Covenant Logistics Group transforms its Financial Planning and Summary Reporting with IBM Planning Analytics
The Challenge
Like many companies, Covenant Logistics Group’s lead-time to complete their financial forecasts was long and tedious. Fast and accurate forecasting is essential to properly plan for the future of their business, but long outdated business planning processes were a roadblock to achieving the best possible results.
The Solution
The IBM Planning Analytics Financial Planning and Summary Reporting solution seamlessly integrated the business forecasting and summary reporting needs necessary to deliver essential business information directly to the executives in a more timely and accurate manner than ever before.
The Benefit
Workforce automation has significantly reduced the workload while increasing system accuracy throughout the planning process. The finance team can now rely on having one source of truth for the data.
About Covenant Logistics Group
Covenant Logistics Group relies on accurate financial planning to predict the costs necessary to successfully run their 2,550-truck/6,600-trailer fleet through its subsidiaries.
Covenant Logistics Group is a publicly traded 30-year-old truckload carrying company operating mainly in the southern United States. Through its subsidiaries, Covenant offers dedicated, expedited trucking operations, warehousing, and managed freight services.
“IBM Planning Analytics has given us the ability to update our financial reporting at the fast pace our business and management requires. While we are still just scratching the surface of what is possible, we can now report in much greater detail, using processes that are sustainable in the long-term.”
- John Wright, Expedited Controller
The Challenge?
Covenant Logistics Group faced long and inefficient forecasting cycles driven by outdated planning processes and heavy reliance on spreadsheets. Manual data collection, limited version control, and weak security made it difficult to produce accurate forecasts and meet growing executive expectations. As forecasting demands increased, the time required to prepare and validate data reduced the ability to perform meaningful analysis, highlighting the need for a more modern planning solution.
Delivering the Solution
QueBIT implemented an enterprise financial planning and summary reporting solution on IBM Planning Analytics Cloud, providing Covenant Logistics Group with a centralized, secure, and highly configurable planning environment. The solution integrated forecasting, reporting, and predictive inputs into a single source of truth, enabling executives and business users to access timely, accurate information through self-service analysis. With improved usability, security, and flexibility, the platform significantly accelerated planning cycles and freed finance teams to focus on higher-value analysis and decision-making.
Benefits/Results
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