As one of the leading retail chains in the home furnishings industry, JYSK is not only notable for its more than 2,900 stores in 50 countries, but also for its pioneering use of technology in financial management. JYSK has demonstrated that switching from manual processes to automated systems not only saves time, but also optimizes financial efficiency, increases transparency and controls costs on a global scale.
1. Introduction to JYSK
- Established: JYSK was founded in 1979 in Denmark, specializing in providing high quality home furniture.
- Scale: JYSK currently has more than 2,900 stores in 50 countries and an online retail channel.
- Challenge: Global expansion required JYSK to improve its financial processes, especially in cost management.
2. Challenge: Manual processes slow down progress
JYSK encountered some serious problems in cost management:
- Time and resource consuming:
- The process of collecting invoices, recording expenses, and sending documents to the finance department is time-consuming and error-prone.
- Lack of flexibility and precision in processes slows down the growth of the company.
- Difficulties in legal compliance:
- Regulations on taxes, VAT refunds and business travel allowances vary from country to country, making it difficult to ensure compliance.
- Lack of transparency:
- Cost data is not updated promptly, leading to difficulties in tracking and controlling budgets.
Chief Financial Officer Mislav Dzeko said:
“Manual cost management cannot meet the growth speed of JYSK and cannot guarantee accuracy and efficiency in work.”
3. Solution: Modernize comprehensive cost management
JYSK implements an automation system in cost management, integrated into the company's digitalization strategy:
- Process automation:
- Employees can submit expenses directly through the mobile app, reducing paperwork and processing time.
- The system automatically alerts the finance department of duplicate or excess expenses, helping them to better control.
- Multinational Support and Compliance:
- Cost data is adjusted to comply with tax and cost regulations in each country.
- Ensure legality and transparency throughout the entire cost process.
- Friendly interface, easy to use:
- Intuitive interface makes it easy for employees to get up and running without complex training.
- Flexible integration with accounting systems:
- The cost management system connects directly to accounting tools like SAP, creating seamless data flow and connectivity.
4. Implementation Process: Leveraging Technology Effectively
JYSK applies a detailed implementation roadmap to ensure maximum efficiency:
- Small group testing: Select a group of employees who regularly travel to test the system before widespread deployment.
- Quick training: Staff only need a short training session (30 minutes) to get familiar with the system.
- Continuous improvement: The system is updated dynamically based on user feedback and country-specific requirements.
5. Results: Positive impact from day one
The implementation of the automation system has brought significant results:
- Save time and increase productivity:
- Employees can submit expenses and track them right on their mobile devices, saving time for other tasks.
- Finance department reduces manual work, focusing on strategic tasks.
- Greater transparency and control:
- Cost data is updated in real-time, providing a quick and accurate view of your finances.
- Legal Compliance:
- The automated system ensures that expenses comply with tax and allowance regulations.
Chief Financial Officer Mislav Dzeko commented:
“The new system not only simplifies cost management but also improves efficiency and transparency across the organization, helping JYSK maintain sustainable growth.”
With initial success in cost management, JYSK continues to expand its digitalization strategy in other areas:
- Focus on financial automation: JYSK plans to deploy additional automation tools in other financial operations to optimize efficiency.
- Innovation and scale-up: Technological innovation will be an important factor for JYSK to maintain sustainable growth, improve productivity and save costs.
JYSK has proven that continuous innovation can drive financial performance, improve cost management processes and lay a solid foundation for long-term growth.
6. Bizzi Expense: Your trusted business partner in expense management
In Vietnam, businesses of JYSK's size and vision are also looking for modern solutions to control finances. Bizzi Expense stands out as a comprehensive cost management tool, supporting process optimization and financial risk mitigation.
Outstanding features of Bizzi Expense:
- Set up spending policies: Businesses can customize appropriate spending policies, ensuring budget compliance and minimizing risks.
- Build expense creation and approval process: The expense creation and approval process is automated, saving time and increasing transparency.
- Department and project budgeting: Supports detailed budgeting for each department and project, helping to better control financial resources.
- Real-time cost tracking and management: Allows businesses to instantly grasp spending situations, supporting quick decision making.
- Cost and budget reporting dashboard: Provides visual reports, giving managers a comprehensive view of current costs and budgets.
- ERP Integration: Bizzi Expense integrates flexibly with ERP systems, creating synchronized data links and enhancing financial management efficiency.
Solution Bizzi Expense Currently trusted by many big names in Vietnam such as Mondelez, Talentnet, Masan Group and Kewpie. This is not only a tool to help save costs but also an effective means to manage expenses accurately and quickly.
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7. Conclusion
JYSK’s journey to digitize expense management is a clear demonstration of the importance of technology in improving financial efficiency and optimizing budgets. With Bizzi Expense, businesses in Vietnam can take advantage of an innovative solution to improve their entire financial processes and drive sustainable development.
If your business wants to accelerate financial digitization and optimize costs, get started with Bizzi Expense today!
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