Automating Financial Consolidation, Reporting and Customer Product Profitability Analysis for an Auto Remanufacturer
The Challenge
For many years, the Cardone team relied on time-consuming spreadsheet reporting tools that were prone to errors and required manual intervention to produce necessary financial reporting.
The Solution
The QueBIT team, in collaboration with the Cardone team, worked to implement and streamline their financial reporting and consolidation process with a more automated approach.
The Benefit
The Cardone team was immediately able to generate faster, more accurate consolidations, completing the process within 5 days and reducing the total time to close by 7-8 days.
About Cardone Industries
Cardone Industries, Inc is the market leader in quality remanufactured auto parts. With operations in the U.S., Canada, and Mexico, Cardone is the largest privately held remanufacturer in the world. Cardone sells over 46,000 unique SKUs to thousands of individual retail locations, primarily through the major auto part retailers such as O’Reilly’s, AutoZone, GPC, and Advance Auto Parts. Cardone is committed to sustainability, taking high quality parts and giving them a new life, while recycling waste and by products produced during the remanufacturing process.
The Challenge
For many years, the Cardone team relied on time-consuming spreadsheet reporting tools that were prone to errors and required manual intervention to produce necessary financial reporting. Efforts to develop accurate forecasts and conduct detailed analysis were hampered because data was difficult to access and interpret. Cardone’s leadership sought to find a solution that would improve accuracy, save time, and create transparency. The team hoped to gain insight into product profitability by implementing a tool that would measure profitability at a SKU and customer level. After researching several potential partners, the team met with QueBIT. Impressed with our proposed solution and level of responsiveness, Cardone selected QueBIT to embark on a 14-week implementation process.
“I hear daily that someone is very happy with the fact that they can pull information within 10 minutes rather than a few hours or even a day.”
- Jessica Quiles, Director of FP&A, Cardone Industries
Delivering the Solution
QueBIT’s team of xP&A experts began with a strategic approach to scoping out Cardone’s requirements. The first step was to gain a comprehensive understanding of the client’s immediate business challenges and future desired state.
QueBIT went to work developing a proof of concept. The team proposed an integration with the ERP system that would lay a foundation for the future. This solution would provide a powerful enterprise platform for developing financial analytics applications.
Next, the team developed a solid foundational data-hub for planning that would collect and structure data needed from multiple source systems in a centralized relational repository for consistent and accurate information.
Once the data was sourced, validated, and structured, the QueBIT team, in collaboration with the Cardone team, worked to implement and streamline their financial reporting and consolidation process with a more automated approach.
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