Decision support as it is supposed to be
Standardized input data and reporting from the group's various parts, and that the group's decided strategies are reflected in the financial reporting. It's easy when it's done - but we're one of the few who can get you there.
The client: The customer is a Swedish medical technology group that works on a global market with operations and sites in several parts of the world.
The challenge: The client's challenge was that the reporting looked different within the group and that the information from the various reporting units was not standardized. This led to difficulties in analyzing financial and non-financial information, which in turn led to quality deficiencies in management information and decision support. Furthermore, the model for financial information was not aligned with the strategic business and operational development within the group.
Our solution: Together with the customer, we developed an information model that provided common and standardized definitions and structures and for the common business-critical concepts and which could thus support the company's operational management model. Through this, the customer received a tool that helps them connect the financial model with the management model so that reporting and follow-up can take place in accordance with vision and strategy. The model was based on the information needs of the global management, and was developed through broad involvement with both the core business and support functions such as economics/finance functions
Ekan's consultants assisted the client with guidance through the entire process from design to implementation in roles such as subject matter experts, project managers and business/operations analysts. We were thus able to help with both inspiration and challenging established ways of thinking and working methods, as well as temporary resource reinforcements in the project.
The result: Group-unified information structure for business-critical decisions and ensuring that the group's business strategies are reflected in the financial reporting, through:
- Defined and universal standards for data hierarchies and reporting structures to enable well-informed management and board decisions through standardized and comparable data
- Streamlined reporting process and improved opportunities for internal financial benchmarking
- Facilitation of price and product calculation and being able to follow efficiency changes over time