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LT Apparel Cuts Financial Reporting Time from Hours to Minutes with Host Analytics
Children’s Clothing Supplier Turns to Cloud EPM for Precision Forecasting and Reporting
Host Analytics, the leading provider of scalable, cloud-based enterprise performance management (EPM) solutions, today announced that LT Apparel has reduced its turnaround time for financial reports from about five hours to five minutes by transitioning to Host Analytics’ cloud EPM platform. The company moved away from an Excel-based reporting system to Host Analytics, and transformed their budget process. Now the finance team can pull reports in minutes and has the ability to forecast years out using Host Analytics’ modeling capabilities.
“Reporting requests from the CFO that used to take four or five hours to compile are now completed in five minutes, a 98 percent reduction in turnaround time,” said Lee Johnston, VP, Finance and Corporate strategy. “With Host Analytics, I just build the report, do a little slice and dice, and there’s your information.”
LT Apparel supplies owned and licensed brands of children’s clothing to more than 1,800 local and national retail outlets, and owns the popular Healthtex and French Toast brands. The company’s budget process is complex because the business is fast-growing and brings in revenue from wholesale, retail, and online channels. In addition to Excel scalability issues, the team had to deal with error-prone spreadsheets with “ghost links” to files that had long been deleted, and version issues because multiple offices updated local copies of the spreadsheets.
With Host Analytics Planning, Reporting, and Modeling, Johnston’s team has streamlined reporting with instant access to 24 months of actuals. Keeping data in the cloud has eliminated version control issues. All that data in Host Analytics also has the benefit of allowing the team to build a 27-month forecast in the modeling interface, and create monthly rolling forecasts, changing the entire way the company does budgeting. Modeling also allows the team to test new “what-if” scenarios to see how they impact the forecast. “Modeling was really what ultimately led me to choose Host Analytics over other possibilities,” Lee adds.
For more detail see the LT Apparel case study on the Host Analytics website.
About Host Analytics
Host Analytics is the industry’s leading provider of scalable, cloud-based enterprise performance management (EPM) solutions. Companies of all sizes, from $10 million startups to $10 billion multi-nationals, rely on Host Analytics to provide financial planning, budgeting, modeling, consolidations, and reporting. Host Analytics has 700 customers in 90 countries including Bose, Boston Red Sox, FitBit, La-Z-Boy, Mayo Clinic, NPR, OpenTable, Peet’s Coffee & Tea, Pinterest, Swissport, TOMS Shoes, and Vitamin Shoppe. Host Analytics is a private company backed by leading venture capitalists and is headquartered in Silicon Valley.
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