Function: | Products: |
| Budgeting, Forecasting, Reporting | Workday Adaptive Planning |
Challenge
This company owns and manages large family entertainment centers in the Mid-Atlantic and the Northeast, with plans to expand into other areas. Each location offers attractions that are fun for all ages, with activities such as Indoor Go Karts, Bowling, Laser Tag, Escape Rooms, Ropes Courses, Arcade and Redemption, Sports Simulators, Axe Throwing, Mini Golf, Bumper Cars, Virtual Reality, state-of-the-art event meeting spaces and full-service dining.
The Finance team of two was relying on Excel to manage the growing company’s financial processes. The business needed a modern, cloud-based solution to enable them to identify problems that needed fixing and give the team the visibility needed to manage the business in real-time. They also wanted to streamline reporting processes, which required the team to manage multiple versions of the same files.
Solution
With Workday Adaptive Planning, the entertainment company can now easily see how the business is doing, down to the location and the attraction. They have a budget and forecast with a total revenue number for the entire year. Each expense category is budgeted as a percentage of sales. Business managers enter the numbers and Workday Adaptive Planning takes that percentage and multiplies it by the total sales. Adaptive Planning then pushes that data back to the respective GL accounts for the income statements.
The entertainment company has a much easier way to create meaningful reports. The company can generate detailed reports that enable strategic decisions. It now has reports on tickets sold and entries for each activity, at each location.
Results
The entertainment company now has the right information to make strategic decisions. The team can analyze and assess potential expenses against the forecasted revenue by activity. The organization can easily do full revenue forecasting for each activity and each location of its business. The Workday Adaptive Planning solution enables the company to perform top-line and bottom-line budgeting and forecasting. This level of detail provides the insight the company needs to help fuel the entertainment business’ growth.