Company Background
Radio One, Inc. is the nation's seventh largest radio broadcasting company (based on 2006 net broadcast revenue) and the largest radio broadcasting company that primarily targets African-American and urban listeners. Radio One owns and/or operates 60 radio stations located in 19 urban markets in the U.S. and owns Magazine One, interests in TV One, a cable/satellite network, and Reach Media, owner of the Tom Joyner Morning Show. Radio One also operates the only nationwide African-American news/talk network on free radio and programs "XM 169 The POWER" on XM Satellite Radio.
Project Goals & Objective
- Replace unwieldy, spreadsheet-based planning process
- Meet the specific budgeting and forecasting needs unique to Radio One and its industry
- Team with proven, experienced partner for successful implementation
- Improve analytical abilities
Business Issues
Relying extensively on multiple and disparate spreadsheets created at the radio station level, Radio One’s corporate managers are responsible for consolidating vital data including Annual Budgeting, Monthly Forecasts and Assessments, Weekly Revenue, and Daily Pacings (statement of revenue booked on a daily basis). This old process was not only arduous, but also time consuming and unwieldy. As a result, Radio One sought an enterprise software tool that would facilitate their unique budgeting and forecasting processes while increasing productivity and improving their analytical capabilities. While attempting to implement a new planning solution; however, Radio One and its initial implementation partner ran into many obstacles, both technical and functional that led to the cancellation of the project. After learning about Ranzal’s reputation and proven success leveraging the necessary technology to meet their unique business requirements, Radio One turned to Ranzal to assist them in overcoming their budgeting and forecasting roadblocks.
Ranzal Role
Ranzal gained a detailed understanding of Radio One’s current planned budgeting and forecasting processes, then generated a system prototype that confirmed requirements and provided a clear vision of the final application. These initial steps ensured confidence in Ranzal’s planning solution and made clear to Radio One management that their unique needs could be achieved. In just three months, Ranzal delivered a comprehensive solution on time to users in each of Radio One’s 60+ radio stations as well as to 15 executives in corporate headquarters.
Business Benefits
Replacing a cumbersome spreadsheet planning process, the new system ensures that Radio One staff throughout the organization follow common input methodologies while providing advanced analytical capabilities never before available. Analysts in the corporate finance department are now able to spend less time on manual consolidation efforts and more time on crucial financial and statistical analysis. Overcoming technical and functional roadblocks faced by a less experienced implementation company, Ranzal ensured a smooth transition from cumbersome and difficult budgeting and forecasting processes to a new streamlined solution. The new system, which meets the unique needs of Radio One’s budgeting and forecasting procedures, ultimately increases productivity and gives Radio One staff the planning and analytical capabilities needed to maintain their top status in the industry.
