Case Studies Central Data Repository and Audit Trail Cut Forecasting Time Down by Hours

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	Central Data Repository and Audit Trail Cut Forecasting Time Down by Hours

Central Data Repository and Audit Trail Cut Forecasting Time Down by Hours

Technology Category	Analytics & Modeling - Predictive Analytics Application Infrastructure & Middleware - Data Exchange & Integration Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries	Mining
Applicable Functions	Business Operation Quality Assurance
Services	Software Design & Engineering Services System Integration
Challenge	The finance team of a leading North American mining company faced significant challenges in managing their forecasting data. All forecasting data was stored in a single, complex workbook that was prone to being lost or damaged. The use of uncontrolled spreadsheets allowed unauthorized changes to data, formulas, and calculations, making it difficult to track the status of the forecast or determine which user made specific changes without exchanging emails or phone calls. Additionally, making real-time changes to the forecast was cumbersome because relevant information was scattered across disparate spreadsheets that required manual sorting and review. Read More
About Customer	The customer is one of North America's leading mining companies, responsible for forecasting the value of all their shipments. The finance team had to manage a 30-page linked workbook that contained numerous factors affecting the value of shipments before they reached customers. The need for real-time changes to the forecast was critical, given the dynamic nature of the mining industry. The company required a robust solution to streamline their forecasting process, enhance data security, and improve overall efficiency. Read More
Solution	Vena provided a comprehensive solution by integrating a secure, central database that seamlessly synced with the client's General Ledger (GL) and Ellips. This central repository automatically stored all the company's up-to-date spreadsheets, templates, assumptions, and drivers, eliminating the need for manual work. Vena's detailed audit trail feature date-, time-, and user-stamped all changes made to spreadsheets, enabling managers to easily roll back to previous versions and compare changes over specific time periods. The finance team could now create quarterly, weekly, monthly, and even daily forecasts, and perform what-if modeling by changing assumptions and visualizing their effects on forecast scenarios. This allowed for more informed decision-making and improved the overall forecasting process. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Predictive Analytics

Application Infrastructure & Middleware - Data Exchange & Integration

Platform as a Service (PaaS) - Data Management Platforms

Applicable Industries

Mining

Applicable Functions

Business Operation

Quality Assurance

Services

Software Design & Engineering Services

System Integration

Challenge

The finance team of a leading North American mining company faced significant challenges in managing their forecasting data. All forecasting data was stored in a single, complex workbook that was prone to being lost or damaged. The use of uncontrolled spreadsheets allowed unauthorized changes to data, formulas, and calculations, making it difficult to track the status of the forecast or determine which user made specific changes without exchanging emails or phone calls. Additionally, making real-time changes to the forecast was cumbersome because relevant information was scattered across disparate spreadsheets that required manual sorting and review.

About Customer

The customer is one of North America's leading mining companies, responsible for forecasting the value of all their shipments. The finance team had to manage a 30-page linked workbook that contained numerous factors affecting the value of shipments before they reached customers. The need for real-time changes to the forecast was critical, given the dynamic nature of the mining industry. The company required a robust solution to streamline their forecasting process, enhance data security, and improve overall efficiency.

Solution

Vena provided a comprehensive solution by integrating a secure, central database that seamlessly synced with the client's General Ledger (GL) and Ellips. This central repository automatically stored all the company's up-to-date spreadsheets, templates, assumptions, and drivers, eliminating the need for manual work. Vena's detailed audit trail feature date-, time-, and user-stamped all changes made to spreadsheets, enabling managers to easily roll back to previous versions and compare changes over specific time periods. The finance team could now create quarterly, weekly, monthly, and even daily forecasts, and perform what-if modeling by changing assumptions and visualizing their effects on forecast scenarios. This allowed for more informed decision-making and improved the overall forecasting process.

Impact #1	Vena's full integration with Ellips and automatic storage of data in a central repository kept all information in a single, secure location, reducing the risk of data loss or damage.
Impact #2	The detailed audit trail enhanced user accountability and saved the finance team time and effort by eliminating the need to call or email users to determine their progress or why figures changed.
Impact #3	Audit trail and business rules prevented unauthorized changes to spreadsheets, ensuring data integrity and security.

Impact #1

Vena's full integration with Ellips and automatic storage of data in a central repository kept all information in a single, secure location, reducing the risk of data loss or damage.

Impact #2

The detailed audit trail enhanced user accountability and saved the finance team time and effort by eliminating the need to call or email users to determine their progress or why figures changed.

Impact #3

Audit trail and business rules prevented unauthorized changes to spreadsheets, ensuring data integrity and security.

Benefit #1	Forecasting time reduced by hours due to the elimination of manual work and the use of a central data repository.
Benefit #2	Increased efficiency in creating and managing forecasts, allowing the finance team to focus on more strategic tasks.
Benefit #3	Enhanced data security and integrity, reducing the risk of unauthorized changes and data loss.

Benefit #1

Forecasting time reduced by hours due to the elimination of manual work and the use of a central data repository.

Benefit #2

Increased efficiency in creating and managing forecasts, allowing the finance team to focus on more strategic tasks.

Benefit #3

Enhanced data security and integrity, reducing the risk of unauthorized changes and data loss.

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Overview

Central Data Repository and Audit Trail Cut Forecasting Time Down by Hours

Operational Impact

Quantitative Benefit