Resonating with its motto, Luxottica has created a way for people to look at the world in its true vibrance. As the world's largest eyewear company, the group’s global wholesale distribution network is spread across five continents. It is complemented by an extensive retail network of stores- LensCrafters, Pearle Vision, OPSM, Laubman & Pank, Spectacle Hut, Sunglass Hut, and more. Virtual Employee has been associated with Luxottica, since December 2020.
When dealing with multi-point data originating from thousands of stores across North America, losing manhours on collating reports can become a major concern. Luxottica shared the following concerns:
Simplify the workflow and remove complexities from revenue & costing reports.
10,000+ data points to cover for a minimum of three reports per day.
Undertook Financial Planning & Analysis (FP&A) activities performed using SAP, Qlikview, and more. Implemented years of know-how and advanced excel functionalities as well.
With thousands of stores and multiple manufacturing units, the company generated 1,000+ data points per day.
Organizing data from various sources was a big challenge. Further, every excel report took 1 hour or more before our intervention.
Financial planning and analysis (FP&A) is a set of planning, forecasting, budgeting, and analytical activities performed using SAP, Qlikview, and more.
Instead of taking drastic steps, we started by organizing data and increasing efficiency while compiling reports in MS Excel. We used advanced Excel functions such as XNPV, XIRR, MIRR, PMT, IPMT, EFFECT, DB, RATE, FV, and SLOPE.
This helped us reduce the time spent on one report by approximately 20 minutes.
To ensure the data is presented properly and help the client understand financial stats, without going into details, we opted for two types of dashboards. One dashboard displayed figures and the other one showed data in a comparison form.
This helped the client to review data in a better manner as this data was extracted using thousands of data points and represented cash flow & inventory data from hundreds of US stores.
FP&A allows executives and business leaders to have the best insights for the best
decisions. FP&A focuses on forecasts and future numbers.
Why is financial planning and analysis important?
To undertake the four activities (planning, forecasting, budgeting, and analysis), we used client-licensed software like SAP, Quilkview, and more. SAP software provides multiple business functions with a single view of the truth.
Senior Financial Analyst
12 Years of Experience
SAP, Blackline Tool, HFM, JD Edwards, SAGE 50, SAGE PAY,
Tally, MS Dynamics AX, and more.
Tapas has worked with renowned MNCs and has managed RTR, inter-company, month-end closures, MIS & team management & much more.
Tapas helped refine the regular reporting process. His task list includes the creation of a Billing Error Exceptions report, Lab & Frame Scorecard, Pearle Eyewear Protection Program report, Daily Wholesale Order Repor, Lab Penetration Report, Store Risk Assessment Report, Territory Franchise Directors Report, and more.
