Thousands of Users At Target Stores and Distribution Centers Will Use Adaytum e.Planning To Plan and Manage Store Expenses
FOR IMMEDIATE RELEASE
MINNEAPOLIS August 6, 2001 -Adaytum, the leading provider of enterprise business planning (EBP) solutions, today announced it has secured an enterprise-level licensing and services contract with Target Corp. (NYSE: TGT), a Fortune 50 company and one of the nation's leading mass-market retailers.
Under the agreement, Target will roll out Adaytum's flagship Adaytum e.Planning EBP solution to transform the expense-planning process in more than 1,000 Target stores and distribution centers nationwide. Previously, corporate budgeting professionals would issue expense plans to each store. With the new Adaytum e.Planning solution, individual store managers will be able to provide input into the planning and preparation of their store's expense budget, creating greater "buy-in" and accountability at all levels.
Adaytum e.Planning is the industry's first and only proven scalable Web-based solution for enterprise business planning that provides real-time insight into future corporate performance. With modules for participation from analysts, contributors, executives, and administrators, it combines top-down planning and modeling with bottom-up budget collection, sales forecasting, and workflow.
"With its Web-based module for gathering contributions from store managers around the country, Adaytum e.Planning creates a budgeting climate of far greater accountability," said John Mulligan, manager of store expense plans for Target. "Now, instead of corporate headquarters simply dictating an expense plan to a store based on assumptions, we can collaborate with our store managers to quickly and iteratively create individual expense plans that reflect their unique business conditions and market. We found Adaytum's solution was powerful and scalable for our nationwide deployment and we look forward to our upcoming implementation."
"This agreement is the latest in a series of major sales wins for Adaytum," said Guy Haddleton, chief executive officer of Adaytum, "and reflects the increasing consensus among executives that enterprise business planning with its ability to help companies hit their numbers with greater confidence and accuracy is no longer a luxury. In today's unforgiving market, it's a non-negotiable requirement. Increasingly, enterprises like Target are recognizing the power and value of combining top-down planning and bottom-up budgeting. Broader contribution and collaboration among all planning stakeholders down to the store level translates into highly granular and highly accurate plans that drive increased shareholder value."
About Target Corporation
Target Corporation operates large-store general merchandise formats, including discount stores, moderate-priced promotional, and traditional department stores, as well as a direct mail and on-line business called target.direct. The company currently operates 1,321 stores in 46 states. This includes 991 Target stores, 266 Mervyn's stores, and 64 Marshall Field's.
Adaytum named to UPSIDE Magazine's "Hot 100 Private Companies" for 2001 provides Internet-based enterprise business planning software that allows organizations to plan, track, analyze, and forecast key business activities in a proactive and collaborative manner. The choice of more than 1,500 pace-setting organizations around the world, Adaytum is headquartered in the U.S., with offices in the U.K., the Netherlands, and Australia, and 22 distributors worldwide.
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