Forestar Streamlines Operations and Achieves Data Confidence

Background

Forestar, a national real estate development company based in Arlington, Texas, faced significant challenges in its forecasting processes due to an outdated legacy system. The company’s quarterly forecasting process involved manually aggregating data from 300 communities, resulting in errors, lack of transparency, and time-intensive reporting efforts. In addition, data inconsistencies between the forecasting system and the accounting database caused distrust among users and a lack of knowledge among investors.

Key Challenges

• Antiquated legacy systems led to inaccuracies in the reports
• Manual aggregation of data from 300 communities led to frustrated team members
• Data inconsistencies between forecasting and accounting systems
• Improper forecasting led to inaccurate financial reports, adversely affecting shareholders

Building a Powerful Forecasting Solution Using Acterys

Forestar partnered with Acterys to implement an advanced forecasting solution. Acterys provided a modern, cloud-based platform that seamlessly integrated with Forestar’s existing Power BI infrastructure. The implementation comprised two phases: 

Phase 1 – Data Integration and Reporting: Acterys helped Forestar integrate its accounting data into a structured database using Power BI. This initial phase laid the foundation for seamless reporting and accurate data analysis. 

Phase 2 – Streamlined Forecasting: Acterys empowered Forestar to develop a forward-looking forecasting tool. Division analysts could now input forecast data quickly and accurately, while Acterys handled complex calculations and data integration in real time. This streamlined forecasting process enabled Forestar to transition from a quarterly to a monthly forecasting cadence, providing real-time insights and proactive decision-making capabilities.

Results

By partnering with Acterys, Forestar successfully modernized its forecasting processes, achieving data confidence and operational excellence. The implementation of Acterys’ solution enabled real-time reporting, enhanced data accuracy, and improved transparency. The streamlined forecasting process empowered Forestar to make proactive decisions based on accurate financial insights. With positive user feedback and significant cost savings, Acterys proved to be a valuable asset in Forestar’s journey toward operational transformation and success. Learn more about each win for Forestar below:

Real-time Reporting and Accessibility

Acterys enabled Forestar to transition from a manual, quarterly forecasting cycle to an “always open” forecast. This shift provided users with real-time access to the most recent data and forecasts, improving agility and response to changes. Division analysts now have the ability to enter data swiftly, resulting in a more efficient workflow. 

Acterys also simplified Forestar’s budgeting process by providing values from previous months within five minutes. This streamlined approach significantly improved the once time-consuming and complex process of gathering data from multiple spreadsheets.  

Overall, Acterys proved to be a valuable resource for Forestar and allowed for a more efficient workflow. 

Enhanced Data Accuracy and Reliability

The Acterys platform facilitated seamless synchronization between Forestar’s forecasting system and its accounting database. This alignment resolved discrepancies and inconsistencies that had previously impacted financial reporting accuracy. The enhanced data consistency laid the foundation for reliable financial insights and empowered stakeholders to make well-informed decisions. 

Error Tracking and Transparency

Acterys’ integration fundamentally transformed error tracking and visual indicators for data inconsistencies. This transparency enabled efficient error detection and provided a clear understanding of the calculations and data flow. Complex calculations became traceable, reducing inconsistencies and improving trust amongst users. 

Time Savings and Operational Efficiency

Acterys streamlined consolidation and significantly reduced the time and effort required for data entry, calculations, and reporting. Data integration with the accounting system ensured automatic updates, minimizing the need for manually incorporating data. This efficiency translated into time savings for division analysts and contributed to an overall increase in operational productivity. 

Increased Frequency of Forecasting

The improved forecasting process enabled Forestar to transition from a quarterly forecasting cadence to a more frequent monthly one. This shift allowed real-time insights into financial projections, empowering the company to respond proactively to changing market dynamics and make more informed strategic decisions. 

It also helped Forestar build more accurate financial reports, improving its standing amongst investors. 

User-Friendly Interface and Adoption

Acterys’ integration with Power BI provided Forestar’s division analysts with a tailored interface they were already familiar with, easing the adoption of the new system. Acterys offers a user-friendly design that enables individuals from junior analysts to senior executives to engage with and utilize the system’s features with ease. 

Cost-Effective Implementation

Despite having similar costs to the previous solution, Acterys delivered increased functionality and efficiency, leading to significant cost savings. With the system enabling one analyst to manage 30 projects instead of just 20, there was no need to recruit extra personnel. Acterys’ augmented productivity and cost-effectiveness ensured a smooth adaptation within Forestar’s operational landscape. 

Positive User Feedback and Performance

Acterys’ integration was met with resounding approval by division analysts and stakeholders across the organization. The improved accuracy, accessibility, and real-time reporting capabilities of the system garnered positive feedback and enhanced user satisfaction. The seamless completion of monthly forecasts and the achievement of anticipated benefits highlighted the success of the system’s implementation.