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Technology / AI and automation

Specsavers seeing its finances more clearly

Adaptive Insights has announced the success that Specsavers has achieved by abandoning Excel spreadsheets and adopting Adaptive Insights’ Adaptive planning product.

The product delivers reliable budgeting, planning and analytics which has allowed Specsavers to make more informed business decisions leading to company growth opportunities.

By using Adaptive Insights, Specsavers has improved the accuracy of its overall finances in order to allocate budget more simply and efficiently. Planning has accelerated by 50% due to automated aggregation and pre-population of planning sheets with data from the company’s ledger and ERP systems.

Additionally, Specsavers has been able to generate month tailored reports and model ‘what-if’ scenarios for decisions on hiring and making new investments in business.

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Matt Buckley, group planning and reporting lead for finance at Specsavers, said: "Adaptive Planning offers Specsavers visibility into all of our key performance metrics, all through a single pane of glass. We can rest assured that this information is both accurate and up-to-date, which is vital when we’re planning and making predictions."

"Adaptive has uniquely allowed us to drive discussions based on a single view of the entire business, giving us the historic picture that allows us to look forward based on real trends, proving that the entire business can now benefit from a more collaborative, better informed and empowered finance team."

Specsavers has a partnership of almost 2,000 locally-run business around the world, the company had previously used Excel spreadsheet to manage its company-wide budgeting and business planning.

The use of Excel introuduced human error into the budgeting and business planning as well as not lending itself to collaboration across management teams. This resulted in difficulty in consolidating data into a single overall budget. Adaptive Insights now allows for all financial data to be managed in one application across multiple spreadsheets.

Ian Preston, VP sales, UK and Ireland, UK and Ireland for Adaptive Insights, said: "Specsavers’ use of Adaptive shows the significant gains that can be achieved with more consolidated, accurate and automated financial planning."

"These gains go far beyond the time savings achieved during the planning process. Specsavers’ finance team now has the tools and the information to fundamentally influence the company’s business and decision making."
This article is from the CBROnline archive: some formatting and images may not be present.