Case Studies Finding Prime Real Estate in Better Budgeting

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	Finding Prime Real Estate in Better Budgeting

Finding Prime Real Estate in Better Budgeting

Technology Category	Analytics & Modeling - Predictive Analytics Application Infrastructure & Middleware - Data Exchange & Integration Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Functions	Business Operation
Services	System Integration Training
Challenge	The company faced significant challenges due to the lack of integration between multiple, disparate financial systems across different lines of business. This fragmentation made it difficult to create effective and detailed budgets for the main corporation and its seven regional offices. The heavy reliance on spreadsheets led to tedious manual efforts, resulting in data accuracy and integrity issues. The need for a more streamlined and efficient budgeting process was evident, as the existing methods were not sustainable for the growing demands of the business. Read More
About Customer	Berkshire Hathaway HomeServices is a real estate brokerage franchisee network with revenues of $65 million. The company operates in the real estate industry and has a significant presence with multiple regional offices. The existing software used by the company includes Lone Wolf DPN and FAST, which are utilized for various processes such as forecasting, budgeting, and reporting. With a user base of 50, the company needed a more integrated and efficient solution to manage its financial operations effectively. Read More
Solution	The Vena solution was implemented to address the challenges faced by the company. Vena provided automated, real-time data collection from disparate systems, which significantly reduced the manual effort involved in data gathering. The solution also offered drill-down and variance analyses, providing detailed insights down to the real estate agent level. The use of familiar Excel templates ensured reliable contributions and intuitive, self-serve reports, making it easier for stakeholders to adopt the new system. This comprehensive approach not only streamlined the budgeting process but also enhanced the accuracy and reliability of the financial data. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Predictive Analytics

Application Infrastructure & Middleware - Data Exchange & Integration

Functional Applications - Enterprise Resource Planning Systems (ERP)

Applicable Functions

Business Operation

Services

System Integration

Training

Challenge

The company faced significant challenges due to the lack of integration between multiple, disparate financial systems across different lines of business. This fragmentation made it difficult to create effective and detailed budgets for the main corporation and its seven regional offices. The heavy reliance on spreadsheets led to tedious manual efforts, resulting in data accuracy and integrity issues. The need for a more streamlined and efficient budgeting process was evident, as the existing methods were not sustainable for the growing demands of the business.

About Customer

Berkshire Hathaway HomeServices is a real estate brokerage franchisee network with revenues of $65 million. The company operates in the real estate industry and has a significant presence with multiple regional offices. The existing software used by the company includes Lone Wolf DPN and FAST, which are utilized for various processes such as forecasting, budgeting, and reporting. With a user base of 50, the company needed a more integrated and efficient solution to manage its financial operations effectively.

Solution

The Vena solution was implemented to address the challenges faced by the company. Vena provided automated, real-time data collection from disparate systems, which significantly reduced the manual effort involved in data gathering. The solution also offered drill-down and variance analyses, providing detailed insights down to the real estate agent level. The use of familiar Excel templates ensured reliable contributions and intuitive, self-serve reports, making it easier for stakeholders to adopt the new system. This comprehensive approach not only streamlined the budgeting process but also enhanced the accuracy and reliability of the financial data.

Impact #1	The adoption of rolling forecasts was made easy, allowing the 2017 budget to be largely known by Q3 2016.
Impact #2	The finance team can now complete over 80 budgets in the time it previously took to manage just 8.
Impact #3	Stakeholders have access to intuitive, personalized reporting with detailed insights from both finance and operations.

Impact #1

The adoption of rolling forecasts was made easy, allowing the 2017 budget to be largely known by Q3 2016.

Impact #2

The finance team can now complete over 80 budgets in the time it previously took to manage just 8.

Impact #3

Stakeholders have access to intuitive, personalized reporting with detailed insights from both finance and operations.

Benefit #1	10x increase in capacity, from managing 8 budgets to 80 in the same amount of time.

Benefit #1

10x increase in capacity, from managing 8 budgets to 80 in the same amount of time.

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Overview

Finding Prime Real Estate in Better Budgeting

Operational Impact

Quantitative Benefit