LOS ANGELES, Oct. 13, 2020 /PRNewswire/ -- BlackLine, Inc. (Nasdaq: BL) is proud to announce that its customer Red Wing Shoe Company, Inc., a midsize American footwear company, has been named a winner in the 2020 Nucleus Research ROI Awards. Red Wing Shoe Company achieved 379% ROI automating processes with BlackLine's cloud-based modern accounting platform, according to a study by global technology research and advisory services firm Nucleus Research.
Nucleus found that after deploying BlackLine's Tasks, Reconciliation, Journal Entry and Transaction Matching solutions to streamline its finance and accounting processes, Red Wing Shoe Company's corporate finance, retail finance and accounting teams achieved significant gains, with payback in just 4.8 months and savings valued at over $1.2M a year coming from increased productivity from reduced workloads, time savings from streamlined tasks and improved organizational visibility.
Founded in 1905, Red Wing Shoe Company is a premium quality work and safety footwear brand, currently distributing products to over 100 countries including at more than 4,000 U.S. retail locations.
"Red Wing Shoe Company's legacy accounting system lacked standardization and controls and as the company grew, managing their finance and accounting processes became increasingly inefficient and laborious," said Isaac Gould, analyst at Nucleus Research and author of the report. "BlackLine enabled Red Wing Shoe Company to achieve organizational visibility by unifying all its finance and accounting processes and data in a single location, as well as implement standardization and controls over its workflows."
In its 18th year, the Nucleus ROI Awards recognize the top 10 technology projects of the year based on the overall value delivered by the project. Nucleus Research analysts performed an independent ROI assessment calculating the actual business benefits and ROI achieved by each project; winners were chosen based strictly on the ROI recognized from their implementation.
This year's awards recognized the consistent ROI Nucleus continues to track from cloud applications in industries ranging from retail to education to healthcare.
"The pandemic forced many industries to shift their workforces and client data onto the cloud," said Ian Campbell, CEO of Nucleus Research. "While this scale of digital transformation can be costly for some businesses, the ROI for these projects is consistently significant — especially in an increasingly remote world. The Red Wing Shoe Company case study is further proof of the tangible value that the winning vendors, such as BlackLine, provide. The awards recognize not only that the BlackLine solution delivers value, but that the Red Wing Shoe Company project team successfully managed deployment and adoption to deliver bottom-line results."
Companies come to BlackLine (Nasdaq: BL) because their traditional manual accounting processes are not sustainable. BlackLine's cloud-based solutions and market-leading customer service help companies move to modern accounting by unifying their data and processes, automating repetitive work, and driving accountability through visibility. BlackLine provides solutions for financial close management, accounting automation, and intercompany governance, helping large enterprises and midsize companies across all industries do accounting work better, faster, and with more control.
More than 3,100 customers trust BlackLine to help them close faster with complete and accurate results. The company is the pioneer and recognized Leader in Gartner's 2019 Magic Quadrant for Cloud Financial Close Solutions. Based in Los Angeles, BlackLine also has regional headquarters in London, Singapore and Sydney. For more information, please visit blackline.com.
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