Building a Solid Reporting Foundation at FKG »
As a diversified business, FKG has been rapidly growing, particularly in terms of staff numbers and clientele. As they have grown, internal and external stakeholder reporting requirements have also grown, with the need to provide a consolidated view of financial information in a very quick and dynamic manner. It was becoming imperative to better support the micro and macro business objectives associated with managing risk and, in turn, provides investors with the required confidence in their business.
Needed to consolidate and enhance key cash flow reporting processes and provide investors with the required confidence in the business
Bistech architected Financial Performance Management solution
- Reduces business costs by at least $400,000 per year, and provides the priceless ability to manage potential business risks more effectively.
- Generates consolidated, dynamic reports quickly and efficiently, freeing up time to analyse business projections and make better business decisions.
- Fulfills both internal and external stakeholder requirements for more accurate and timely cash flow forecasts.
- Centralises data in IBM® Cognos® Xcelerator for easy and effective management, and provides users with more consistent and integrated information.
- Leverages Bistech’s proven expertise to build a solution specifically tailored to FKG’s needs
Business Challenge Story
FKG’s previous reporting system was a hybrid amalgam that did not fit the needs of its numerous business divisions. Double handling made the reporting process lengthy and inaccurate, as well as difficult to manage and analyse. Apart from inadequate Excel spreadsheets, there was no method to produce integral cash flow forecasts. FKG needed one consolidated, useable format that would provide its users with an accurate vision of the future and a solution that could give them a competitive advantage in the market.
- Leverage Bistech’s experience and expertise to architect a performance management solution specifically tailored to FKG’s business needs.
- Purchase IBM’s leading mid-market Cognos Express Xcelerator platform.
- Consolidate the reporting and planning process for all departments through the implementation of an integrated reporting and planning solution.
- Improves reporting processes, virtually eliminating IT’s involvement in report development and streamlining accounting reporting – allowing reports to be produced on a timely basis.
- Makes data available sooner, improving budget awareness and the ability to manage and control fixed costs – saving $400,000 per year.
- Pushes reporting capabilities to new limits, obtaining enhanced awareness of cash flow.
- Creates a variety of key reports in a timely, logical and consistent fashion.
- Provides both internal and external stakeholders with detailed cash forecasts and the required confidence to secure ongoing lines of credit.
- Gives users more time to analyse the integrated information held in Cognos Express Xcelerator, helping them understand its implications and make better business decisions.