Ford & Slater

Ford & Slater2024-05-21T16:18:55+00:00

Project Description

Challenges

The Spreadsheet Struggle: Addressing Ford & Slater’s Reporting and Forecasting Challenges

  • Producing monthly management reporting and consolidating numbers across the 12 dealerships was extremely difficult and time-consuming. Data had to be pulled together from a myriad of spreadsheets, which reflected the diverse nature of the departmental structure found at Ford & Slater and common across the automotive industry.
  • When it came to budgeting and forecasting this large number of spreadsheets made it almost impossible to create any more than one budget; making changes to the model from a top down perspective was out of the question.
  • The challenge was to implement a solution which would streamline the process and dramatically reduce the time to produce management reporting and budgeting with ability to move to monthly re-forecasting.

Result

Streamlining Complex Budgeting Processes

  • Created a Jedox model which reflects the business structure of the organisation. One cube was required for each department and the resulting P&L by department is then “pulled” into a group P&L cube. An additional requirement was to adjust the actual data after it has been uploaded into the cubes. The use of the multi-dimensionality allows the easy creation of both an adjustments version and an adjusted actual version. This provides both for journal entry and a final result without affecting the actuals.
  • Within the same cubes budget and forecasting versions can be created. Departmental cube budgets can be set for every account at the total dealership level and these values can be spread based on last year’s actuals. This will be extended to forecasting.
  • It only took Andrew Vickerstaff, Group Financial Controller around 2/3 weeks to produce his annual budget report.
  • Where previously they really struggled to produce their budget and make amendments to it, they can now do as many top-down adjustments as they need.

Result

More time and better information for informed decision-making

  • Implementing Jedox has notably enhanced daily business operations and teamwork by transforming the time previously spent by the team on routine tasks into valuable contributions towards the company’s success.
  • It has fostered an environment that encourages generating questions and collaboration. Users, including the general managers, have praised Jedox for its user-friendliness and the improved accessibility and visibility of information. With Jedox, tasks that were once impossible, such as sophisticated data analysis, are now feasible, enabling employees to engage in more strategic thinking.
  • The benefits of Jedox can also be measured in terms of job satisfaction, with employees finding their roles more rewarding and enjoyable, as it eliminates mundane aspects of their work and allows them to focus on driving the business forward.
    Jedox’s implementation has
     benefited the operational side of the business, providing a web-based, user-friendly interface that empowers employees to create customized views relevant to their needs within a controlled environment.
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