Case Studies > Automation of the Forecasting Process Leads to High Customer Satisfaction Ratings

Automation of the Forecasting Process Leads to High Customer Satisfaction Ratings

Company Size
1,000+
Region
  • America
Country
  • United States
Product
  • Vena
  • Microsoft Excel
  • Penta
Tech Stack
  • ERP
  • Dynamic Excel Templates
  • Central Data Repository
  • Workflow Engine
Implementation Scale
  • Enterprise-wide Deployment
Impact Metrics
  • Customer Satisfaction
  • Digital Expertise
  • Productivity Improvements
Technology Category
  • Analytics & Modeling - Predictive Analytics
  • Application Infrastructure & Middleware - Data Exchange & Integration
  • Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
  • Construction & Infrastructure
Applicable Functions
  • Business Operation
Services
  • Software Design & Engineering Services
  • System Integration
About The Customer
The customer is one of the leading engineering and construction services companies in North America. They were manually tracking the workflow and expenses associated with each of their projects. The company aimed to forecast project expenses on a monthly basis but had to manually collect and consolidate data, meaning that only large projects were forecasted monthly, and smaller projects weren't forecasted at all. The company sought to improve the efficiency of their forecasting process to ensure accurate and timely forecasts for all projects, regardless of size.
The Challenge
The Finance team faced several challenges in their forecasting process. They had to manually create, distribute, collect, and consolidate hundreds of forecast templates through email, leading to issues with email overload and version control. The team had no control over or insight into the status of forecasting tasks, and each task needed management approval. If tasks weren't approved in time, they might not have been included in the forecast. Additionally, the Finance team often lacked the time to forecast smaller projects, potentially affecting shareholders' and customers' confidence in the company.
The Solution
Vena provided a comprehensive solution to automate the forecasting process. Vena automatically connects to Penta, the client's ERP, and rolls all stored data into the Vena solution, including spending to date by project. Vena's central data repository stores all spreadsheets, templates, models, and formulas, ensuring that changes to one proliferate throughout the system. Dynamic Excel templates are linked to the repository and automatically updated when data changes, ensuring everyone accesses a 'single version of the truth.' Vena's workflow engine allows managers to assign tasks and deadlines to users and monitor their status with a single view. Additionally, a detailed audit trail date-, time-, and user-stamps every change made to a spreadsheet, and templates are automatically rolled forward based on YTD actuals.
Operational Impact
  • Vena's data repository is linked to and automatically updates Excel spreadsheets, eliminating the need for time-consuming, manual data collection and consolidation.
  • The workflow engine gives managers control over and insight into the status of each task, eliminating the need to email users for status updates and helping ensure the timely and accurate completion of tasks.
  • The audit trail provides visibility into the forecasting process and allows management to roll back to previous forecast versions to instantly compare changes.
  • Vena automatically rolls actuals into the forecast, providing each user with a clear, up-to-date picture of the status of each project.
  • Accurate forecasts allow the Finance team to easily identify bottlenecks and determine whether their project will exceed allotted time and costs.
Quantitative Benefit
  • Eliminated the need for manual data collection and consolidation.
  • Reduced email overload and improved version control.
  • Enhanced visibility and control over forecasting tasks.
  • Improved accuracy and timeliness of forecasts.

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