Retail and Consumer Goods
Consumers today expect convenience, quality, speed and personalization. Digital media and technological advancements are fueling competition and weakening customer loyalty. The pace and magnitude of change in the retail and consumer goods industry, while challenging, presents great opportunity given the right strategy.
Riveron has partnered with companies across the spectrum of retail and consumer goods to deliver process, technology, accounting and supply chain solutions that drive decisions around strategic growth, cost reduction and customer retention. Our expertise in data analysis, performance improvement and operations management helps our clients maximize value and grow market share in a highly competitive environment.
Key retail and consumer goods areas we serve include:
- Big box retail
- Specialty retail
- Convenience stores
- Consumer packaged goods (CPG)
- Durable goods
PE-backed 3rd party ticket re-seller looking to drive back-office improvement and build scalable business processes
A PE-backed, 3rd party ticket re-seller was looking to drive back-office improvement and build scalable business processes. The organization used QuickBooks and over 30 spreadsheets to manage the end of end business process, with limited reporting capabilities. The high transaction volume was limiting growth without hiring additional personnel and there was a lack of internal controls.
The Riveron Approach:
- Development of key business requirements
- ERP software selection and development of future state system architecture
- Created end-state for Procure-to-Pay, Order-to-Cash and Record-to-Report detailing new processes, roles, headcounts, and technologies utilized
- Detailed requirements to drive budgeting and forecasting improvements
- Implementation of NetSuite, testing, training and cutover support
- Dual control (permissions and workflow)
- Access and change management controls
- Workflows for duty segregation
- Autoload from legacy tickets solution to NetSuite
- Use of reconciliation tool to manage controls and account for large transactional volume
- Controlled accounting functionality
- Audit trail
- Governance, risk, and compliance processes
- Robust security controls (SOC 1, 2, 3)
- PBCS FP&A reporting tool
- Enhanced reporting capabilities via dimensionality
Riveron designs and develops a fully automated financial planning & analysis process
Riveron guided Motorsport Aftermarket Group, a powersport industry manufacturer, distributor, and retailer, through a redesign of their FP&A process including their financial reporting package. After completion of the current state assessment, annual budget development, reporting, and analyses, Riveron developed an automated process which leverages a single data source to populate three different decks. Riveron also provided planning and forecasting tools to receive consolidated financials for 10 entities. Overall, the financial reporting process duration was reduced from days to hours, allowing the company time to conduct more meaningful analyses moving forward.