Mattress Firm’s Prophix video story
Replace your mattress before you hit the eight-year mark! That’s what the experts at Mattress Firm tell me. Prophix has grown its relationship with the successful retailer since the company first implemented our software in 2015.
Headquartered in Houston, Mattress Firm employs 10,000 people, earns annual revenues just under $2 billion, and owns a full quarter of the retail mattress market in the United States. Mattress Firm’s Accounting and Finance Departments had used Microsoft’s FRx software for years, but this was insufficient for their needs. They also relied on an Excel spreadsheet with more than 3,000 tabs (yes, you read that correctly) – that is to say, with a tab for each of their store locations plus roll-ups. Month-end close took two weeks to perform.
From a financial reporting perspective, Mattress Firm needed better and faster allocations, as well as the capability for ad hoc analysis. This would enable them to review expenses, understanding them by cost center and market, by brand, comparing revenues by store and by year. On the reporting side alone, the accounting department was spending 80 hours per month managing and producing financial reports. Today, they spend less than 3 hours on this. Allocations used to take 40 hours of work for. Now it takes 4 hours.
Mattress Firm is still early in their customer journey with Prophix. As they continue to develop their solution, they expect to more than triple their ROI when they roll out access to data in Prophix for 900+ people. Every district manager will have the ability to investigate their financials and understand how to impact their operations at the field level.
One thing’s for sure: we’ll be with them every step of the way, learning from their innovations as they use CPM software to help run their business better.