Finance teams find themselves buried in Excel tabs with myriad formulas and various versions. For many organizations, planning, budgeting and forecasting involve countless numbers of spreadsheets. It may work for a small company, but for a large international organization like Dorel Sports, spreadsheets won’t suffice.

Dorel Sports, known to bike riders around the world, owns more than a dozen brands and has regional offices in 10 countries. The company conducts business with thousands of independent bicycle dealers around the world and has international distributors in over 100 countries.

After conducting a comprehensive review of the tools and processes they were using for budgeting and reporting, they knew they wanted to “move away from reliance on spreadsheets and adopt a template-based system.”  Their global reach had exacerbated their pain.

Dorel Sports knew something had to shift.

Lost Time and Excessive Manual Work Drives Change

“When spreadsheets arrived from all our regional offices, standardizing and compiling them into a single master was time-consuming. We wanted to spend less time on this, and more time on analysis,” said Michael Lynch, Global Director of FP&A. “We also wanted to streamline our reporting, which involved dumping data from our ERP system into spreadsheets. We needed a solution that would give us control from a centralized location and aggregate data quickly.”

When searching for the best EPM solution, Dorel Sports kept a few key factors in mind, they wanted simplicity, easy implementation, flexibility, robust analytics, and a cost-efficient solution. During the evaluation process another vendor presented a similar solution that was 4X greater in price. On selecting Host, there was better value and a much lower total cost of ownership. Lynch said, “It was a pretty clear choice.”

Dorel Sports selected Host Analytics and went from an inconsistent, time-consuming, spreadsheet-based process to a transformative template-based system that more easily generated rich, detail-laden reports to better support decision making.

New Insights, New Gear, New Playing Field

With Host Analytics, the removal of manual work cut an entire month from its budget cycle.  In turn, they had more free time for strategic analysis. Modeling plans and standardizing budgeting across their global regions became a breeze.

“Host Analytics is absolutely driving new insights. When the month closes we have reports in the hands of our CEO and CFO the next day which they can take action on immediately,” added Lynch.

Having these new insights helped the team create a 15% inventory cost reduction.

And this is just the beginning.

Check out the case study and see how Host Analytics can help you make your EPM process better.

Case Study

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