Revolutionizing budgeting and making plans processes for a retail large

2:16 am
October 20, 2023

Landmark Retail is without doubt one of the biggest omnichannel shops around the Middle East and Northern Africa (MENA), India and Southeast Asia (SEA). It is a department of Landmark Group, a well known multinational retail and hospitality conglomerate headquartered in Dubai. The workforce’s adventure began as a unmarried retailer in Bahrain 5 a long time in the past. Today, Landmark Group has developed right into a powerhouse of 2200 shops throughout 21 nations. It provides a various array of services throughout 25 homegrown manufacturers and more than one franchises that cater to a mess of tastes and personal tastes throughout model, house, electronics and extra. The workforce’s values (iLEAD: Listen, Empower, Adapt and Deliver with Integrity) information their objective of constructing outstanding price for his or her workers, their shoppers and their communities.

In 2013, Landmark Retail’s monetary making plans and research workforce confronted demanding situations as they controlled monetary processes throughout greater than 1200 shops. According to Gopal Chandak, FP&A Leader at Landmark, “The consolidation of the financial budget, cost allocation methods and standardization of common records posed as major obstacles. Gathering files from multiple parties led to discrepancies due to varying versions of software and different levels of user expertise.”

Challenges within the complicated budgeting strategy of a big conglomerate

The workforce was once found in more than one nations and areas, they usually and operated with more than one manufacturers. Their trade style was once very complicated, and it required large information volumes to be processed. Because of this, the budgeting procedure was once inefficient. It took 3–4 months and wanted stakeholder alignment throughout other nations, manufacturers and purposes.

Additionally, the method of consolidating Excel information from other variations was once tricky and incessantly led to discrepancies in numbers. “Managing the data for our stores using manual spreadsheets and consolidating it at both the business unit and country level proved to be an overwhelmingly challenging endeavor,” consistent with Chandak. “Recognizing the limitations, we acknowledged the need for an enhanced solution. Although Excel is a powerful tool, it was simply inadequate for the size and complexity of our organization.”

A complete strategy to maximize potency

In Landmark Retail’s seek for a succesful, user-friendly resolution, they grew to become to IBM® Planning Analytics. Unlike different aggressive answers that took 6–twelve months, IBM Planning Analytics was once ready to accomplish a a success evidence of thought inside of 8–10 weeks. This swift implementation showcased agility and versatility, making it the most popular selection for Landmark Retail.

According to Chandak, “IBM Planning Analytics significantly simplified tasks by offering comprehensive governance throughout the entire budgeting process and unlocked substantial value for the organization. With this tool, Landmark Retail was able to enhance its business analytics and gain insightful perspectives that are often overlooked when using traditional spreadsheet-based budgeting methods. The tool effortlessly facilitated budgeting on a zero-based approach, saving significant time and effort as it possessed all the necessary historical data.”

To make certain worker buy-in throughout the transition to IBM Planning Analytics, the corporate carried out efficient exchange control tasks and maintained transparent traces of conversation.

Landmark Retail’s budgeting procedure turned into significantly streamlined and environment friendly, they usually finished the primary module (“Budgeting”) inside of a few months. According to Chandak, “The budgeting and consolidation processes underwent a remarkable transformation, resulting in a 75% reduction in time spent by employees. They improved governance and transparency across different brands and countries, enabling a sharper focus on strategic business analysis to drive growth and innovation.”

The new resolution delivered important automation in accordance with clicks from the person interface and simplified monetary processes. Since enforcing IBM Planning Analytics in 2013, Landmark Retail has effectively scaled new use instances starting from core budgeting, warehouse budgeting, consolidation of felony entities and monetary statements, and CAPEX throughout their greater than 1200 shops.

Trusted companions are the important thing to a success implementation

Veracitiz Solutions, an IBM trade companion, has been integral to Landmark Retail’s luck. With a solution-driven workforce of dynamic and professional technical professionals, Veracitiz has been beneficial within the implementation and optimization of IBM Planning Analytics.  Veracitiz Solutions labored to know Landmark Retail’s distinctive necessities and delivered custom designed answers that had been instrumental to the venture’s luck. Notably, the workforce’s around-the-clock availability ended in important buyer pleasure.

After reaching such a lot luck with IBM Planning Analytics, Landmark Retail plans to enforce it for gross sales forecasting to believe exterior components reminiscent of seasonality, climate forecasts and ancient patterns.

Landmark Retail’s partnership with Veracitiz Solutions, coupled with the versatility of IBM Planning Analytics, has no longer best streamlined their monetary processes however has additionally enabled them to proactively deal with the dynamic wishes in their trade. This synergy between era and experience is pivotal as Landmark Retail continues to offer price to stakeholders and reinforce its standing as a number one retail large within the area.

Discover how IBM Planning Analytics simplifies trade making plans

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