To better outline the detail of the firm’s annual reports, Ørsted was looking for a graphic online dashboard that would allow in-depth reporting and easy commenting. Furthermore, Ørsted wanted to reduce the cost and effort of maintaining its dashboards by making them easier to configure and adapt. And, because of the mobile nature of Ørsted’s employees, the firm also wanted to make its reporting system compatible with mobile devices, specifically Apple iPads.
With these objectives in mind, Ørsted became a CXO Software client in June 2014. There are now more than 100 active users across the organization, with access also given to the company’s external auditing team. Employees use CXO Software for HFM for both financial and non-financial information.
CXO Software has added significant value to Ørsted’s internal financial reporting approach. As well as allowing for simple and straightforward income statement, balance sheet, and cash flow analysis, Ørsted creates “Top 10” rankings of internal business performance on a range of topics. CXO Software makes compiling these rankings quick and easy.
Through CXO Software, Ørsted is able to report customer feedback on a monthly basis and to keep an accurate check on the number of complaints received—something that is reported with transparency in the annual report.
As a green company with a keen clean-energy focus, it is also essential for Ørsted to keep close control over its monthly fuel (oil, natural gas, coal, biomass) usage, which can be done easily through CXO Software. The commentary function is used by employees to explain why usage is higher than forecast or has risen over a previous month.