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Case Study: IFIL
Although well-known consolidation technologies were already in use within some of main group companies, IFIL decided to introduce Tagetik, which they viewed as a comprehensive, user-friendly, and multifaceted solution for which no technological configuration was required. Rather, the Tagetik software had been designed specifically to deal with the challenges of the consolidation process.
The company
IFIL Investments S.p.A. is the investment company for the group headed by Giovanni Agnelli e C. S.a.p.az. Quoted on the Italian stock market's MTA index, it is one of the largest holding companies in Europe.
Project Objectives
The initial objective of the project was to provide the group with an IT tool that could fulfill statutory consolidation requirements while integrating with the Smart accounting system developed by Byte, the software provider. As might be expected for such a major financial group, where data will always need to be analyzed and presented in both consolidated and non-consolidated form, the IT system chosen to support this area represented a key strategic requirement. It was particularly important that a comprehensive solution be identified that could fulfill the needs of a complex financial group while also being intuitive and simple to use. On this point, IFIL was eager to avoid a situation of "user dependency" on the vendor once the project was complete. Instead, it wished to ensure that users become self-sufficient both in configuring the system settings and in conducting the actual consolidation operations.
Why Tagetik was Selected
Although well-known consolidation technologies were already in use within some of main group companies, IFIL decided to introduce Tagetik, which they viewed as a comprehensive, user-friendly, and multifaceted solution for which no technological configuration was required. Rather, the Tagetik software had been designed specifically to deal with the challenges of the consolidation process. IFIL was also eager to enter into a relationship with a single vendor whose staff could rapidly resolve any issues by providing high service levels from a technical point of view and offering specific skills to meet IFIL's needs.
Project Outcomes
“Our cooperation with Tagetik allowed us to oversee, within a very short timescale, a project for implementing and integrating statutory and management reporting procedures. This played a major part in improving the efficiency of our organization.”
Aldo Mazzia, Director of Corporate Services