By integrating TimeXtender (formerly Exmon) into its suite of data services, Lagerinn reduced revenue leakages caused by bad data by improving processes and data quality.
The Company
Lagerinn is one of Iceland’s main home decor and hard and soft furnishing retailers. The company has eleven retail outlets, and its portfolio consists of popular regional brands and international franchises including JYSK, ILVA, and The Pier.
The Challenge
Lagerinn already had a robust data ecosystem in place. The company’s ERP system, Microsoft Dynamics Nav (Now Dynamics 365 Business Central), runs the central retail and finance data warehouse. In addition, Lagerinn has a POS system by LS Retail and a Nutanix hybrid cloud. Valitor, a long-standing TimeXtender client, also processes the company’s credit and debit card transactions.
“The first challenge we faced was reconciling sales from the POS credit card settlements. The data process had recurring errors and we needed a way to proactively detect and fix those issues before they became revenue leakages.” – Halldór Sigurjónsson, CFO and Head of IT, Lagerinn
Lagerinn needed a way to identify, monitor, track and eliminate errors at the source.
The Solution
Sigurjónsson had used the TimeXtender data management platform in a previous role. Implementing the familiar tool allowed the Lagerinn team to establish over 200 TimeXtender controls to enforce data quality, fix multiple source issues, and made numerous engineering improvements to their systems and processes. And this was only in the first few months.
The Benefits
Lagerinn has discovered multiple use cases for the TimeXtender platform since adoption and continues to reap the rewards it has to offer. Here are some of the most valuable for their business:
Live Notifications: TimeXtender sends notifications to stakeholders if accounts are overdue, credit limits are breached, or if the team needs to update expired or inconsistent vendor credit information. This increases internal efficiencies by eliminating their previous manual processes
Proactive Purchasing: Alerts are shared via the platform when the company needs to increase or amend prices in the system to remain profitable, which was also once a manual task. This not only increases efficiency, but has eliminated the risk of human errors.
Real-time Inventory: TimeXtender has enabled the company to automate time-consuming processes like inventory fulfilment and monthly or bi-weekly vendor payments, saving significant time and resources.
Live BI: Lagerinn also uses TimeXtender to schedule, coordinate and leverage its data infrastructure, and use live reports, transforming the company’s business operations
In Lagerinn’s two-and-a-half-year quest for continuous improvement, TimeXtender has been and continues to be an agent for change.
If you’re interested in seeing how the combination of TimeXtender and TimeXtender Data Management Platform can help manage your data, consider signing up for a free personal demo. See it in action and watch firsthand how you can boost your business with organized, reliable, and trustworthy data.