Established in 1744, Sotheby’s is the world’s largest, most trusted, and dynamic marketplace for art and luxury.
Adoption of SAP Analytics Cloud (SAC)
Sotheby’s was looking to improve upon their overall financial and operational processes, Sotheby's searched for a user-friendly Corporate Performance Management (CPM) software solution that could help replace their legacy applications and automate the consolidation of their data to improve their budgeting, forecasting, and reporting processes.
Sotheby's was spending considerable time manually consolidating their data in Excel, making it difficult to plan and report in real-time. Like most organizations, Sotheby's biggest overhead was personnel. As a multinational organization, Sotheby's had thousands of employees who needed to be tracked.
Sotheby's was looking to automate the consolidation of data to improve budgeting, forecasting, and financial reporting processes to enhance salary planning and profitability analysis capabilities across the organization.
Improving (Toronto) conducted a comprehensive data and organizational readiness assessment at Sotheby's to determine the status of existing processes, present and future architecture, as well as financial budgeting and planning.
This assessment aimed to assess the current state of data analytics within the organization and identify any gaps that needed to be addressed. The assessment results also played a crucial role in prioritizing workloads based on their potential business impact before the recommendation and implementation of SAP Analytics Cloud.
Sotheby's experienced a significant reduction in data entry hours, thereby allowing for an enhanced focus on information analysis. Recognizing the extensive reporting and visualization capabilities offered by SAP Analytics Cloud, Sotheby's proactively explored novel avenues for monitoring critical data. Initially, they developed a set of dashboards primarily centered on attrition, seamlessly integrating data from SAP SuccessFactors to effectively track essential employee Key Performance Indicators (KPIs) such as attrition rates, hire dates, employee status, and organizational seniority.
The Business Benefits
Subsequently, Sotheby's developed a supplementary suite of dashboards and visualizations specifically aimed at performance management. By leveraging real-time information, they effectively monitored and evaluated employee performance on a global level, utilizing data on employee counts and corresponding performance ratings. Furthermore, this comprehensive solution streamlined the provision and tracking of management commentary.
As a result, Sotheby's executive team attained unprecedented access to real-time insights regarding the organization's overall well-being, thereby enabling them to make critical, informed decisions of paramount importance.
Through utilizing SAP Cloud Solutions, the Improving (Toronto) team skillfully devised an architectural framework that effectively yielded the intended insights by consolidating data from various business units. SAP Analytics Cloud, a comprehensive analytics and planning solution, facilitates reliable insights and integrated planning procedures across the entire enterprise, aiding clients in making informed decisions.