works with the same, up-to-date information.

The real-time updates mean that your plans and reports reflect the latest data without manual intervention. This integration is crucial in making timely, informed decisions and reduces the risk of errors associated with manual data handling.

3. Time-efficient and flexible financial modeling

Pigment shortens the time required to build and modify complex financial models, which is ideal for businesses that need to rapidly adapt their financial planning in response to changing market conditions.

The platform offers flexibility in modeling, allowing for the integration of various business aspects like finance, revenue, and workforce. This interconnected approach provides a comprehensive view of the business, aiding in more accurate and holistic decision-making.

4. Enhanced collaboration and silo-breaking

Pigment fosters collaboration across different business functions, bringing teams together on a unified platform. This collaborative environment breaks down traditional silos, ensuring a shared understanding and alignment on business goals.

The platform's user-friendly interface facilitates interaction and collective planning, making it accessible to various stakeholders, from finance to sales teams. This kind of cross-functional collaboration is key to developing comprehensive strategies that consider all aspects of the business.

5. Robust security and compliance standards

Security is a paramount concern for any business tool, and Pigment addresses this with robust security measures. The platform offers enterprise-grade security, SOC 2 compliance, and detailed access controls, ensuring your data is protected against unauthorized access and breaches.

This focus on security allows you to concentrate on strategic planning without worrying about data vulnerabilities. For businesses handling sensitive financial information, such high standards of security and compliance are essential.

Potential drawbacks of Pigment software

While Pigment Software offers a range of beneficial features, it's important to consider its potential drawbacks to ensure it aligns well with your business needs. Like any tool, it may have limitations or aspects that might not fit every organization.

Let's take a closer look at some of the challenges and limitations you might encounter with Pigment software so you can make a well-rounded decision.

1. Limited customization and formatting

Pigment's users have noted limitations in its formatting and customization options. This can be a concern for businesses that require highly tailored reports and dashboards. The inability to adjust these elements to your specific preferences might hinder the effectiveness of the software in presenting data in the most useful way for your business.

2. Steep learning curve

New users, especially those not familiar with similar FP&A tools, may find Pigment challenging to master. Its comprehensive features, while powerful, can be overwhelming, requiring significant time and resources for training. This learning curve can be a barrier for smaller teams or businesses with limited capacity for extensive training.

3. User experience challenges

Feedback from some users points to a clunky experience in designing boards and charts. This aspect is crucial as it can affect the efficiency and ease with which users interact with the software. If the user interface is not intuitive, it can lead to frustration and decreased productivity, especially for those who frequently work on report creation and data visualization.

4. Access rights implementation difficulties

Implementing and managing access rights within Pigment can be troublesome, as reported by some users. Proper access control is vital for maintaining data security and ensuring that sensitive information is only accessible to authorized personnel. Difficulties in this area could lead to potential security risks or inefficiencies in data management.

5. Challenges with data aggregation

Although designed for integration, users have experienced difficulties in aggregating data across different business platforms as desired. This is a significant concern because the effectiveness of FP&A software heavily relies on its ability to seamlessly combine data from various sources. Inadequate integration capabilities can limit the software's usefulness in providing a comprehensive view of business performance.

6. Limited Excel and Google sheets integration capabilities

If you rely a lot on Excel or Google Sheets, you might find Pigment a bit limiting. It doesn’t integrate seamlessly with these tools, which is a drawback for many businesses that use them daily. Transferring data between Pigment and these platforms can be a bit of a hassle and time-consuming. This could disrupt your usual workflow, especially if you're used to the convenience of these programs.

Top Pigment software alternatives to consider

When it comes to choosing the right FP&A software, it's essential to explore all your options. While Pigment has its strengths, it might not be the perfect fit for every business.

To help you find the best match, we've rounded up some top Pigment alternatives. Each offers unique features and benefits that might align better with your specific needs.

1. Cube

Cube stands out as a comprehensive FP&A solution, particularly for its seamless integration with essential tools like Excel and Google Sheets. Operating within these familiar platforms, Cube enhances the efficiency and accuracy of financial forecasting, budgeting, and planning processes, making it an attractive alternative for businesses already reliant on these spreadsheet tools.

Key features:

• Superior bidirectional integration with Excel and Google Sheets, ensuring a smooth data flow.
• User-friendly interface, reducing the learning curve and training requirements.
• Advanced reporting capabilities and automated data consolidation for more efficient financial management.
• Customizable dashboards tailored to various business needs.
• Quick and easy setup, with most companies getting started in as little as two weeks.
• Real-time reporting, keeping internal and external stakeholders updated with the latest data.

Why to consider Cube over Pigment:

Cube shines for businesses seeking a more intuitive and integrated FP&A experience. Its deep integration with Excel and Google Sheets, combined with an approachable user interface, makes it an excellent choice for companies aiming to enhance their financial processes without overhauling their existing systems. Additionally, its robust security measures ensure data safety, making it a reliable option for all sizes of businesses, particularly those growing and in need of scalable solutions.

2. IBM Planning Analytics

This business intelligence solution provides customizable modeling for finance teams to facilitate data-driven decisions, combining past data analysis with future outcome modeling.

Key features:

• Advanced scenario analysis and multidimensional modeling.
• State-of-the-art data visualization.
• Templates for plans, budgets, and forecasts.

Why to consider IBM Planning Analytics over Pigment:

IBM Planning Analytics is a strong choice for those needing deep data analysis and modeling capabilities, especially for complex financial scenarios.

3. Anaplan

Anaplan is a web-based application for financial planning and forecasting, designed to unite various FP&A tools under one roof, offering real-time data access for informed decisions.

Key features:

• Multiple data modeling options.
• KPI tracking and quality assurance automation.
• Integration with CRM and financial systems.

Why to consider Anaplan over Pigment:

Anaplan is a good alternative for businesses seeking a comprehensive, all-in-one planning platform with strong integration capabilities.

4. Vena Solutions

Vena Solutions integrates with Excel to enhance financial planning and management, helping finance teams get a comprehensive view of the organization's financial operations.

Key features:

• In-depth forecasting and budgeting capabilities.
• Comprehensive general ledger and financial statement features.
• Integration with Microsoft 365.

Why to consider Vena over Pigment:

Vena is a strong choice for businesses that want a budgeting and forecasting tool deeply integrated with Excel, offering a familiar interface with enhanced capabilities.

Conclusion: could Pigment be the right fit?

Choosing the right FP&A software is a nuanced decision. Pigment offers a robust set of features that may be ideal for some, but its limitations could be deal-breakers for others.

Ultimately, the best choice depends on your unique business requirements, data integration needs, and the specific financial processes you're looking to optimize. I hope this insight helps you make an informed decision that drives your business forward.

Want to learn why people are choosing Cube over Pigment for their FP&A needs? Request a free demo today.