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This large retail corporation is one of America’s most historic and prominent department retail corporations, with several hundred stores worldwide.
Selling a variety of products, from high-end fashion to designer perfumes, this corporation is a multifaceted retail business.
Challenges:
Surviving a Volatile Market: The Need for Financial Transformation
The corporation is in the process of undergoing an organization-wide financial transformation. After battling through the global pandemic and a volatile market, leadership determined it was time to update their financial processes.
Their goals included driving efficiency across their financial planning and budgeting processes, and providing staff with an easier to use, more responsive system.
Solution:
Driving Financial Transformation Across Multiple Units – How Spaulding Ridge Supported a Leading Retailer with Merchandise Planning.
Spaulding Ridge implemented solutions across the retailer’s sales, supply chain, finance, marketing, and treasury teams, as well as SG&A stores.
Across this diverse range of teams, we are providing change management support in collaboration with the overall transformation effort, as well as developing a center of excellence for the corporation’s new system.
Spaulding Ridge is also providing data workflow scoping, improving user experience to align with expectations, and testing system integrations and user acceptance in each unit. The retailer expanded Spaulding Ridge’s scope to include merchandise assortment planning.
After:
Real-Time Insights and Expedited Forecasts – How Spaulding Ridge Enabled Improved Data Compliance, Governance, and Customer Experience.
The retailer now has access to real-time insights, as well as improved data compliance and governance.
Some insight improvements included faster forecast cycles with longer outlooks, a reduction in forecast time, and the connection of historically disparate processes with continued iterative change management. Finally, more than 80 data sources are now connected to more than 20 teams across their finance organization.
Customers now have a consistent user experience and updated resource navigation. This has drastically improved customer experience.
