“Tagetik 3.0 has made our structures much more effective by simplifying the way we manage the central flow of data. The solution was low impact and non-invasive for our users. What impressed me most, however, was that Tagetik’s consulting team was well prepared and able to implement all of the project requirements on time and within budget.”
Stefano De Rosa, CFO at FILA Group

The challenge

The FILA Group is a leading manufacturer of art and writing instruments. The group, which has been active in these markets for almost a century, currently has 5 plants around the world and branches in 13 different countries. Its global brands include Giotto, Das, Pongo, Dido, Ticonderoga, Lyra as well as the recent acquisitions of Dixon, an American multinational listed on the American Stock Exchange, and the German group Lyra. Due to its ongoing growth and rising demands on management information, FILA decided to implement a CPM solution. Since the company has a complex organizational model, the solution needed to be extremely flexible and adaptable, and cover all management capabilities - consolidation, planning, budgeting and reporting - based on accounting rules.

Objectives

Other requirements for the new solution included:

• Making the data collection process faster, safer and more reliable
• Reducing manual work
• Ensuring a fast implementation without IT support
• Complying with the Italian stock market and international audit guidelines
• Reducing the impact on infrastructure
• Delivering a single, simple user interface (Excel)
• Managing workflow processes as a whole

Results

Thanks to its new Tagetik solution, FILA has been able to decentralize operational responsibilities such as compiling reports (Submit at a personal level) to its subsidiaries, centralize the management of access rights and responsibilities, as well as ensure information accuracy. Tagetik 3.0 also delivers the proper historical and archived data, which has increased the standards of quality, availability, reliability and traceability over automated data imports from disparate accounting systems (e.g. JDE, Proj.).

The new system has introduced a new approach to group reporting based on logical accounting flows (“bottom-up” and “calculated between related accounts”. Since the subsidiaries and headquarters now develop reports in a two-way approach, the group has been able to harmonize the way it shares and provides information as well as how it views reporting at the group level.

In addition, the standardized data collection, management, development and monitoring processes across different CPM application environments (e.g. legal consolidation, management consolidation and budgeting) has resulted in significant time savings across the group.

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