Business Challenges
- Intensive and Time Consuming Planning Process – Excel planning environment gave limited ability to perform value-added analysis
- High Risk for Error – Multiple distribution and consolidation cycles throughout the budget process left Cumberland vulnerable
- No Store Level Planning – Lacked the ability to conduct store level detailed planning
Solution
- Driver-Based Planning, Variance Thresholds, and Input Templates – Incorporated department expense, corporate employee, and direct store planning solutions
- Direct Responsibility Reports – Enabled standard and ad hoc reporting within the solution, including store segmentation by comparable and non-comparable and store type
- 13 Week Project Timeline – Worked aggressively to meet tight deadlines and used Peloton’s Breakaway™ methodology to support early business adoption
Impact
- Eliminated Manual Effort Required for Producing Key Management Reports – Generated more time for value-added analysis and retired dozens of Oracle financial statement generator reports with new planning and budgeting cloud reporting
- Full Visibility to Real-Time Updates – Consolidated P&L informs finance of changes as plans are updated
- Increased Department Accountability for Budgeting – Variance commentary based on thresholds set standards for accountability
