GFR Media- News & Broadcasting

CASE STUDY

Meet Our Customer

 

GFR Media (GFRM), a family owned business, is the largest communica-tions and media group in Puerto Rico (PR). Their brands are media leaders in the country and the main source of relevant information in the island.

CUSTOMER

SERVICES PROVIDED

Challenge

 

As the transition from printed media to digital channels became inevitable, GFR Media made the strategic decision to increase its product portfolio with new digital content products and services to complement the printed business and stay up to date with the new generations of consumers. As a consequence, the financial planning and budgeting process became even more complex, cumbersome, and difficult to control and manage. Key challenges were:

  • Business users/departments were dependent on IT in order to write or maintain reports

  • Financial analysts invested 80% of their time collecting and preparing data for reporting instead of executing on the necessary analysis

  • Budget was done through isolated Excel spreadsheets, which promoted process fragmentation, human errors, and the loss of information

  • End users from different business areas had dependency on the Budget Manager to access information related to their budget plans

  • Due to budget constrains the legacy solution was becoming obsolete and too expensive

  • Their previous solution only allowed them to manage a sin-gle budget scenario version. Every different scenario that wanted to be considered had to be managed manually, creating a parallel disconnected process

  • Their former system didn’t have the capacity to manage a fixed assets’ budget. Thus, it was being managed manually through isolated Excel spreadsheets creating a parallel disconnected process

 

Given these challenges, GFR Media needed a solution that could help rapidly respond to their changing business conditions and financial needs.

 

 

Solution

 

To help automate and inject agility into the financial planning and reporting processes, Nagnoi implemented BI360, a self-service reporting and budgeting solution using a new generation of Microsoft Excel, built to be completely managed by business users.

 

BI360 allows GFR Media users to automate the budgeting process and create a variety of self-service reports that have become the standard corporate financial booklet including key reports such as: Profit and Loss, Income Statements, Cash Flows, Balance Sheets, Trial Balances, and Expenses reports. BI360 was able to easily adapt and respond to GFR Media’s financial needs. Users can now easily publish their budget and reports in a centralized portal to be consumed by others in the company.

BI360: Self-Service Reporting & Budgeting Solution

GFR Media

Benefits

 

With BI360, GFRM obtained what they were looking for: flexibility, simplicity, cost effectiveness, and a self-service enabling solution to empower the end users. GFRM has experienced, and will continue to experience, the following benefits:

  • Through this self-service based solution, the dependency on IT has decreased significantly. Now the finance department is self-sufficient creating their own reports.

  • The solution enhanced the financial data visibility (with more than 40 financial analysis scenarios) and improved the data management process providing users with more time to do analysis and meet requirements.

  • Currently, the timeframe for submitting budget assignments is controlled through the BI360 solution. This has helped departments fulfill their budget plan on time, increasing the Budget Managers’ productivity in 40%.

  • Overall budget cycle has decreased 40% (from 1.5 months to 18 days) and users reduced their own budget cycle from 1.5 months to 1 day (97%).

  • Users/departments can access information related to their budget plans without the intervention of Budget Managers.

  • GFRM is currently saving over $30,000 per year in licensing renewal and maintenance from other expensive solutions.

  • This solution with the what-if analysis functionality, allows them to manage several budget scenarios in the system. Now senior management can analyze the impact of new initiatives that they are contemplating.

  • The assets’ budget cycle was reduced from 1 week to 2 days.

SIZE

Largest digital media & newspaper publisher company in PR.

CUSTOMER WEBSITE

gfrmedia.com

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