In its first decade, the company emerged as a leader in fitness recovery equipment, such as percussion massagers, compression sleeves, heat wraps, vibration massagers and more. With breakthrough products built on advanced technologies, the organization grew quickly, achieving a presence in 60 countries.
Then came the unprecedented disruptions of COVID-19. With the world in lockdown and supply lines shut, the company was caught in a vortex of goods it could not move, new products it could not receive, and loans it could not defer. The business found itself in default on a $110 million loan. Among the company’s challenges were a tracking and monitoring framework that needed upgrading, inadequate processes to measure return on ad spend, and a supply chain that lacked the systems to be resilient amid the headwinds.
In this difficult situation, the business needed improved processes, a more efficient organizational structure, and greater accountability around spending. What it didn’t have was time. The company had an immediate need for cash to keep going. It owed millions and had mountains of excess inventory on hand.
Dark times for a good company
Before
After
Future
Replace aging applications that differed across divisions and subsidiaries
Reduce manual, disparate processes freeing up more resources for advanced analytics
Enable enhanced reporting and make it more widely available across the enterprise
Act with greater speed and agility to capture value in acquisitions
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Company-wide
opportunities
Process hundreds of thousands of transactions per month with greater efficiency
Reduce 10,000+ manual journal entries per period
Decrease >3-week close
Shorten the >3-month annual budgeting cycle
Provide better support for a growing e-commerce business
Control rising finance function costs and derive greater value
Finance
opportunities
Reduce 10,000+ manual journal entries per period
Decrease >3-week close
Shorten the >3-month annual budgeting cycle
Provide better support for a growing e-commerce busines
Control rising finance function costs and derive greater value
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Improve technical capabilities to keep pace with increased hiring needs
Reduce dependence on IT and tech resources for supporting and enabling continuous compliance with more than 800 collective bargaining agreements
Unify and automate workforce administration processes across the enterprise
Eliminate the need for employees to learn new systems and interfaces as they move from recruitment to training to managing benefit
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HR
opportunities
Before
Next
After
A new financing package and disciplined processes made the difference. The company fully repaid its lenders—with accrued interest included. Modern accounting and governance systems, including a bespoke Key Performance Indicator reporting package, increased accuracy and granularity in weekly reporting. New production and procurement processes streamlined operations, and automated, best-in-class inventory control procedures were implemented as well. Company EBITDA improved from $(9.1 million) in 2021 to $15.1 million in 2022.
Turning it around
Developed all the necessary processes to support a single, modernized digital platform serving the entire enterprise
Migrated 290,000 employees from legacy systems to Oracle Cloud
Increased insight-driven decision making across functions, driving performance and growth gains
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Company-wide
success
Decreased balance sheet reconciliations
by 85%
Achieved a consolidated retail and
corporate close within a shortened period
Reduced the types of P&L statements from 100+ to 4
Reduced operations costs across the board
Enhanced availability of data-driven insights that help to capture maximum value during acquisitions
Achieved a consolidated retail and corporate close within a shortened period
Reduced the types of P&L statements from 100+ to 4
Reduced operations costs
across the board
Enhanced availability of data-driven insights that help to capture maximum value during acquisitions
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Finance
successes
HR
successes
Deployed a custom application for union-rule processing enabling a single HCM platform to administer benefits to all employee populations under 800+ complex union agreements
Created a digital-first, digital anywhere experience resulting in higher employee engagement
Reduced new-hire onboarding time
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Reduced new hire onboarding time
Streamlined and improved the process integration of new employees post-acquisition
Integrate processes and technology across the employee lifecycle from recruiting through compensation and performance
1/2
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2/2
The company today has a robust product line, with options at every price point. With an expandable, automated, and integrated system for financial and inventory controls, and sophisticated data analytics to provide accurate forecasting, the company has never been in a better position for stable growth. It enjoys partnerships with some of the world’s most recognized sports leagues, teams, and federations and counts many famous athletes among its customers. The company has evolved from a growth-stage challenger to an organization with more mature internal systems and resilient operations.
Continue to enhance analytics-driven planning and forecasting
Optimize the supply chain
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Company-wide
vision
Achieve a continuous, virtual accounting close
Achieved a consolidated retail and corporate close within a shortened period
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Finance
vision
HR
vision
Establish a continual feedback-and-improvement loop based on quarterly HR reports from the field and deployment of new capabilities
Migrate payroll, benefits, and absence management to Oracle cloud for 2023
Insource benefits administration
Trimmed, toned, and fit
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After
After
Next