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Date Posted
13 August 2021
Market Research

“It was important for us to find a tool that supported our goal of simplifying the analysis process. Workday Adaptive Planning met all these requirements.”

Campbell Smith
Director of Financial Planning & Analysis

Delivering Smarter Financial Planning and Analysis for a Leading Market Research Specialist 

Since forming in 2002, Kynetec has become a global leader in market research for animal health and agriculture. Kynetec helps companies around the world understand the dynamics of their marketplace, turning research into business opportunities.

Kynetec operates around the globe, with employees working in Argentina, Brazil, Australia and the US. However, as a multi-national organisation and several large international clients on their books, they required an advanced solution to conduct regular financial planning and analysis.

To function within such a large operation, forecasting and budgeting can be incredibly time-consuming. This meant switching from complicated and error-prone Excel spreadsheets to a more professional and efficient platform. 

The Challenges

Working across five continents presented forecasting and budgeting problems, especially when attempting financial planning using Excel spreadsheets.

Trying to model out different revenue profiles and ensuring it was consistent and robust was a highly intricate operation. It was creating historical errors in the Excel spreadsheets and making it problematic to manipulate data.

With such a large operation, Kynetec needed data available on revenue and multiple orders at their fingertips, ready for analysis. The ideal solution would be collaborative, intuitive and customisable to scale with the company’s rapid ascent. 

Kynetec highlighted the importance of finding a tool that could simplify the financial planning and analysis process. As a company, they knew they needed a robust planning solution to handle all the different countries, foreign exchange rates and products to provide a quicker way to get their analysis and forecasts.

Operating around the world also meant that a new approach was a necessary demand. Using multiple spreadsheets to manage financial planning wasn’t manageable. 

"We now have a better budget and a better process. It’s cut down our processing time and allows us to do more of the analysis side of things."

Richard Moseley
Financial Planning and Analysis Manager

How Formulate Helped

The overall goal for Kynetec was to find a solution that supported the simplification of the financial planning and analysis process, removing the need for Excel spreadsheets on a daily basis. Workday Adaptive Planning met that remit.

Both Campbell Smith, Director of Financial Planning and Analysis at Kynetec, and Richard Moseley, Financial Planning and Analysis Manager, had used a competitor product in the past. However, they found it expensive and irrelevant features.

Campbell and Richard met with a consultant from Formulate to put a plan into action. From initial contact, it took three months to set up Workday Adaptive Planning and go live. Both Campbell and Richard were impressed with the collaborative approach offered by Formulate, as they could feedback and work on incremental improvements each week.

Kynetec employees can now enter the Workday Adaptive Planning software and look at surveys, filter out information, client details, and due dates for new surveys.

They can also calculate revenue without having to do it individually, resulting in better budgets and clearer processes. Within weeks of launch, Kynetec noticed significant reductions in processing time and further capacity to carry out any key financial analysis.

In turn, the improved efficiency, effectiveness, and ability to come up with new ideas has improved their budgeting and forecasting. By achieving their original goal, Kynetec is now enjoying various other benefits. 

The Benefits & Outcomes

  • The ability to perform fast searches and calculate revenue recognition accurately.
  • A vast improvement in budget and forecasting.
  • Better processes for financial planning and analysis.
  • A reduction in processing time, enabling the finance team to analyse in greater detail.
  • Seamless integration with NetSuite.

Formulate’s ability to develop all-inclusive solutions like this differentiates them as a company. Their clients can be confident that they’ll work hard to deliver the outcomes that they most desire. 

If you’d like to revolutionise your financial analysis and planning with the help of Formulate and our Workday Adaptive Planning software, speak to our team today. Our friendly team are here to support you and provide bespoke solutions to suit your needs.

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