See Pigment in action
See Pigment in action
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"Allocations based on cost centers were historically done by one person during a period of three days and now in Pigment it’s instantaneous."
Erika Ruksenaite
Finance Systems Lead
Erika Ruksenaite
Finance Systems Lead
Number of employees
1,001-5,000
Used by
Finance team
Headquarters
Vilnius, Lithuania
Industry
Wholesale & Marketplace
Use cases
- Budgeting & Reporting
- OPEX Planning
- Headcount Planning
Implementation time
Integrations with
Data Warehouse, Google Sheets, NetSuite, Workday, Greenhouse
At a glance
Vinted, founded in 2008, is Europe's largest international online C2C marketplace dedicated to second-hand fashion, with a growing base of millions of registered members covering more than 20 markets in Europe and North America.
Through Pigment, Vinted has been able to:
- Seamlessly integrate with existing tools like Workday and NetSuite, simplifying data consolidation, minimizing manual work, and ensuring data consistency across platforms.
- Address the complexities of managing intricate financial models in spreadsheets, improving overall efficiency and reducing errors to provide a more reliable FP&A process.
- Significantly reduce the time spent on FP&A processes, enabling quicker and more accurate decision-making and allowing the finance team to focus on strategic initiatives.
- Empower team members to independently access and analyze data, reducing reliance on the finance team for data retrieval and allowing for more informed decision-making.
Before Pigment, Vinted’s finance team struggled with managing complex financial models in spreadsheets, leading to inefficiencies and errors. Manual data updates and consolidations were time-consuming and prone to mistakes. Since implementing Pigment, Vinted has achieved significant improvements in financial planning efficiency, data integration, and self-service reporting, allowing the team to focus on strategic insights and proactive financial management.
Why Pigment?
Vinted operates in a fast-paced environment, constantly evolving and expanding into new markets. This necessitates a financial planning solution that could keep up. Relying on static, cumbersome spreadsheets was no longer feasible for the finance team.
They needed a solution that could handle diverse data sources, maintain confidentiality, and improve efficiency. After thorough evaluation, Pigment stood out for its:
- Flexibility and Adaptability: Pigment's flexible architecture allows Vinted to easily build and amend plans, accommodating their fast-paced growth and changing needs.
- Seamless Integrations: Pigment integrated smoothly with Vinted’s existing tech stack, including Workday and Google Workspace products.
- Empowering Users: Pigment enabled the finance team to implement specialized apps for cost management and headcount planning.
- Rapid Implementation: Leveraging Pigment’s academy and training materials, Vinted’s team quickly got up to speed.
- User Experience and Collaboration: Pigment provided a centralized platform for financial planning, improving collaboration and giving executives real-time access to accurate financial data.
A fast-changing environment demands a flexible solution
The existing approach led to inefficiencies, a high risk of errors, and difficulties in maintaining consistency and accuracy across various data sources. The need for a more integrated and flexible solution was evident.
A quick and painless implementation
Implementation was seamless, thanks to support from both Pigment and partner Keyrus. Keyrus played a key role by providing co-build support, helping Vinted quickly learn how to build reports, create formulas, and integrate data. They also guided the setup of essential components like security, cost management, and headcount planning, while sharing best practices for efficiently managing metrics.
With Keyrus' expertise in using Pigment’s strong and flexible integration capabilities with tools like Workday and NetSuite, Vinted was able to minimize disruption and fully leverage Pigment for smooth, continuous financial planning.
Transforming data access, security, and collaboration
One of the significant advantages of implementing Pigment at Vinted was the ability to securely provide access to financial data across the organization. This enhanced transparency and collaboration, allowing more team members to access critical information in real-time.
During the last planning cycle, Vinted launched the Cost Management App, which included vendor cost planning and facilities cost planning. They have around 150 input providers, and manage access rights for all of them within Pigment. This allowed Vinted to streamline data input while maintaining robust governance and security controls.
This approach democratizes data access and fosters a culture of innovation and ownership within the company.
Quantifying the benefits
With Pigment, Vinted was able to move much faster on routine tasks. Allocations based on cost centers, which historically took days to complete, are now done instantly with Pigment.
What’s next for Vinted and Pigment?
As Vinted grows and adapts, Pigment does the same. The team remain firm advocates of Pigment’s efficiency and user experience, planning to introduce new use cases like management and headcount reporting, and expanding integrations with data sources like BigQuery.
Vinted aims to empower more business units to create specialized apps within Pigment, fostering innovation and self-sufficiency. Additionally, Vinted is looking forward to making use of new AI capabilities within Pigment to enhance predictive analytics, automate tasks, and gain deeper insights.