Jason Bingham

Director of FP&A at ZAGG Inc

Location:
3855 S 500 W. SUITE J, Salt Lake City, Utah, United States
Company:
ZAGG Inc
HQ Phone:
(801) 263-0699
Wrong Jason Bingham?

Last Updated 6/15/2017

General Information

Affiliations

Finance Manager  - ICount

Web References  

Resolve Product Supply Issues | Manufacturing Case Study | Adaptive Insights

Jason Bingham, Manager, Financial Planning and Analysis
"The finance team is part of strategic meetings in every department because finance touches all aspects of the business, from reviewing sales contracts to helping manage product life cycles," Bingham said. It all comes down to profit margins," said Bingham. "In the last year, margins have gone up almost 5% across the company's entire product portfolio, translating to a positive impact of $10 million." ZAGG develops strategies to become a data-driven organization When Bingham joined ZAGG four years ago, the publicly held company had few mature forecasting, budgeting, and reporting processes in place. While the sales staff did some sales forecasting, too often product demand forecasts were off. This required products to be shipped overnight from China, hurting profit margins. It was also difficult to accurately analyze how customer discounts and wholesale pricing impacted overall profit margin. The year Bingham joined ZAGG, the company missed its guidance estimates of net sales by 33%. "We were over $100 million off in our estimates," recalled Bingham. "So it was decided finance should take over forecasting and create standard financial processes." These key developments helped ZAGG transform into an organization focused on harnessing data insights and strategic analysis to more cost-effectively develop and distribute products. Another critical component was the decision to implement a modern cloud-based CPM (corporate performance management) solution from Adaptive Insights with connectors that bring in data from ZAGG's enterprise resource planning and customer relationship management systems. Now, Bingham and his team have easy and fast access to a centralized and complete data repository for accurate forecasting, planning, and reporting-yielding huge benefits for ZAGG. Improved financial forecasts lead to bigger profits From the start, the new system made it much easier for Bingham and his team to strategically analyze data to identify areas for improvement. Goal No. 1? Fixing product supply issues to reduce expenses. Using the Adaptive Suite, Bingham and his staff developed accurate product forecasting and improved visibility into the product ordering process. Today, staff members are more educated about freight costs, and because they have increased visibility of consumer demand and sales projections, they are able to order the right products with enough lead time to be delivered via less costly ocean freight compared to overnight air freight. "We are better able to manage expenses with Adaptive Insights and improve our margins," said Bingham. "In the first year we saved $8 million, simply by fixing freight issues." In the past, sales executives would come to a meeting with revised sales numbers, and Bingham had to track down why a number had changed. Bingham and his staff also enjoy using Adaptive OfficeConnect for reporting automation because it has significantly shortened financial reporting timelines. Each month, the finance staff needs to generate several reports for each major account and each product category, and with Adaptive OfficeConnect, ZAGG is saving a full day's work of two people every month, averaging a savings of 24 days of reporting work over a year. "With the Adaptive Suite, my role is much more strategic. My team and I spend more time helping drive decisions rather than building reports," Bingham said. Jason Bingham, Manager, Financial Planning and Analysis See Adaptive Planning software in action. Watch an online demo.

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