The final project is a solution implemented with the BOARD decision-making platform that integrates economic and financial information of the entire company. Its flexibility allows a global vision at a strategic level by the general management, as well as granularity and detailed analysis by company, CeCo and business unit.
The outcome is an end-to-end process that covers from reporting and monitoring of economic & financial information to the preparation of the budget of all group companies.
The project has been developed in different phases, in the first phase, the reporting solution for P&L, Balance Sheet and Economic-Financial KPI’s reports has been implemented. This first phase stands out for drastically optimizing the time dedicated to the elaboration of reports and improvement in the quality of the information generated.
“At the end of this first stage, BOARD provided us with a comprehensive Financial Reporting, automatically updated, with flexibility and depth to improve our daily analysis”.
Toni Atanasio, Corporate Controller
Subsequently, a solution has been developed that is very focused on the follow-up and analysis of customer Arrearage, with an immediate return in the management of Arrearage.
Another specific process that has been implemented is the Commercial Margin at customer level for the purchase and sale of energy. This process requires simulation and different energy purchase cost distribution scenarios.
The objective of the second phase was to digitize the economic planning process for the entire company, involving all the people who have responsibility for the group’s global budget. The process has different simulation capabilities depending on the budget item being worked on and is carried out in a single environment in concurrence that guarantees a unified view of the budget at all times.
“With P&L planning we have achieved a much more agile process, which significantly shortens our budgeting time, collaborative with multiple people from all departments, and with a level of granularity (Cost Center) that we had never been able to achieve before.”
Teresa Roig, Chief Financial Officer
The 3rd phase has been the natural evolution of the previous one, incorporating the Rolling Forecast process for the P&L. This process allows us to estimate the year-end financial results in a very direct way, with several extrapolation methods. Thanks to the Rolling Forecast process, the controlling team can simulate multiple closing scenarios, with different variables, in a matter of hours.
The comprehensive digitalization of the department’s key processes is currently being planned.
