About the Customer
Timex Group is one of the largest watch makers in the world. In addition to watches sold under the Timex brand, the company also manufacturers watches under other well-known brands such as Nautica, Guess, GC, Salvatore, Versace, Versus, Ferragamo, and Opex.
Scope and Challenges
Timex’s financial system, Hyperion Enterprise, did not have the flexibility in accounting and reporting to meet the company’s financial and information needs. When Oracle announced the sunset of Hyperion Enterprise, Timex’s team, knew they would need to find a replacement. The team took about a year to evaluate multiple vendors for a single solution that would meet the company’s needs for managing corporate budgeting and financials, along with detailed financial reporting.
The new system CCH Tagetik is able to handle diverse and complex reporting needs at multiple levels: corporate, regional, country, and business unit. System’s intended users are located worldwide and because of that, the system is relatively easy to use for regular and ad-hoc reporting without extensive training. The system also integrates with the range of source systems used throughout the Timex Group, including Oracle General Ledger. Approximately 80 people throughout the Timex Group use CCH Tagetik for reporting – from the CEO and corporate controller down to location users and uses also to create regular report packages for the company’s board of directors.
Outcome and Implications
Additionally, In 2016, Timex was also ready to implement a ﬂexible and dynamic enterprise-level commerce platform that would position the company to quickly scale across brands and global markets, and deliver a dynamic new commerce experience better aligned to the Timex brand.
LYONSCG designed and developed a stunning new site on the Salesforce Commerce Cloud platform, capturing the timeless beauty and innovation of the Timex brand. The project included a multi-site architecture to facilitate the rollout of additional brands and geographies, and numerous complex integrations, including order management. Under budget and ahead of schedule, the new timex.com was live before the critical 2016 holiday shopping season, with revenue, conversion rates, and orders up over 200% in the months following launch.
“We’ve streamlined reporting immensely. Today, a single CCH Tagetik report can incorporate the data we previously presented in 30 different reports. A product or business change is made once and is automatically reflected everywhere.” - said Shelly Krpata, senior manager of financial reporting and consolidation at Timex.
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