CHELMSFORD, Mass., Dec. 07, 2015 (GLOBE NEWSWIRE) -- The Marbridge Foundation, an Austin, Texas-based non-profit residential community for adults with a wide range of cognitive challenges was awarded the 2015 Ventana Research Business Technology Leadership Award for its use of self-service data preparation software from Datawatch Corporation (NASDAQ-CM: DWCH) to meet regulatory reporting requirements.
Ventana Research honored Marbridge (www.marbridge.org) for its pioneering work in saving many thousands of dollars and man-hours in data entry costs while greatly reducing its risk exposure to government penalties using Datawatch.
Ventana Research found Marbridge to be a great case study of best practices for dealing with the reporting complexities of the Affordable Care Act (ACA). New ACA rules mandate that employers like Marbridge with 50 or more full-time employees must report whether they offered healthcare coverage to their full-time employees and dependents, and how much.
Marbridge’s challenge stemmed from its payroll system, which wasn’t equipped to meet these requirements without an expensive upgrade, nor support its need to report on historical payroll information. It considered hiring a temp agency to manually key in all the payroll data. But that option was rife with complications, costs and risk due to inevitable human errors. Each employee report filed late or containing errors was subject to a penalty ranging from $100 - $250, with the organization facing more than $40,000 in potential fines.
Using Datawatch to access the necessary IRS-required information, Marbridge was able to extract and clean both current and historical payroll information locked in PDF files quickly and automatically. The non-profit conservatively estimates that it has saved 2,000 to 3,500 man-hours so far.
“We were impressed with Marbridge’s story because many employers like them are struggling to meet new IRS reporting requirements mandated by the Affordable Care Act. Automating data preparation with technology like Datawatch helps many organizations manage the new, time-consuming complexities they face trying to stay compliant. We congratulate David Erps and Marbridge Foundation on their dedication and leadership in using Datawatch to meet their business needs,” said Mark Smith, CEO and chief research officer at Ventana Research.
The 2015 Ventana Research Business Technology Leadership Award program showcases customers of technology vendors who have worked collaboratively to advance the potential of their organization through the use of applications and technology. Marbridge’s honors were announced at the Leadership Awards Webcast Ceremony on Dec. 3, 2015.
“Congratulations to Marbridge for demonstrating how a successful technology initiative can be achieved through a team effort guided by great leadership. It offers the business world best practices in regulatory reporting that deliver high impact and value,” said Dan Potter, chief marketing officer for Datawatch.
About Datawatch Corporation
Datawatch Corporation (NASDAQ-CM: DWCH) provides the only Managed Analytics Platform that brings together self-service data preparation with visual data discovery. Its software bridges the gap between the ease that business user’s demand and the automation and governance needed by IT. Users can quickly discover key factors that improve their business by transforming data from multi-structured sources, as well as real-time streaming data, into visually rich analytic applications. Organizations of every size, worldwide use Datawatch products, including 93 of the Fortune 100. Datawatch is headquartered in Chelmsford, Massachusetts with offices in New York, London, Frankfurt, Stockholm, Singapore, Melbourne and Manila, and with partners and customers in more than 100 countries worldwide. Learn more at www.datawatch.com. For investor relations information, visit investor.datawatch.com.
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Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Any such statements contained herein, including but not limited to those relating to product performance and viability, are based on current expectations, but are subject to a number of risks and uncertainties that may cause actual results to differ materially from expectations. The factors that could cause actual future results to differ materially from current expectations include the following: rapid technological change; Datawatch’s dependence on the introduction of new products and product enhancements and possible delays in those introductions; acceptance of new products by the market, competition in the software industry generally, and in the markets for next generation analytics in particular; and Datawatch's dependence on its principal products, proprietary software technology and software licensed from third parties. Further information on factors that could cause actual results to differ from those anticipated is detailed in various publicly-available documents, which include, but are not limited to, filings made by Datawatch from time to time with the Securities and Exchange Commission, including but not limited to, those appearing in the Company's Annual Report on Form 10-K for the year ended September 30, 2015. Any forward-looking statements should be considered in light of those factors.
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