Transforming Financial Operations for Global Tobacco Leader: Achieves Time Savings, Enhanced Insights, and Superior Performance

Summary:

‍A leading global retail client faced challenges consolidating data from ERP, CRM, and other systems, leading to errors and inefficiencies. They needed a solution to streamline data consolidation, ensure consistent reporting, and accurately allocate expenses and revenues.

Challenges:

Data Integration Issues

Challenges in consolidating data from multiple sources, including ERP, CRM, and other systems.

Inconsistent Reporting Structures

Inconsistent reporting structures led to errors and inefficiencies.

Lack of Collaboration

Inaccurate forecasting and suboptimal decision-making due to a lack of collaboration between the finance team and other functions.

Absence of Unified Data Model

No system in place for consolidating data from various business units into a unified model. Difficulty in gaining full P&L visibility on major projects with multiple business units.

Financial Allocation Challenges

No provision for allocating expenses and revenues to specific projects.

Manual Processes

Manual collection of forecast and budget cycle numbers in Excel and sharing via email led to reconciling issues.

Objectives:

  • Primary Goal- Streamline Data Consolidation and Reporting
  • Secondary Goal- Improve Financial Allocation and Forecasting  

Suggested Solution:

We proposed a centralized platform to address the client's data consolidation and reporting challenges. This platform would unify financial figures from various sources, ensuring consistent reporting structures and comprehensive profit and loss visibility for projects. By consolidating data from ERP, CRM, and other systems, the platform aims to eliminate errors and inefficiencies.

The solution includes real-time updates for event-wise expenses and detailed product brand summaries with category-wise average sales ratios. Additionally, a country map highlighting average sales over total sales would enable comparative analysis of regional sales performance, helping executives identify high and low-performing regions.

Next, we suggested automating the manual collection of forecast and budget cycle numbers previously handled in Excel, reducing errors and saving time. This would allow the client to focus on analysis and decision-making rather than data gathering.

To support executive decision-making, a comprehensive dashboard would be created, offering a holistic view of both group and individual unit performance. This dashboard would consolidate key performance indicators and metrics, facilitating informed decision-making at all levels.

Finally, the platform would enhance performance analysis, identifying areas of growth and improving accountability. By monitoring progress and setting benchmarks, the solution positions the client for long-term success, streamlining financial operations, improving data accuracy, and providing actionable insights for more efficient and effective decision-making.  

Outcome:

  • Significant Time Saved per Year: Automation cuts down on repetitive tasks, boosting efficiency and productivity. This allows teams to focus on strategic, value-added activities.
  • Enabled Option to View Detailed P&L: Access to detailed Profit and Loss statements offers deeper financial insights. This helps in making more informed and accurate business decisions.
  • Enhanced Collaboration and Increased Visibility: Improved tools foster better teamwork and transparency. Enhanced visibility ensures all team members are aligned with the project's goals.
  • Optimized the Model to Boost Performance: Enhanced financial models improve accuracy and efficiency. This optimization leads to more reliable forecasts and better financial management.
  • Interactive Country Map to Show Average Sales: A visual map highlights average sales by country, revealing regional performance. This interactive feature aids in pinpointing areas for growth and improvement.

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