Simply safe – reliable and consistent numerical data
VAUDE Sport GmbH & Co. KG
Projectintroduction of a professional software to reduce the amount of work involved in planning and reporting; the need for numerical data available faster
LucaNet impressed us with the software’s ease of operation, how quickly we were able to integrate the reporting systems, and the reliability of the data. The drill down to ledger accounts feature is particularly helpful when we are analysing our figures.
About the company
- mountain sportswear and equipment
- Tettnang - Germany
Until now, VAUDE, the leading European outdoor supplier has performed planning and reporting by MS Excel. Since the structure of a group of companies was becoming ever more complex, the amount of work became too high. Therefore, the company opted for the introduction of a professional software which ensured an integrated company planning and transparency in reporting figures.
VAUDE Sport GmbH & Co. KG is a family business managed in a modern way. In 1980 Albrecht von Dewitz started to develop the production which has been going until now at the company location in Tettnang. Later, the production sites in China and Vietnam followed up. The company is considered the most environment-friendly outdoor supplier in Europe.
The search for a professional software was triggered by VAUDE growth, the banks’ request for consolidated financial accounting and finally, by the internal need for more transparency and numerical data being available faster. To match VAUDE corporate philosophy, the company looked for a software provider which had to optimize the work processes in the company by high quality approach and innovation. The search started in autumn 2009 by defining a Business Intelligence project, within which a tool had to be found, which could reproduce the consolidated financial accounting, bank reporting and multi-year planning. After an in-depth examination of the market, the company management has opted for implementing LucaNet. "After various presentations, early in 2010, and a visit at LucaNet, our choice was in favour of LucaNet, following an excellent consultation. The user-friendliness of software coupled with high specialist knowledge of the consultants have simply convinced us", says Erwin Gutensohn, CFO at VAUDE Sport GmbH & Co. KG.
Integrated planning and standardised reporting
To reproduce the past, a reporting package for all 12 subsidiaries was developed and successfully implemented together with LucaNet. Alongside this project, the interfaces for current and future data import from the financial accounting system were implemented. Contrary to the previously used Excel spreadsheets, the standard reporting offers much more reliability and first of all, tangible time-savings. The connection to the source systems, which had been missing from MS Excel so far, was also perceived as "time-consuming and problematic" by Gutensohn. Thus, there was no possibility to integrate reporting packages and evaluation. The possibility of planning balance sheet key figures by an integrated balance sheet planning without much effort also constituted a serious additional benefit for the CFO. In the meantime, a rolling 5-year planning was drawn up with LucaNet.
Further positive effects could be found in data quality which were no longer formed on the basis of prone-to-error, manual formulas in Excel sheets. The transparency has also improved in many respects. All necessary key figures are always provided for any time periods, analyses and companies on all data levels.