“Despite the complexity of the project, the Tagetik team was able to cover all of our needs and make the necessary organizational changes.”

Sorgenia is the first private operator for electricity and natural gas on the Italian market. On account of its multifaceted business, the company saw the need to deploy a truly unified Performance Management and Financial Governance solution. Using Tagetik 3.0, the company has simplified a number of processes ranging from budgeting, planning and forecasting to ABC modeling and unbundling as well as reporting as well as statutory and management consolidation.

Challenges

Sorgenia operates a very complex business in a highly regulated and competitive market. As a whole, the group is subject to many different regulations ranging from IFRS to functional and accounting “unbundling” as required by the Italian energy regulator AEEG. Beyond these regulatory requirements, however, the group also needed effective tools to manage the performance of its individual companies which include Sorgenia Projects, Sorgenia Minervino, Sorgenia Wind, Sorgenia Romania and SFE Wind Power.
Although Sorgenia was producing large quantities of reports, they didn’t always contain the right level of information. In the past, for example, some reports showed what was happening but not why or how. In order to analyze important KPIs such as profitability or financial resource consumption within individual group companies, Sorgenia needed better, faster tools to measure and manage performance. That’s why the management team at Sorgenia saw an urgent need to deploy a new solution that could meet the following requirements:

• Greater involvement of business controllers in the process of collecting and analyzing data
• Outline an approval process for collecting various types of data
• Create stronger ties between strategic and operational business
• Define KPIs to measure group and company performance
• Shift the reporting focus from quantity to quality

Simplifying the complexity with Tagetik 3.0

By deploying Tagetik 3.0, Sorgenia has greatly simplified the complexity throughout the group. Advantages of the new solution include:

• Better information quality
• Easy traceability through built-in auditing tools
• Improved transparency by drilling down to single transactions
• Powerful analysis tools and approval workflowUnprecedented flexibility to respond to changing requirements
  

With the new solution, users can easily trace the origins of each number. Builtin structures simplify intercompany reconciliations and accounting adjustments to help accelerate the financial close, the so-called “last mile” of finance. Thanks to the improved efficiency, users can easily manage complex consolidation processes involving multiple users, countries, and accounting guidelines.

Producing and administrating reports with Tagetik 3.0 requires significantly less time and fewer resources than in the past. Since closing individual legal entities are now a unified part of the group consolidation process, Sorgenia can also ensure 100% consistency between its statutory and management reports.

Business Benefits

Tagetik 3.0 fulfilled each of the project objectives. For Sorgenia, the biggest advantages of the solution are the complete integration of all CPM processes, improved analytic capabilities and faster reporting cycles.

About Sorgenia

Sorgenia is the leading private operator in Italy in the domestic power and natural gas market.Energy efficiency and sustainable development are the principles underpinning its growth, both as producer and as supplier of electricity and gas.

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