Strategy before software: How Fragrance Oils transformed its finance function with VantagePoint

Goal & Challenge

As Fragrance Oils expanded internationally, its finance team still relied on spreadsheets and manual reporting processes. Data was spread across multiple systems, reporting took too long, and insights arrived too late to influence business decisions.

Solution

Rather than beginning with technology, VantagePoint started with strategy - aligning stakeholders, redesigning finance processes, and implementing CCH Tagetik to create a single source of truth for planning and reporting, and repositioning the Finance Function as a true business partner.

Results

• Daily reporting instead of monthly reporting
• One trusted source of financial data across global operations
• Automated reporting processes
• Faster, more informed management decisions
• A finance function built to scale with continued business growth

A growing business constrained by manual finance processes

When Chris Edwards joined Fragrance Oils as Head of Finance, IT, and Supply Chain in August 2022, he inherited a finance function that was struggling to keep pace with a rapidly growing international business.

Operating across the UK, Nigeria, Singapore, Malaysia, Indonesia and Dubai, Fragrance Oils had ambitious growth plans - but finance was heavily dependent on spreadsheets and manual processes.

"We had quite a manual finance process. Lots of spreadsheets, lots of people taking data from a system, keying it into a spreadsheet, and issuing manual files. Our information came from lots of different sources”

By the time the monthly reports were produced, the opportunity to act on the information had often already passed. Instead of analysing performance and supporting decisions, the finance team spent most of its time producing reports.

Something had to change.

“We could have just carried on doing the same old thing, but we wouldn't have improved the business in any shape or form,” says Chris. “Eventually, we’d have gone underwater. It was unsustainable.”

Chris initially believed the answer was simply to find the right planning and reporting platform.

"I really wanted a tool to bring those different sources together. And automate the process so that we can supply information in real time to our community and they can make the best decisions."

Looking beyond the software

While evaluating FP&A platforms, Chris was introduced to VantagePoint as a potential implementation partner. Instead of discussing software, the first conversation focused entirely on business strategy.

"I got on a call with four guys who gave me possibly the biggest grillingI've ever had: what was our information strategy, where I wanted to take the business. We actually didn't talk about the tool at all. I thought I just needed someone to help implement a tool. Instead, VantagePoint made me realise I needed to take three or four steps back and think about where we wanted to take the business first. That's when I knew they were probably the partner I wanted to work with.”

Strategy first. Technology second

Before implementation began, VantagePoint ran a strategy session with key stakeholders across the business. Rather than focusing solely on finance, the team worked to understand how every department used financial information and what the organisation needed from its planning and reporting processes.

For Chris, one thing stood out.

"We had accountants talking to us who genuinely understood the problems I was trying to solve. That gave me huge confidence that this wasn't just any other consulting company trying to sell me something we didn’t need.”

The outcome was a finance transformation roadmap shaped by business objectives - not software features.

Partners who felt like colleagues

As the implementation began, Chris was impressed  by how quickly the VantagePoint team understood the business.

"The speed at which they learned how our business worked and played it back to us was really impressive."

That understanding translated into practical recommendations that accelerated delivery.

"Their recommendations meant we could move much faster because they really understood where I was trying to take the business.”

The relationship also felt different from a typical consulting engagement.

"They were great people to work with - very collaborative. It didn't feel like a consulting team on site; they felt like they were part of my team."

Even team members who were initially sceptical quickly embraced the partnership.

"Once they realised how easy VantagePoint was to work with, everything became very straightforward."

Day to day, the relationship didn't feel like a typical consulting engagement. "It was a pleasure, it really was. They’re great people to work with, very collaborative. It didn't feel like a consulting team on site at all; they felt like they were part of my team."

And when the project went live, the relationship didn't end. "Working with them was a pleasure. We’re still in touch with most of the consultants that we worked with today."

From reporting the past to driving the future

Today, Fragrance Oils has transformed the way finance supports the business.

Instead of waiting for monthly reports, teams now have daily visibility of sales, margins and financial performance across every region.

"The sales team now has daily updated sales reports covering all of our customers across all business units wherever they are in the world.”

With a single source of truth, leadership discussions have shifted away from validating data towards making decisions. "Having one source of the truth means we can spend our time looking at what the numbers are telling us and using that information to make better decisions”.

For Chris, the impact has been as much about confidence as efficiency.

"It feels like I've got more time because we're no longer panicking to produce numbers while worrying whether they're right."

As the business continues to grow, the finance function is now equipped to grow alongside it.

Looking back, Chris has simple advice for organisations embarking on a similar journey.

"Take a step back and think about what you're trying to achieve first. Then choose the tools accordingly."

Ready to transform your finance function?

Technology alone won't transform finance. The right strategy, processes and implementation approach will.  You need to bring your key stakeholders along the journey with you.

If you're looking to modernise planning, reporting or FP&A, we'd love to show you what's possible.