Payzone UK Cashes in on Fast and Furious Financial Planning With Adaptive Insights
UK-Based Payment Operator Cuts Organization-Wide Financial Planning Time by 40%
Adaptive Insights, the leader in cloud corporate performance management (CPM) for the biggest brands and the hottest companies, today announced the success that Payzone UK has achieved since switching to Adaptive Insights and implementing its flagship Adaptive Planning product. The UK-based payments operator has drastically cut its planning time, reduced errors, and has been able to undertake complex and accurate scenario modeling to plan for seasonal fluctuations in retail spending.
“Our experience with Adaptive has been outstanding. It’s hard to imagine how we managed beforehand,” said Jen Fairfield, management information and planning manager at Payzone UK. “Our day-to-day budget planning is now much more straightforward. More importantly, it has helped elevate the finance department’s position within the business. While we used to be bogged down with mundane budget consolidations, we can now work in a more fluid way, providing stakeholders with a comprehensive service that is highly valued and critical to the future growth of the company.”
Payzone UK, one of the largest branded payment acceptance networks in the UK, previously used Microsoft Excel to manage the majority of its financial planning and analysis. However, as the organization grew and started creating more frequent and detailed financial reports and forecasts, Excel began to creak at the seams, and Payzone UK turned to Adaptive Insights partner, Miagen, to help it find a more nimble solution.
With Adaptive Planning’s automated processes and rolling financial forecasts, Payzone UK has cut down the overall time it takes to complete the financial planning process by 40% and reduced the number of data entry mistakes. This has freed up time for data analysis to guide strategic, long-term business decisions. Scenario-based planning, for example, has enabled the team to very quickly respond to demanding business initiatives and changing market factors and to share expected results across all financial reports with almost no lag.
“We’re thrilled at the success that Payzone UK has achieved with Adaptive in streamlining its financial planning and allowing the business to undertake more strategic forecasting as it goes through an exciting growth phase,” said Ian Preston, vice president of sales in the UK and Ireland for Adaptive Insights. “It is especially rewarding to see how Payzone UK is using the features in Adaptive Planning to cope with market fluctuations outside of its control such as the Christmas sales, an issue with which many organizations in the retail industry struggle.”
Founded in 1989, Payzone UK now operates one of the largest branded payment acceptance networks in the UK. Its Point-of-Sale terminals–which have been deployed by more than 20,000 merchants in the UK–enable consumers to top up their mobile phone accounts, pay bills, buy lottery tickets, and make purchases using their debit or credit cards. Headquartered in Cheshire, UK, it employs 230 people.