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Streamlining the Budgeting & Forecasting Process for the Colonial Williamsburg Foundation

Posted by Sample HubSpot User on Dec 27, 2019 1:17:56 PM
Sample HubSpot User

 

The Colonial Williamsburg Foundation (CWF) is a non-profit educational organization that is responsible for the restoration, preservation, and interpretation of the 18th century capital of the colony of Virginia.


Business Challenge

The Colonial Williamsburg Company is The Foundation’s wholly-owned tax subsidiary, and operates its hotels and restaurants in and around the Historic Area. The property in Williamsburg is the world’s largest living history museum in operation, a 301-acre Historic Area with hundreds of restored, reconstructed, and historically furnished buildings. Costumed interpreters tell the stories of the men and women of the 18th-century city; black, white, and Native American, slave, indentured, and free.

The CWF had outdated versions of financial reporting software, and needed to upgrade its existing reports, enhance their reporting capabilities using modern analytics software, as well as implement a more reliable budgeting and forecasting process using industry standards. More specifically, they were seeking to engage a professional services firm to implement TM1 to replace Cognos Finance 7.5, Cognos BI to replace the ReportNet product, and implement daily metrics for the hospitality business segment


Results

  • A standardized budgeting and forecasting platform that can easily integrate new hotels as the company continues to grow
  • A best-practices approach to planning and budgeting, integrated into the tool so ongoing governance is simpler
  • The ability to produce dynamic, detailed reporting and analysis quickly and efficiently
  • Streamlined and real time forecast process across all hotels with actuals updated automatically using one standard template
  • Information that gives stakeholders up-to-date information and the ability to spot problems in advance providing fast, accurate and flexible reporting
  • Vast reduction in the manual steps required for reporting by automating the data integration, calculations and report creation
  • Immediate access for stakeholders to updated financials on a daily basis

 


Solution

LPA was able to define and implement an analytics project plan for CWF, which included a full implementation of Cognos Express with BI analytical reports and dashboards and TM1 financial performance management capabilities. This resulted in a huge time savings for CWF, as they no longer had to manually prepare P&L reports. Our solutions enabled them to have automatic data loads, data cleaning, and the ability to create ad-hoc reports without IT support.

The new solution provided mobile capability, automatic report creation and delivery, and a dashboard which depicted daily performances of all the hotels/restaurants in one consolidated view with a drill down and a drill through.

Lastly, LPA leveraged components of his hospitality solution to provide a best of breed financial reporting resolution, including rolling forecast reports with payroll and salary development information by position/job function, detailed department level and line business P&L’s, and an alternative labor planning functionality for what-if scenario analysis showing the full impact on operating budget across all lines of business.

Topics: Cognos Analytics, Business Intelligence, Financial Performance Management, Implementation, Not for Profit

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