OK

Better quality in budget reporting provides more time for analysis

OK's history

The finance function at Energiselskabet OK previously spent two full days each month on budget reporting with Excel, but then they implemented a Corporate Performance Management (CPM) solution from Prophix. Not only has it increased the value of reporting and month-end closing, but it also provides more time for analysis.

Henrik Busch and Jonatan Rasmussen, respectively. The CFO and Financial Controller at OK, searched the market for a CPM solution because they were dissatisfied with the heavy and slow Excel-based solution for budget reporting.

The choice fell on Prophix as it lived up to the requirements around functionality and implementation. It was Accobat that helped OK with the project. “Accobat could help us adapt Prophix to our business model. Our cooperation is really good. And that has been the case since implementation until now, with ongoing consultation when the need arises, ”says Henrik Busch.

Today, OK has a faster and better end to the month. Instead of wasting time on reporting, OK can now go directly to make analyzes and find explanations for budget deviations and the like. "So in that way, it (Prophix CPM, ed.) Has paid off from the start," concludes Henrik Busch.

The challenge

An enormously heavy budget process at the end of the month, which was based solely on an Excel solution. This setup involved an incredible amount of maintenance work.

The solution

Prophix CPM was the answer. The tool was quick to implement and was uncomplicated in its use. OK stood to be able to solve tasks that would normally take 2 days, in a matter of minutes.

The result

OK got released a lot of time that would otherwise have gone to budget reporting. This means that they now have far more profits and time for the analyzes.

Casevideo

Watch the video below where Henrik Busch CFO at OK amba tells the story

how their organization got more time for what creates value.

SE CASE VIDEO

Strengthened focus on analysis

Henrik Busch emphasizes that their new CPM solution, Prophix, enables them to use their resources in a much more appropriate way. Instead of spending time on reporting, which used to take several days, they can now spend time gaining value from their analytics work. Henrik says: "... it took up to two days for us to complete the reporting, and we did not always have to analyze our figures at all before we had to report the figures further. With our new CPM solution, we can now manage to close the accounts and spend time analyzing and thus bringing more value to our end of the month. ".

A sharp solution requires a sharp partner

"What Accobat could come up with was some knowledge of how things work in practice and how the market's solutions fit with our business model. I think the collaboration with Accobat has worked really well. Right from the implementation to the ongoing consultation that we have with them when we have some challenges or when we need to further develop our Prophix solution.