Statutory Consolidation and Reporting, Management Reporting
"Ambea is driven by a growth strategy through both organic growth and acquisitions. It is crucial for Ambea to have a statutory and management consolidation solution in place allowing the Finance team to maintain it and support growth. Our financial ownership structure changes continuously and Tagetik has provided us with this solution; flexible and independent of scarce resources.”
Daniel Warnholtz - CFO
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Ambea faced a situation where its former statutory consolidation solution’s support agreement ended and the company depended on external and scarce resources.
Management reporting at Ambea is based on Business Units rather than legal entities and was formerly managed manually.
Ambea considered to upgrade to the modern version of their existing solution. It did however not comply to the Group’s Microsoft strategy and did not provide a unified solution for statutory and management reporting requirements.
Prior to deploying Tagetik software, Ambea’s Group consolidation process required manual adjustment entries and journals’ processing, which resulted in long closing periods and a poor audit trail. Organizational and financial ownership changes could only be implemented with the help of highly skilled IT consultants.
When Ambea partnered with Tagetik, it found the answer to its Group consolidation challenge. The company discovered a superior alternative to its journal-based and manual processes and gained full traceability on financial data. As part of the Tagetik solution, Ambea implemented a shortened close process including submission and approval controls.
Led by an experienced project manager from Capacent AB with deep finance and project management expertise, the team at Ambea accomplished a critical system’s replacement including changed processes within budget and on-time.
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