Budgeting & Planning, Consolidation, Reporting, IT, HR & Purchasing Monitoring
”Tagetik is very versatile and can be used to so many different processes. As a result, we could already meet many requirements of the different divisions at Vorwerk as well as our affiliate group in the very first stage of the project.”
Karsten Köhncke - Vice President Corporate Controlling
Download the complete case study
When companies have highly complex structures, they especially need highly flexible software to manage their finances. That’s why Vorwerk uses Tagetik to unite its statutory and management consolidation in a single, highly versatile system that also supports budgeted balance sheets, tax forecasts and better reporting as a whole.
Since Tagetik integrates various business processes within a single platform, Vorwerk has been able to establish common financial structures throughout the group and significantly improve its intercompany reconciliation processes. The group, which implemented all mandatory requirements from its eight different divisions and an affiliated company in the very first stage, has since implemented several other subprojects to improve its control over IT, HR and purchasing as well.
The list of requirements was long and detailed. After all, the new solution should support and facilitate the daily work of approximately 200 users whose responsibilities range from financial controlling and legal consolidation to tax planning and budgeted balance sheets – and that in various divisions and an affiliated company. Vorwerk, therefore, required a highly flexible system that could simplify intercompany reconciliations for legal and management requirements, support the creation of budgeted balance sheets and tax forecasts, and optimize reporting as a whole. Due to the company’s global presence, availability (23 hours/day), performance and speed also played a decisive role in the selection process. In addition, Vorwerk wanted to operate the solution internally without needing to depend on third parties for day-today administration.
Vorwerk was marked by isolated solutions for management reporting, consolidation and intercompany reconciliations. Karsten Köhncke, Vice President Corporate Controlling at Vorwerk, faced the challenge of replacing these aging systems and coordinating the needs of eight independently operating business divisions. In his opinion, the key to managing this task was to implement a single software solution to support the various processes within the finance department.
The Vorwerk Group is unique in that its seven divisions and affiliated company Hectas all operate in different industries and follow different business models (e.g. production, services and direct sales). With regards to the financial software, the complex group structures also entail a wide range of different requirements. As a result, the conceptual design phase at the start of the project included stakeholders from the central financial controlling and group accounting departments as well as all divisions and the affiliated company. The goal here was to find a common denominator for the different structures and parameters. Aside from making the system more transparent and manageable, these changes also played a major role in reducing the overall administration.
Karsten Köhncke is satisfied with how Tagetik has improved management reporting and the intercompany matching processes throughout the group. He has also confirmed his hunch that the advantages of the software primarily lie in its versatility and broad scope of usage. Due to these factors, the project team has been able address all of the requirements of the different divisions and the affiliated company including budgeted balanced sheets that were rolled out to all countries and companies – in the very first stage. In addition to the compulsory elements, the manager and his team have also embarked on further sub-projects step by step. In the meantime, the solution also helps monitor and control IT, HR and purchasing as well.
Yes, I’d like to know more about Tagetik
For more information, please complete the below form and a member of our team will reach out to you shortly!