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LS travel retail North America


Budgeting, Planning, Forecasting and Financial reporting


I call it sophisticated simplicity. CCH Tagetik’s tool is very powerful. We don’t see any limitations - anything we want to do can be done within CCH Tagetik. Once CCH Tagetik was installed, we’ve needed very little ongoing IT support to do our jobs. And we don’t need a developer when business changes occur – we can modify models on our own.

Ivana Krpan, Vice President of Finance


 

ANWENDERBERICHT HERUNTERLADEN

the challenge

Anyone who has travelled through an airport in the United States or Canada has likely shopped in a store operated by LS travel retail North America. With locations in 30 airports, LS travel retail brands include RELAY, USA TODAY Travel Zone, and iStore. Offerings range from news and gifts to specialty apparel and food.

 

According to LS travel’s vice president of finance Ivana Krpan, historically the company relied on spreadsheet–driven financial processes. As operations grew to 200 stores and 60 cost centers, processes became increasingly complex, inefficient and prone-to-error. With two separate databases for reporting and budgeting, Krpan’s team spent a great deal of time manually refreshing monthly reports, cross-checking information, and creating new reports for each budget cycle. The budget process was particularly complex. The finance organization was dependent on large spreadsheets with slow processing capabilities susceptible to formatting and formula errors – in addition to human mistakes. “All submissions and changes had to be manually integrated, so the forecast process was slow and very painful,” added Krpan. “And our spreadsheets became so massive that calculations sometimes caused our computers to crash.”

 

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Benefits

VORTEILE


Efficiency

Company’s monthly reporting package in two hours – a job that previously took two business days

Faster reporting

Standard monthly reports completed in one hour - formerly an eight-hour task

Improved information-sharing with the field

Finance can easily create a subset of reports to provide a store-level view for people in the field

IT reliance

The finance team’s dependence on the IT organization is now minimal

Modern, unified, stable financial processes

Replacement of the highly complex, legacy financial processes with a structured, unified system

More time to focus on analysis

The time savings allows the finance team to spend much more time on analysis

the solution

The team selected CCH Tagetik for budgeting, planning, and forecasting and installed the software in January 2013. CCH Tagetik consultants worked with LS travel’s IT team to install an ETL connector to access the historic and current data held in Microsoft Dynamics. The CCH Tagetik software was deployed to four “super-users” on the finance team and to 100 other contributors from the president and CEO down to regional directors and store managers.

 

“We achieved our initial goal, which was to implement in 90 days and to use CCH Tagetik for our first revised forecast in April,” said Krpan. By May, the entire management package and all monthly reporting were implemented in the CCH Tagetik system. Over the next several months, Krpan’s team finished modifying and testing its budget models. The solution was fully deployed in time for LS travel’s next budget cycle in August. According to Krpan, user adoption was immediate. “The Excel interface makes CCH Tagetik easy to use; everybody was already familiar with the format.“

 

 

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