Simplified Financial Budget and Forecasting for Panduro
To simplify and make their financial budget and forecasting process more efficient, Panduro implemented Planacy in 2021. Previously Panduro worked with their budget process in Excel and was challenged by a time-consuming process with a lot of manual data administration and a superficial granularity. This created flaws in both the process and the budget follow-up. Another challenge was that Panduro had a tough time delegating their budget process and involving the business in the planning process.
“Working with Planacy has helped us develop and improve our budget process,” say Stefan Rydén, CFO at Panduro.
By working with Planacy, Panduro has gotten a more streamlined process. The solution eliminates many of the previous risks and, simultaneously, eases the work for the finance department and those involved in the company’s budget work. Panduro’s business contains almost 20 000 products, and the company works from two different perspectives with revenue budgeting. The first perspective is a product perspective and is done by category owners, down at article categories through sales channels. Using Planacy, they have also created the opportunity to easily change perspective and work with revenue and gross margins with a focus on the channel, and then break down the various categories with high granularity.
The other perspective is a store perspective and is done by region managers and equal roles. The perspective is based on country and sales channels down at everyday levels and considers calendar adjustments to ease the input from the users. These two perspectives together create a revenue budget. With Planacy, the Finance department avoid delays in the process and has a continual overview of the process and potential differences between the different perspectives.
“We previously worked with multiple Excel sheets and manual adjustments and had to number crunch back and forth between different Excel sheets to create a totality. It has been a process with multiple steps that have created a high risk for defaults along the road,” says Rydén.
With Planacy, Panduro has simplified its budget process and diminished the workload for the Finance department during the budget process. The finance department has gotten better control over the process. During the first year, they have also identified several ways to maximise the functions Planacy offers, to optimise the process further. Apart from revenue budgeting, Panduro also works with staff budgeting and central costs in Planacy.
“There are multiple actors at the market within budget and forecasting. Planacy has as many pros as other systems, but they also have great strength with its integration with Qlik, which we already use. This eases the implementation and creates an integrated streamlined solution for us. The implementation went smoothly, and our partner Climber has worked interactive and proactive to create an optimal solution for us.” finishes Rydén.
Panduro is a market leader within hobby materials in Europe, with 103 stores and over 600 employees divided over six countries. The company had roots in post-war Denmark when creating souvenirs and jewellery. In the 1950’s they opened their first store with hobby materials.
The deal was carried out together with our partner Climber.