Mindray had used SAP since the end of 2009, and while it offers many benefits, writing financial reports is not one of them.
“For five years following the implementation of SAP, we found ourselves spending an inordinate amount of time extracting endless blocks of data and arranging tables and formats, just so we could work out what our numbers really meant,” said Alasdair Walton, Mindray Finance Director for Europe. “In essence, we were spending 80% of our time processing numbers and only about 20% on analyzing the financial data. We felt this really should be the other way around.”
“I decided it was time to find the right business intelligence tool that would improve how we work and replace our existing way of operating,” Walton said. “After some research, I came across GL Wand and contacted insightsoftware to find out more.”
“Under the old system, we barely finished the reports within three days,” said Walton. “Then we hoped that everything was correct, as there was no time to re-analyze it all. GL Wand not only affords us this time, but it also enables us to standardize all report formats.”
“We are now using a group reporting package, and GL Wand allows us to set formulae to ensure that reports from our different European operations are standardized,” he said. “It makes life simpler when a financial report from Germany looks the same as one from France or the UK. This has really improved things.”
Walton confirmed that another massive benefit of the new system is that it allows users to drill down as far as needed in order to check or analyze any data: “When compiling a report, if a problem is discovered, we can simply drill down, find the problem, fix it, and then refresh; it’s that easy.”
With regard to management review meetings, he added that the drill-down function is equally beneficial here, as it offers the ability to drill down in real time in response to management questions.