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Fourteen Years Later, No Regrets

 

Back in 2002, corporate performance management was a theory more than a practical practice in the eyes of most finance executives. However, at that time, Astaldi was at a point in its business when executives knew major changes to its financial management and reporting processes had to be made if the company was to maintain its growth trajectory.

 

The company had recently been listed on the Italian Stock Exchange, which brought a range of new and much more complex reporting requirements. Additionally, the company was aggressively expanding its construction business internationally. That meant collecting and consolidating financial data from multiple countries, managing multiple currencies, and significantly improving cash flow planning.

 

It was obvious that Astaldi’s Excel-based accounting processes could not support these business and regulatory needs. And while CPM solutions were relatively new at the time, executives were open to considering the risk. If the implementation were successful, the right CPM solution could address the company’s immediate requirements – and, even more importantly, grow alongside the company’s strategic vision.

 

2016-12-21-astaldi-corsini

 

Today, 14 years later, no one in Astaldi regrets taking that leap of faith. The risks were well worth the pain of change, and the Tagetik solution has evolved as our business has evolved. Today, Astaldi is the largest construction company in Italy and does business in 17 countries on five continents. Tagetik is used by more than 300 financial and business professionals, and we’ve added on solutions for collaborative reporting, risk management, and health, safety, and environment.

 

While CPM solutions are now much more commonly used, adopting any enterprise software system involves uncertainty. Inevitably, no matter how great the potential benefits may be, there are criticisms because the changes that come with a new system are often perceived as a threat to the status quo. Established work flows will almost certainly be disrupted and people’s jobs will be impacted.

 

The implementation of Tagetik brought major change to almost every aspect of our business. Every office and division was impacted. In order to take full advantage of new capabilities, we had to change most of our financial and reporting processes to some extent. But, the business advantages gained from the decision far outweighed the pains of change. And, most of the doubters ultimately saw the advantages of the new solution and actually embraced the new system.

 

2016-12-21-astaldi-corsini-benefits-chart

 

In our experience, the improved data sharing, coupled with the high standardization of data and processes, enhanced working relationships among all Astaldi offices and between finance and operations. Everyone finally spoke the same language. Moreover, since all key financials came from the same database, the integrity of data and accuracy of numbers was guaranteed. The solution certainly has reduced the time spent on data reconciliation and updates. It also has had a positive impact on our decentralized business units due to increased accountability and clearer lines of ownership.

 

While implementation is not easy, if done right it will yield many long-lasting benefits. The fact that we continue to find new ways to get increased value from Tagetik is powerful proof that we made the right decision 14 years ago.

 

Change your business mindset, step outside your comfort zone and aim for progress.


I’d love to hear your take on the topic.

 

 

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