About the Very Group
The Very Group is the second largest pure-play online retailer and one of the largest online unsecured credit providers in the UK. Through digital stores and five star rated apps, the company provides customers with access to over 2,500 famous brands and a range of flexible ways to pay. With over 1.3 million visits to The Very Group’s websites every day, over 49 million products are delivered to more than 4 million customers every year.
Prior to the implementation of Flintfox, The Very Group was managing supplier agreements for more than 1,400 suppliers using spreadsheets – a very time-consuming and error-prone process. Margin reports were being created manually, resulting in accuracy and consistency issues. Agreeing on claim values with suppliers was also proving difficult.
With a rapidly growing business, new suppliers coming onboard and increasing product volumes, the inefficiency and risks associated with a manual system for complex rebate management were going to escalate. Following unsuccessful attempts and manual workarounds to address the concerns, The Very Group determined a Flintfox solution could offer the following:
- Provide an easier understanding of margins.
- Introduce a consistent process for the input of rebate accrual rules across various channels.
- Ensure accurate and timely rebate claims from suppliers.
As part of a tender and evaluation process involving 8 other suppliers, The Very Group determined that Flintfox was the most suitable solution with functionality that would most capably address the company’s specific supplier rebate challenges.
Flintfox had the technical capability to handle The Very Group’s legacy infrastructure and the company’s new cloud-based systems. The decision was made to implement Flintfox for D365, with integration to Oracle Financials for invoicing.
Flintfox for D365 includes functionality for Price Management, Rebate Management, Promotion Pricing, and Claim and Deductions, which is all embedded within the Dynamics 365 environment, meaning most of the rebate requirements could be fulfilled out of the box, reducing the need for customizations. The overall solution cost was also relatively low in comparison to the alternative options.
In summary, the key reasons for selecting Flintfox included the out-of-the-box functionality, combined with relatively low cost and the company’s wealth of industry expertise.
Following the implementation of the Flintfox solution, The Very Group reports many successful outcomes.
Elimination of manual spreadsheet processes with huge efficiency gains
The introduction of a centralized and automated solution means that the previous manual approach involving up-keep of 28 large Excel spreadsheets has now been consolidated into a single source of truth, ensuring consistency and accuracy.
The Very Group is now able to process high volumes of trade agreements annually through Flintfox with no limitations on scalability. On average more than 1,500 live trade agreements are managed daily, which can grow to more than 15,000 on Black Friday.
Improved cash flow visibility and flexible financial reporting
The Very Group is now benefiting from improved cash flow visibility including demand margin, as well as full visibility of both forecasted and achieved trading margins. Flintfox’s integration with Oracle Financials Cloud, now allows The Very Group’s invoices to be automatically posted to the General Ledger. Unlimited pricing categories with general ledger posting parameters are resulting in a simplified and systematic invoicing system and flexible financial reporting options.
Buyers no longer need to raise a manual paper claim. Reporting was previously a manual task for a staff member who spent 6 hours every day sifting through spreadsheets in order to create reports for the board. With Flintfox, the information is now available instantaneously, resulting in staff productivity gains. Integration with Power BI allows shareholders to have easy access to financial data.
Improved compliance system
Flintfox is now handling trade agreements for over 1,400 suppliers, providing the benefit of accurate pricing data available at The Very Group’s fingertips and activity being captured as it happens. Previously, in order to meet compliance requirements, the services of a third party were used to report on invoices that had not been paid. With Flintfox, the company has been able to not only transform its compliance processes to keep up with complex industry regulations but remove the need for the third-party services resulting in $1 million in annual cost savings.
Automated, faster claims settlements
A more accurate process for managing rebates and claims settlements means that the time spent debating with suppliers in relation to their specific claims has dramatically reduced. Manual validation of claims information was previously a time-consuming, costly task and Flintfox has accelerated the overall efficiency of the claims workflow process.
We’re with you for the long term
Reduced time to produce audit report
Reduced rebates inaccuracies
‘With Flintfox’s ability to handle thousands of trade agreements, the productivity and efficiency gains have been massive. An out of the box solution that fulfilled 80% of The Very Group’s requirements, as well as its low cost relative to the alternatives, and a wealth of industry expertise, made the Flintfox choice a no brainer!’