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How Ibex Saved $314k in Finance Personnel Costs with Drivepoint

How Ibex Saved $314k in Finance Personnel Costs with Drivepoint

Learn how Ibex streamlines its financial planning, saves thousands of dollars in resources, and softens its environmental footprint with Drivepoint as its stand-in CFO.

ABOUT

Ibex is the digital-first outdoor apparel brand striving to make its environmental footprint as soft as its Merino sheep wool products. In addition to sourcing materials under their Responsible Wool Standard accreditation, the Ibex team partners with the Renewal Workshop and the Conservation Alliance to reduce carbon emissions.

THE CHALLENGE

New to DTC, the Ibex team needed help scaling profitably

As a DTC brand, Ibex initially had the supply chain visibility and control needed to offer high-quality, ethically-sound apparel and operate at a profit. However, as a business scales, so do its challenges, expenses, and ecological footprint. Ibex was no exception. 

With most of its team coming from a wholesale and traditional retail background, Ibex lacked the DTC knowledge to optimize operations for scale. As an added challenge, the team was unwilling to compromise on their original mission — meaning the company's social and environmental impact would have to grow proportionately alongside the business. 

The Ibex team assumed they would have to hire a FP&A Manager or CFO to alleviate these growing pains and maintain profitability. However, they simply couldn't justify the hefty price tag:

  • An FP&A manager would cost roughly $125,000 annually. 
  • A CFO would cost roughly $430,000 annually.

Fortunately, that's when Ibex discovered and partnered with Drivepoint.

“There were some points where, without Drivepoint, I would have had to spend almost half of my week just creating financial models.”

Andrew Bridgers, Director of Supply Chain & Planning at Ibex

THE SOLUTION

Drivepoint offers the embedded impact of a CFO — minus the hefty price tag

Through our strategic finance platform and embedded expert-level services, Drivepoint functions as Ibex’s stand-in financial lead — at a fraction of the cost of an in-house CFO. Ibex leans on our tech to build accurate forecasting models, lock in annual budgets, and review monthly performance against plan in real time. In other words, Ibex can determine precisely what improves its top line without the previous headaches or time-consuming lift. 

For instance, implementing a one-off change to an existing model used to take the Ibex team anywhere from 3–4 hours, assuming someone on the team had the necessary expertise. Now, they simply reach out to Drivepoint with any model updates. Within half an hour, they can see the change implemented and begin pulling critical financial insights

“Drivepoint has truly become our bread-and-butter financial planning tool.”

Andrew Bridgers, Director of Supply Chain & Planning at Ibex

THE RESULTS

With Drivepoint’s strategic recommendations, Ibex sees 77% revenue growth YoY

Since adopting Drivepoint, the team at Ibex has seen:

  • 190+ hours saved annually on financial planning
  • $314k savings in annual finance personnel costs
  • 77% revenue growth YoY since onboarding with Drivepoint

However, Ibex emphasizes that a critical piece of Drivepoint’s true value is our embedded team of analysts. They’ve equipped Ibex with rich, actionable insights for improving its bottom line (i.e., how discounting affects LTV, AOV, and retention rates). 

Previously, that tactical knowledge would have taken the brand days — if not weeks — of model manipulation to extract. Today, Drivepoint handles all of the heavy lifting on the Ibex team’s behalf. All they have to do is implement the learnings.

“Having full visibility at a month-by-month level has made it a lot easier to see where we should spend our people's time and push to reduce costs.”

Andrew Bridgers, Director of Supply Chain & Planning at Ibex

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