Modeling-as-a-Service: A Peek Under the Hood
April 8, 2021 | by: David Phillips
What is Modeling-as-a-Service? Also known as MaaS, it is the delivery of outsourced financial and operational models either on premise or in the cloud. In this case, Model Metrix designs, builds and maintains the model(s) for our clients. This service frees up client teams to focus on providing strategic value without having to hire expensive modelers and additional FP&A staff.
So, how is Model Metrix able to offer Modeling-as-a-Service? Here is a little peek under the hood.
A proven, professional modeling platform
First of all, we do not use spreadsheets as they were never designed to support complex, high value business processes and decisions. Rather, we employ a true multi-dimensional modeling platform, Quantrix Modeler, that is specifically designed for enterprise-grade modeling. Quantrix Modeler has been tried and tested by more than 55,000 users throughout the world.
A standardized approach to model design
At Model Metrix, we adhere to a proven model design methodology. Most organizations do not employ a standard approach so model design often varies radically depending on the style and experience of the individual. That undermines model transparency and only adds to spreadsheet risk. Our 5 Layer Design Approach ensures the highest levels of model fidelity and ensures repeatable success.
A modular approach for cost-effective development
We have developed a library of base models (similar to templates) to serve as building blocks for more comprehensive models. Even though each client is unique, the dimensions of their business typically are not. Dimensions such as Balance Sheet lines, Income Statement lines, customers, vendors, employees, salaries, departments, products, services, and more are fairly standard across client modeling requirements. We tap into those pre-built model elements to quickly construct custom models – and pass the savings on to clients.
Data security is paramount
Quantrix enables us to implement a highly granular set of role-based permissions for model and data security. We do not have to create a model for each user group (e.g. finance, HR, etc.). We simply control what each user group gets to see and do. For added traceability, every model interaction is recorded in an audit trail.
An architecture for scalability and integration
We have architected Model Metrix MaaS to sit on Amazon Web Services (AWS), one of the leading on-demand cloud computing platforms. AWS, in addition to providing robust scalability and security features, allows us up to spin up a database to support each client’s models. Client data is thus segregated and secure. This also enables us to put in place a modeling ecosystem for clients that enables modeled data to be accessed by a BI tool for broader reporting. Furthermore, it gives us the ability to create more comprehensive datasets for modeling by incorporating ERP, CRM, 3rd party data and more.
No need to learn a new modeling application
A bonus with MaaS is that while clients benefit from the enhanced capabilities of Quantrix Modeler, they don’t have to learn how to build models with the platform. We provide comprehensive training and support for your models which is conveniently rolled into a single, cost-effective subscription.
Modeling is critical to business planning and success. Organizations are increasingly looking for ways to leverage innovative technologies and services to improve performance and scale without draining resources and adding headcount. Modeling-as-a-Service can be an important tool in that pursuit. If you are interested to learn more about our MaaS offering, contact us today for a call.