As the world continues to become ever more digital, companies from all industries need to have a strong digital commerce strategy. However, launching a digital commerce platform can be a complex undertaking, especially for established companies which have built their businesses on more traditional, paper-based processes that are better suited for ‘brick and mortar’ transactions. Netconomy Software and Consulting specializes in omni-channel and e-commerce software integrations, creating digital marketplaces for a diverse range of companies in the retail, wholesale, consumer, telco and transportation industries. This is where Netconomy has found its ‘sweet spot’: working with enterprise organizations to adapt and connect their business processes with state-of-the-art technologies to deliver scalable e-Commerce solutions. However, this is a fast-paced industry and the company is having to grow – and plan for that growth – rapidly.
For the first few years, the company utilized a classical budget process: taking a couple of months of the year to create a financial plan for the next year. However, this type of planning process has become less effective for Netconomy since the company is developing so quickly. The company needed a planning process that would combine risk management with its budgeting and forecasting.
Now, the Austrian-based company uses Palisade’s @RISK to integrate risk management within its budgeting and financial planning processes, providing the management team with full visibility of the risks associated with each element of its budget. This in turn enables the company to make better, more informed decisions regarding capital expenditure, investment planning and future growth strategies.