11 July 2016
STAMFORD, Conn. and LUCCA, Italy
Upcoming Tagetik Webinar to Highlight How Bristol Bay Native Corporation Streamlined Consolidation and Reporting of 80-Plus Entities
Head of Financial Reporting Greg French will discuss how Tagetik’s unified Financial Performance Platform has changed the company’s financial paradigm and provides a consolidated view of organization-wide, business-line, and individual company results
Tagetik, a visionary leader in global performance management software solutions, will host the live webinar “A Quantum Leap Forward: Changing the Financial Landscape at Bristol Bay Native Corporation” on Wednesday, July 13, from 2:00 to 3:00 p.m. Eastern Time. French will discuss how Bristol Bay moved from Excel-based consolidation and reporting processes to drastically reduce consolidation time, improve data accuracy and consistency, and minimize manual data entry.
Headquartered in Anchorage, Alaska, Bristol Bay Native Corporation (BBNC) is highly diversified with five lines of business: industrial services, government services, petroleum distribution, tourism, and construction. BBNC also manages investments in private equities and commercial real estate. “One of our main challenges was consolidating data from 80-plus entities in a timely and accurate way,” said French. “We had to find a solution that could easily draw data from a diverse range of accounting and ERP systems. We also needed a solution that was easy to maintain and could address the ongoing changes in our very dynamic business.” According to French, BBNC has an average of 12 new business acquisitions, investments, and/or wholly owned subsidiaries each year.
During the one-hour presentation, French will detail the six-month implementation process, completed about a year ago. He’ll also cover topics such as business requirements, selection considerations, project scope, and results.
“Because our business users are so familiar with Excel, Tagetik’s Excel interface is a big advantage and has expedited adoption,” said French. “Besides decreasing our consolidation time by approximately 60 percent, we’ve also been able to significantly streamline our consolidation and reporting processes.” BBNC is also using Tagetik for corporate budgeting; the company expects to use the solution for corporate-wide forecasting and line-of-business reporting within the next six months.
“Bristol Bay’s past reliance on Excel for budgeting and consolidation is still quite common in business,” said Dave Kasabian, chief marketing officer for Tagetik. “BBNC’s experience demonstrates how diversified companies can gain significant advantages from centralized control and governance over enterprise-wide budgeting, consolidation, and financial reporting, while still giving business units independence to manage their day-to-day processes.”
To register for the complimentary webinar, click here.
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