Cortland is a vertically integrated, multi-family, real estate development, and management company. Realizing the need for a comprehensive FP&A solution, they reached out to 360 Cloud Solutions for help.
Challenge
Cortland is one of the largest multifamily real estate investment, development, and management companies in the US. With nearly 2,000 employees and offices throughout the US, UK, and China, Cortland in-sources most of its multifamily development, design, construction, renovation, management, and ownership functions – all with the goal of providing residents excellent, hospitality-driven living experiences.
Source
Cortland realized the need for new budgeting and forecasting tools and reached out to 360 Cloud Solutions to implement Adaptive Planning—the leading SaaS enterprise planning tool.
In addition to their desire of having and efficiently maintaining a rolling forecast, Cortland was seeking a solution that enabled them to:
- streamline their budget process;
- combine their various budgets (e.g. corporate, property management, construction) into the same tool;
- create transparency for budgeters to foster collaboration; and
- get rid of Excel and related issues including errors, version control, and wasted time and effort involved in creating additional versions.
Solution
With Workday Adaptive Planning, Cortland was able to streamline its budgeting and forecasting processes creating transparency, collaboration, and accountability. They can now seamlessly integrate actual data from multiple General Ledger sources to create an unlimited number of scenarios including anything from rolling forecasts updated with actuals to date to any desired what-ifs. All scenarios include full financial reporting with P&Ls, balance sheets, and cash flow statements. In addition, metrics automatically generated from the data in Adaptive Planning will provide an analytical view of Cortland’s financial health.
Products & Services
- Adaptive Planning In-House Integration
- Adaptive Planning Expense Management
- Balance Sheet and Cash Flow
- Expense Management
Results
With the implementation of Adaptive Planning, Cortland Partners is now able to:
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Create driver-based, enterprise annual budgets in an efficient, repeatable manner |
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Create unlimited forecasts and what-if scenarios based on actuals, budgets, and assumptions |
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Maintain unlimited assumptions to drive budgets and forecasts |
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Pull actual financial data from any GL system using fully automated integration, as often as desired |
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Combine actuals with budget or forecast data to create rolling forecasts with a few mouse clicks |
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Model granular details for budget and forecast elements like Personnel and Revenue |
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Create unlimited metric calculations related to the actual, budget, and forecast data |