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Jeff Boryc, Vice President Financial Planning & Analysis at Ulta Beauty
Today’s retail environment is extremely competitive. To get an edge on the competition, finance leaders must drive business-wide operational transformation with a financial planning solution that can support the CFO in maximizing resources, leveraging sales opportunities and responding to consumer needs.
Discover how Spaulding Ridge helped Ulta Beauty transform their business by automating their financial tools on the OneStream Software cloud-based platform
Before:
Tried and Tested different Software, only to see the same Results
Ulta Beauty heavily relied on excel spreadsheets and manual processes for cash flow forecasting, planning, and analytics. Actuals were spread across multiple systems, and their existing cash flow tool required significant manual work, leading to wasted time formatting and manipulating data manually.
As Ulta experienced rapid growth, the volume of these manual transactions increased, taking even more time away from value-added planning and analysis activities. Ulta needed a more responsive and streamlined cash flow monitoring system to keep to its growth targets.
Solution:
Spaulding Ridge + OneStream’s Automated Capabilities Power Financial Processes
Spaulding Ridge assessed Ulta Beauty’s existing finance system and its challenges and identified reporting, month-on-month budgeting, and forecasting as the most important areas of focus. We began by automating the month-end process, turning source data into reporting structures. Following that, Spaulding Ridge crafted monthly forecasting and annual planning procedures, streamlining data capture, financial consolidation, and workflow tracking. We also implemented a rolling forecast and an annual operating budget, providing Ulta Beauty with enhanced planning support. To streamline the process further, Spaulding Ridge integrated Ulta’s ERP and PNL systems into OneStream, ensuring the new system ran on accurate data.
After:
Usable Data that Exceeds Expectations
This system allowed Ulta to automate the process of getting their actuals into their reporting environment, eliminating time-consuming manual processes. Reporting is now handled within a heavily automated, connected system, and a built-in task manager has made it much easier to manage the remaining workload of reporting while also reliably tracking approvals.
With this new system, Ulta Beauty can now quickly get accurate cash flow data to inform more complex analysis and better decisions about their financials. As Ulta continues to grow, this agility will help it make better decisions about inventory, staffing, investments, and more, confident that they have reliable data underpinning their decisions.
Spaulding Ridge has delivered strategic finance implementations like this for a wide range of companies in numerous industries. Talk to us to find out how we can help transform your business.
