“Beware of little expenses. A small leak can sink a great ship.” – Benjamin Franklin
How does the senior leadership of a Fortune® 50, $71 billion-dollar company make the right business decisions that will help them save millions of dollars in the long run? How does a global retail organization make the right sourcing decisions that could drive margins? How do the stores of the second largest home improvement retailer of U.S. and Canada drive expense productivity?
That’s where financial decision support comes into the picture.
When Lowe’s decided to expand into India with its Store Support Centre here in Bengaluru in 2014, it decided to have a team dedicated to helping the enterprise drive better financial decisions across business functions.
Today, the Financial Decision Support and Analytics team supports various businesses and functions at Lowe’s. For instance, we provide weekly business performance insights to the Executive Leadership team, Test Measure, and Analyze new strategies and initiatives to ensure we drive shareholder value, provide business performance analysis for our Canada operations, and help quantify the impact of our pricing and promotions initiatives.
Here’s the impact of what the FDS&A team at Lowe’s has created:
- Every week, the business performance analysis work that we deliver, forms the basis of discussions at executive meetings where performance gets reviewed and tactical decisions are made to ensure we stay on track to achieve our business goals
- Projects (outlier detection, benchmarking) that we have delivered has helped drive decisions that have resulted in a reduction of operational expenses
- Evaluating the impact of initiatives (resets, promotions etc.) has helped drive better ROIC
All this is a collaborative effort between the FDS&A team here in Bengaluru and our colleagues in Mooresville, North Carolina where we are headquartered.
The foundation of all the work we do is around DATA!
Being a retail organization serving 18 million customers across 2,200+ stores, Lowe’s generates a significant amount of data – making the task of the team both daunting as well as challenging! Hence, the team here consists of people from various backgrounds, people experienced in retail, IT, manufacturing, services, etc. with expertise in finance, marketing, analytics, creative problem solving, etc. We use cutting edge tools, and technologies to help us cut through the data – and slice and dice it in multiple ways to help generate insights and drive decisions!
Lowe’s is continually transforming. It means more challenges, quicker turnarounds, and opportunities to drive impactful analysis for Lowe’s. Our team in Bangalore is on its quest to help Lowe’s build a world-class finance organization that would help Lowe’s in its journey from Good to Great!