IDU-Concept Review: Pros, Cons, Ratings
We like IDU-Concept’s modular architecture, and flexible deployment options. We liked its customizable views and intuitive color coding for budgeting and forecasting. It also supports multiple currencies.
We don’t recommend IDU-Concept for non-accountants. It’s also not designed for long-term construction projects. Pricing might be steep for smaller businesses when you add cloud storage and consulting fees.
- Modular architecture
- Multi-company and multi-currency support
- Flexible deployment options
- Industry agnostic
- Comprehensive feature set
- Not a great fit for long-term construction projects
- Additional costs for consulting and cloud storage
- Data updates require manual refresh
- Developer IDU
- Client OS Web
- Deployment Cloud or On-Premises
What Is IDU-Concept?
IDU-Concept is a web-based tool that offers an array of individually licensable modules. These include financial budgeting and modeling, sales planning, asset management, consolidations, revenue fee modeling, and training. In terms of deployment, the solution is flexible - you can install it on-premise or host it on IDU’s cloud or the Microsoft Azure Cloud Platform.
Our team had the opportunity to explore the software firsthand during a demo session with an IDU representative. We assessed its scalability, performance, usability, and value for money.
Our Ratings
| Usability - 7.1 | Features dashboards with customizable widgets; may have steep learning curve, but users can interact with data in adaptable layouts; can collaborate through a built-in email system and instant messenger. |
| Support - 10 | Customer feedback primarily drives development; licensing includes access to a help desk and training videos. |
| Scalability - 8 | Enables multi-company structures with advanced consolidations and multi-currency support; directly interfaces with most ERP systems; not applicable to long-term construction projects or small companies but serves international businesses. |
| Security - 10 | Supports single sign-on and admin controls for budget fiscal set access and visibility; user roles determine levels of interaction throughout the system. |
| Value - 7.5 | Reduces budgeting cycle from months to weeks; pricing model has separate costs for implementation, consulting, and optional cloud hosting; delivers strong value proposition with a high level of customization. |
| Performance - 7.4 | Allows for real-time data aggregation to provide instant summaries; requires users to reload data for real-time numbers manually, but datasets populate quickly. |
| Key Features - 10 | Provides advanced consolidations, comprehensive budgeting options, Excel integration, and compatibility with popular analysis tools like Microsoft Power BI. |
Who Uses IDU-Concept?
IDU-Concept is a solid alternative to traditional spreadsheet methods for mid-market to enterprise-level teams. It caters to businesses with complex financial structures and multiple departments or cost centers. While the software is industry agnostic, it fits well in financial services, education, nonprofit, and professional services. With a clientele base across international borders, IDU brings value to a wide range of businesses.
Financial Management
IDU-Concept excels at financial management and budgeting, providing a single source of truth. The system’s SQL database captures and stores real-time data.
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Real-time updates: The system operates online and in real-time, meaning that as users capture their budget or forecast, the system immediately reflects the data. This live update is particularly useful for the approval team, as they can see the budget being built in real-time, enhancing the decision-making process and ensuring data accuracy.
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Data consolidation: IDU-Concept eliminates the need for multiple spreadsheets. This reduces the chance of error and confusion and enhances the efficiency of the budgeting and forecasting process.
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Fixed asset management: You can manage all of your fixed assets in one place, helping you track depreciation, create hierarchies, and consolidate assets from multiple companies. Compare current costs vs. purchase price and know when to replace them.
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Flexible reporting structures: The software allows administrators to group accounts into any preferred summary or reporting structure. This could range from simple categorization to complex hierarchies, making the system adaptable to a company’s unique needs.
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Multi-currency capability: For multinational businesses or those with operations in different countries, IDU-Concept allows budgeting in local currency, maintaining the translation between it and the reporting currency.
In a competitive landscape, these features distinguish IDU-Concept by providing a seamless, efficient, and adaptable financial management solution. It significantly reduces the common pain points associated with budgeting and forecasting and ensures accuracy, flexibility, and ease of use.
What Features Are Missing?
- Approachability: Users unfamiliar with financial management might find navigating the system challenging. While crucial for detailed financial management, the complexity and variety of functionalities might be overwhelming for novice users. The software may require some time and training to use effectively. Notably, a significant portion of control over the system rests with the finance department, which might limit the autonomy of non-finance users.
- All-inclusive pricing: The additional costs associated with consulting, cloud storage, and other services might be a financial burden for smaller companies. The costs associated with cloud storage could also add up, especially if the company has large volumes of data. These extra expenses can also make the total cost of ownership of the system higher than initially expected.
IDU-Concept Pricing
Pricing for IDU-Concept starts at $50/user/month. It utilizes an annual license model, which includes customer support and training videos. The software comes in three different editions - Light, Standard, and Enterprise. Each module incurs a cost per user, including the core, financial budgeting, and financial reporting features.
From the second year onwards, the software requires an annual renewal fee. Additionally, charges for implementation and consulting are applied separately. If a company needs a cloud component, this will incur an extra cost.
Alternatives
Summary
We like that IDU-Concept provides real-time access to financial data, reducing the risks associated with multiple spreadsheets. Its drill-down capabilities and grouping features make for highly detailed financial analysis. Additionally, businesses can install the software on-premise or on the cloud, enhancing flexibility and convenience. Finally, the software’s multi-currency support enables seamless global operations, a significant plus for multinational companies.
Despite its many strengths, IDU-Concept may pose a steep learning curve for users unfamiliar with intricate budgeting software. This could lead to longer implementation periods and potential resistance from employees. Additionally, the system heavily depends on the finance department for setup and ongoing management of fiscal sets, which may limit accessibility and control for non-accountants.
This platform is a boon for mid-sized to large businesses with complex financial structures needing an all-in-one budgeting and forecasting solution. Combining web-based flexibility with real-time data access, IDU-Concept is a user-friendly strategic financial planning and analysis solution.
User Reviews of IDU-Concept
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The implementation and follow up support was excellent
Overall: The implementation and follow up support was excellent, meeting a short deadline on time. Pros: The product is powerful and easy to use and the customer support was excellent Cons: It does everything we need and a whole lot more beside. There is nothing I dislike. Reasons for Choosing IDU-Concept: Overall easy of use and value for money Reasons for Switching to IDU-Concept: Cost
The ease of use of the system
IDU has been easy to use with there staff always being helpful to resolve any queries or develop new reporting requirements.
The ease of use of the system which allows for quick access to actual results and the detailed budget plus gives the ability to add as many forecast that are required. The ability to customize the system for specific reporting needs. The chart and matrix functionality.
- Internet Software & Services
- 51-250 employees
- Annual revenue $10M-$50M
An extremely valuable financial management tool
An extremely valuable financial management tool.
Pros
Information is easily accessible. Collaboration functionality make queries simple. Rapid forecasting features allow for better time management.
Cons
Nothing, its a pleasure to use internally compared to other finance solutions.
