At Jirav, our goal is to simplify financial planning and execution by helping you understand where your business has been and predict where it is going. We just rolled out a major release and are very excited to talk about the following new features: Universal Addressability, Vector Math, and Dashboard Customization.
The Jirav financial model is very flexible and allows any line in the model to drive any other line in the model. We just rolled out a new design for a universal way to address any line from anywhere else within Jirav. It takes the form of the Universal Addressability (UA) dialog. Here's how it works:
Let's say we want to address the Contracted Monthly Recurring Revenue (CMRR) for a specific product in the model. We start by first selecting Product⋄CMRR as the Category. The dialog is aware of the dimensionality of the data and it dynamically shows the two dimensions, Revenue Type & Product, that can be used to drill down further into the CMRR.
If we change the Category in this dialog to Income Statement (IS)⋄OpEx, then the dimensions dynamically update to now show Department and Account. Additionally, we can also type into any of the dimension pickers to quickly filter down to the value you are looking for, which is quite handy when trying to select from really long lists of choices like OpEx accounts.
This way, in just 3 clicks, you can address any line in the model from anywhere in Jirav, in a way that is very transparent and intuitive to anyone else viewing the model. We are excited about this design which stays quite simple even as the model grows in complexity.
The Jirav In-Memory Calculation Engine (JUICE) already does a lot of cascading vector calculations to keep the model outputs updated in real-time. We have now released a major update to our drivers that opens up full vector math to the user. You can now define any arbitrary vectors you need and perform basic vector operations between any lines in the model. Here's an example to show how this works.
Let's say we are modeling Support costs for our business. We assume that we need one support person for every 100 customers we will have. We plan to hire support staff in line with our projected customer growth. However, we may often end up with gaps where we may be short staffed and we will have to hire more expensive, temporary consultants to make up.
We first define two Custom Lines with two Custom drivers. Support HC Capacity is calculated by using the Product⋄CMRR, the total of all currently contracted accounts, divided by 100, rounded up. This means Support HC Capacity goes up by 1 for every increase of 100 in the total active customers. Then, Support HC Gap is calculated by finding the difference between Support HC Capacity and the current cumulative headcount of the Support role.
We then create a COGS driver that drives up our Support Allocation account by $7,000 for each employee we are short as defined in Support HC Gap.
With this wired up, we can now see very clearly the consequences of not hiring support staff in tandem with projected customer growth. And as we update our future staffing plan to include more full time support staff, the Support HC Gap will go down and the model will automatically reduce the projected costs associated with hiring temporary contractors.
Each tile on the Jirav Dashboard is a mini variance report, which lets you compare Actuals vs Plan, Plan vs Plan, or Period over Period. This dashboard is now fully customizable. You can add as many tiles as you want and can fully customize them with a title, offset, periodicity etc and can also move them around.
When you edit them, you use the same UA control discussed above to access any line in the model. This makes it super easy to grab any line from anywhere in the model and report on it on the Dashboard. With the previously announced Custom Lines feature, you can also bring in external data and create tiles with it. In the example above, we've created a tile using a custom line for Bitcoin Price (which is already out of date 😉).
What Do You Think? Let Us Know.
This release marks a big step in the evolution of the product and we have even more exciting updates coming up ahead. We welcome your feedback in helping Jirav continue to be the most intuitive, sophisticated financial planning and analysis tool, designed for speed with an it-just-works philosophy. Let us know what you think and we look forward to keeping in touch.