Joseph invests in Cognos enterprise planning solution
13 Feb '06
3 min read
Cognos, the world leader in business intelligence and corporate performance management, announced that international clothing retailer, Joseph, is investing in a Cognos enterprise planning solution to improve budgeting and planning processes across its business. It is estimated that the company will cut its current budgeting and planning process by at least 25 percent of the time currently taken.
The solution will be rolled out by Cognos partner Tahola, a retail solutions specialist. It will be used by the finance team to prepare annual, quarterly and monthly reports and rolling forecasts into sales figures, retail trends and profit margins.
Currently, the finance team at Joseph relies on spreadsheet applications to manage its budgeting and planning. The company takes a bottom up approach, from store level upwards, resulting in a very cumbersome and complex process. Any subsequent changes to the data can slow the whole procedure down even further and result in inaccuracies in the final reports.
Kathleen Starkey, Finance Director at Joseph, said, "By implementing Cognos Planning we'll be able to do away with the complex spreadsheet system that we use at present and prepare budgets and forecasts more quickly and more accurately than before -- an absolute must in the fast moving retail sector.
“For the first time, we'll be able to truly integrate profit and loss (P&L), balance sheet and cash flow information, leading to better business management all round.”
marketing@alchempro.com
