FeraDyne Drastically Improves Budgeting Process with DataRails
FeraDyne Outdoors manufactures and sells outdoor sports goods. The company offers bow-hunting products such as bows, arrows, crossbows, and other archery products. The company is engineering the evolution of lethal technology across all bow-hunting categories.
The main reason FeraDyne jumped on board for an FP&A solution was to have budget control, budget restrictions and version controls. They were keen to have a platform that allowed them to have a collaborative base where they could see changes, track changes, and to have an active touchpoint with individuals and department heads alike.
The DataRails platform allowed FeraDyne to have a livestream version that provided updates where different department heads were within the budget process, if they’ve had all of their expenses pulled together, if they’ve had all their expenditures planned out for the year, and really just have a sound board that allowed everybody to come together as opposed to having a bunch of individual meetings with people to go over information and then make updates- only to find out that they’re all working off of an old version and then have to update what was done. Instead, with DataRails everyone works with the last version of the data which is constantly updated and reuploaded.
“Now we’re all on the same page and we didn’t lose a day to a week for responses.”
–Lynn Hopper, Senior Financial Analyst, FeraDyne
Previously many weeks were spent on consolidating data from all the departments together onto one platform. With DataRails, that process that once took many weeks has been greatly simplified- now, instead they create a template and push it to department heads to make them each responsible. Time is now better spent looking at and analyzing the budget as opposed to pulling it together, and being able to have the ability to filter in a dynamic way whether it be by department, cost center, account within the GL, it all allows FeraDyne to quickly make decisions and move forward.
Last but not least, the DataRails Insights feature is where everything comes together for FeraDyne. To be able to have these Insights or visuals that you can break up however you want allows everything to beautifully come together visually, and the ability to drill down into numbers saves so much time.