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Streamlining Finance Budgeting for Operational Efficiency

About Client:

A multinational company based in the USA, which has been connecting and inspiring people around the globe with impactful meetings and events since 1937.

Challenge:

Anaplan was initially implemented and served its purpose, but evolving business needs and the impact of COVID called for enhancements. Post-COVID resumption revealed several shortcomings:

  • Challenges in generating comprehensive income statements
  • Frequent errors due to insufficient testing processes
  • Complex coordination of 170 users (RVPs, VPs, and FP&A team). FP&A adjusted budgets for cost of sales and SG&A, aligning them with financial goals set by RVPs and VPs

Solution:

To address these challenges, the following steps were undertaken:

  • Enabled detailed budgeting for Cost of Sales and SG&A, covering all operational costs thoroughly
  • Leveraged Anaplan’s hierarchical lists to facilitate effective top-down budgeting across regional and venue levels, improving control and oversight
  • Enhanced the functionality of existing Anaplan models, building upon prior implementations to meet evolving needs
  • Used Anaplan’s selective access functionality to provide all the users with a real time solution with restricted and secure access to financial information

Outcome:

The optimized budgeting process delivered measurable benefits:

  • Enhanced hierarchical visibility empowered 170 RVPs, VPs and FP&A to make informed decisions.
  • Integrated budgeting improved financial oversight across all operational costs, including Cost of Sales and SG&A.
  • The budgeting process became 70% more efficient, significantly reducing manual efforts.
  • More than 90% of errors were minimized due to automation, with end-to-end processes fully automated, including seamless data integration.
  • Recognizing the success of this approach, leadership expanded its implementation to other departments like HR and Sales.

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