Driving Sustainable Success
Background:
In the renewable energy space, BSMART partnered with a leading enterprise in the sector with a revenue of £2.3 billion. The enterprise boasts a high-profile, diverse client base spread across numerous geographies delivering cutting-edge solutions spanning environmental products, power markets, and alternative fuels. The entity faced issues in software and IT cost allocation and apportionment owing to extensive costs of research & development. The cascading effects of these inefficiencies were unidentified and unresolved.
Understanding the challenges:
IT costs amounted to more than 15% of the total expenses. The existence of multiple departments and cost heads had made the process inefficient with several undetected inaccuracies and ineffective delegation of authorities. Understanding the nature and incurrence of costs was a monumental task. Integration of various organisational systems was missing and owing to this information was lost and inaccurately and/or incompletely processed.
Driving Change:
Working closely with the CEO & CTO, BSMART focused on clear segregation of duties. Checks and balances were put in place to ensure the accuracy of the data that was being processed. Understanding key systems and process workflows enabled the team to efficiently modify the existing workflows and customise new ones. Monetisation of specific software development features through optimum pricing strategies was implemented through meticulously designed systems which also resulted in achievement of precise allocation of costs in line with the utilised services.
As the picture became clearer on this front, BSMART’s team recognised a compelling opportunity resulting in the formation of a startup entity with projected revenues upwards of £100 million. The team guided the client through complex activities such as go-to-market strategy & pricing. They developed demand feasibility studies and established operational controls. Currently, BSMART acts as a virtual CFO for the entity driving decisions related to sales strategies and the entire finance function.
Outcome – Growing Together
A basic cost allocation issue resulted in a growth opportunity worth over £100 million in revenue for the entity. The satisfaction shown by the management in BSMART’s professional assistance is the backbone that drives growth and satisfaction within BSMART’s team.
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