L’Oréal transforms its marketing budget planning process with Board
The decision-making platform, which unifies Business Intelligence, planning, and predictive analytics capabilities, perfectly supports L’Oréal’s digitalization strategy
Board International announced today that the world's largest cosmetics company, L’Oréal, is using its unified Board decision-making platform in the DACH region to standardize marketing budget planning and analysis.
“With our new central Board solution, that we call MyPLANS, we satisfy our company’s need for continuous transparency of budgets and spend and ensure agility for strategic investment decisions,” explains Amina Strünck, Finance Project Director at L’Oréal Germany. “Our users already report many advantages thanks to Board’s integrated platform such as higher planning and reporting accuracy, easy interaction with other group tools, an intuitive interface, less manual workload, and automatic consolidation of different currencies,“ adds Brian Heron, Head of Business Solutions DACH at L’Oréal. “This overall simplification and digitalization fits perfectly into our corporation’s strategy.”
Board helps to drive strategic investment decisions by improving transparency and internal collaboration
The Board platform provides L’Oréal with the end-to-end transparency needed by the C-Suite and management teams to make fast, effective strategic investment decisions. By acting as single point of entry for the planning and reporting of budgets across 250+ users in the region, Board efficiently harmonizes the working approach between countries and divisions in line with the L’Oréal group’s reporting requirements and the recommendations of its Excellence in Finance program. It also increases general efficiency by automating low value-added manual tasks such as the generation of information, maintenance of interfaces between different systems, and analysis of currency discrepancies.
With the help of integrated workflows including approval and rejection processes and the possibility to add comments, the planning process is clearly structured for the whole team. Comprehensive scenario management capabilities support the decision-making process by quickly identifying overspend, while interactive dashboards show aggregated overviews of the planning process and enable ad hoc analyses to ensure actual and planned values stay on track.
Quick adoption by “millennial” users thanks to Board’s modern and intuitive interface
“We are very proud to be able to support L’Oréal with their digitalization strategy by providing a modern decision-making platform that not only unifies the most advanced features for planning, analysis, simulation, and reporting, but also fulfils the demanding expectations of a user group that symbolizes digitalization – the so-called millennials,” says Ansgar Eickeler, General Manager DACH, BeNeLux & Eastern Europe at Board International.
L’Oréal has devoted itself to beauty for over 100 years. With its unique international portfolio of 35 diverse and complementary brands, the Group generated sales amounting to 27.99 billion euros in 2020 and employs 85,400 people worldwide. As the world’s leading beauty company, L’Oréal is present across all distribution networks: mass market, department stores, pharmacies and drugstores, hair salons, travel retail, branded retail and e-commerce. Research and innovation, and a dedicated research team of 4,000 people, are at the core of L’Oréal’s strategy, working to meet beauty aspirations all over the world. L’Oréal sets out ambitious sustainable development goals across the Group for 2030 and aims to empower its ecosystem for a more inclusive and sustainable society. More information: https://www.loreal.com/en/mediaroom/
Board is the #1 Decision-Making Platform, empowering people to have a transformative impact on their business by helping them to intuitively leverage their data in a flexible, all-in-one environment. Unifying Planning, Predictive Analytics, and Business Intelligence, the Board platform allows companies to produce a single, accurate view of business information, gain actionable insights, and achieve full control of performance across the entire organization. Using Board, global enterprises such as H&M, Toyota, Coca-Cola, KPMG, Puma, and HSBC have digitally transformed their decision-making processes. Founded in 1994, and now with 25 offices worldwide, Board International has long been recognized by leading analysts and subject matter experts including Gartner, Nucleus, and Dresner. www.board.com