In 2013, DeLaval’s CFO set the reporting team a challenge to achieve the following enhancements to its reporting processes:
• One financial planning, budgeting, financial consolidation, and financial reporting system for all group reporting needs, legal and operational
• System maintenance that must be kept within the finance function; therefore, it must be easy to use and not require heavy IT skills
• Reasonable implementation time of weeks/months rather than years
• Establish a process to harmonize master data
• Redesign the current financial reporting process to improve efficiency and transparency
• Reduce the lead time for the production of the month-end financial reporting process
• Replace the Excel and PowerPoint presentation for reporting to make it more dynamic, interactive, and provide better insight for decision makers
Overall, the finance office was looking to spend less time on producing financial reporting and to increase transparency in the numbers, from group level through all entities in the business.
After looking at various software solutions, DeLaval settled on CXO Software by insightsoftware. CXO Software’s top benefit was its ability to connect directly to SAP BPC and read the hierarchy structure that DeLaval had spent years creating.
Other benefits of using CXO Software included:
• Pre-built financial templates that were used immediately in the implementation to display the financial reports in days, not months
• No need to transfer data to CXO Software; data and metadata were read directly from SAP BPC
• The finance team was trained to administer CXO Software and build their own reports
• Implementation was delivered within the planned three weeks via a combination of onsite and remote access between the insightsoftware team and the DeLaval finance and systems team
Feedback from business managers is that they can now present reports in real time from CXO Software. Information is no longer static numbers on a screen. Instead, users can drill down into revenue or cost numbers to see where variances are.