Locally owned businesses often create a rich heritage across generations who helped those businesses thrive and grow. When these businesses achieve success on local, national, and international levels, effective performance management to ensure continued success for future generations is key. And in the era of digital transformation, ensuring accurate data and highly efficient data management is crucial.
We sat down with Mr. Kenny Wong, Deputy Financial Controller of Cortina Watch, a luxury retailer of fine timepieces headquartered in Singapore, to talk about their experience transitioning from needing multiple days just to generate sales reports to daily reports in executive management’s inbox every morning with the Jedox solution. He explains in more detail how Jedox helps their successful business improve efficiency across five countries:
What are the top three requirements to ensure your finance team continues to add value across the business?
Efficient management of information systems, improving operational efficiency by automating finance functions, and allocating resources efficiently and effectively.
Cortina Watch has been a customer of Jedox for nearly four years. How are you currently using the software? What are some of the results that you have seen so far?
Using the automated dashboard, we deliver sales information to the Head of Sales and directors for each country on a daily basis. This was previously a manual process. The implementation was for more than 25 retail stores across five countries, with data loaded from the Cortina Navision ERP system. Jedox helped us eliminate the use of spreadsheets for daily and monthly reporting of sales by channel, brand, store, country, and sales person.
What took one day of effort to produce the sales reports using Excel is now fully automated with incremental loading of data every night from our Navision ERP system to mobile using the Jedox app. The sales of the same day and other various sales reports from over 25 retail stores in five countries sorted by store and brand are now readily available to key management’s mobile device on the same day after closure of outlets. With the help of Jedox, the management reports and sales analysis of prior years also carry out annual sales planning and budgeting to support better business decisons. We appreciate our partner, Attain Analytics, for introducing us to the Jedox solution.
What did your processes look like before Jedox? What made a new enterprise planning system necessary?
In the past, our company required only very basic ERP software for statutory reporting. As the company grew and expanded regionally and internationally, a basic tool was no longer sufficient to execute our analysis, budgeting, planning and forecasting. In recent years, as the company slowly transitioned into the hands of the second generation, enterprise performance management has became crucial to support better decision-making based on consolidated, data-supported insights.
Do you have future plans for how you’ll use the Jedox solution?
Our CEO and other executive board members check their dashboards on a daily basis. It has become a “go-to” tool of choice and we are exploring additional ways we can make use of the advanced capabilities.
Why would you recommend Jedox to other businesses looking to improve their planning and budgeting processes?
I find that Jedox is a software which is easy to use, especially for accountants, due to its easy to understand user interface and how easily it transforms data with the Excel-based platform. Cortina Watch is very happy with what Jedox has provided for our international businesses.