Enhancing Operational Efficiency for a Major Turkish Retailer
Key Outcomes
Drastically reduced close timelines and increased accuracy in reporting.
Elimination of offline files, making collaborative working possible
Increased visibility into business operations
Higher accuracy in plan numbers
Reduction in errors arising from manual processes
The Client
Atasun Optik is a leading optical retailer in Turkey, with over 200 brick-and-mortar stores across various provinces and a growing online retail presence. The company has experienced significant growth and is now a key player in the optical sector.
The Challenge
- The use of manual processes and offline files by the reporting and FP&A teams during the month-end close was causing delays and errors.
- Dependence on offline files made parallel workflows difficult, reducing efficiency.
- There was a need to streamline the close cycles and reduce the time spent on them.
- Systematic and consistent planning models were urgently required to expedite budgeting and forecasting cycles.
- The company needed to quickly analyze the impact of changes in planning and macroeconomic factors on budgets and forecasts.
Our Solution
To address these challenges, Constellation chose to implement the Oracle EPM platform. The solution incorporated several key improvements:
- Automation of the IFRS conversion of actuals, which streamlined monthly planning, budgeting, and forecasting processes.
- Integration with the General Ledger to load monthly balances with the necessary granularity for reporting.
- Conversion of actuals from statutory accounting assumptions to IFRS, with automated and manual adjustments, and the ability to track inception-to-date IFRS adjustments.
- Development of a discrete model for adjusting and performing allocations on actual balances where G/L level detail was insufficient.
- The solution incorporated a planning framework for modeling the Income Statement, focusing on key items such as Sales, Cost of Goods Sold (CoGS), Rent, and Personnel.
- Users could now generate a Balance Sheet based on accounting assumptions, including payment and collection terms, sales and VAT tax rates, and cash flow.
- The solution included a single repository for plan/actuals comparisons.
- “What if” capabilities were provided to quickly recalculate budgets and forecasts under different assumptions, and compare results.
Outcomes
- Significantly improved close timelines, reducing the hours spent on close processes and allowing more time for analysis.
- Elimination of large, cumbersome offline files, making it easier to work efficiently in parallel.
- Increased visibility into business operations, enhancing insight and decision-making abilities.
- Quick completion of budgets and forecasts, allowing the production of multiple versions under different assumptions for comparison.
- Reduced errors arising from manual processes.
- Increased accuracy in plan numbers.