“Clarivos was a true solution partner - fully committed to our strategic objectives and the success”, Ricardo Automotive and Industrial

Ricardo Automotive and Industrial

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Outcomes

  • Top-down model was live on time, ahead of key budget business review
  • Bottom-up process increased collaboration and accountability
  • Reduced resources and time required to execute budget process
  • Knowledge transfer, supported by Clarivos, enhanced finance function self-sufficiency
  • Solid process foundation to deploy rolling forecasting
  • Stable application using familiar, trusted technology
  • Faster more powerful analytical capability to support decision making
"
Throughout the development and delivery Clarivos was a true solution partner - fully committed to our strategic objectives and the successful fulfilment of the project
"
Matthew Fawbert, Head of FP&A (EMEA)

The Challenge

  • Difficult to administer spreadsheet-based budgeting and planning process raising quality issues
  • Business planning process struggled to keep step with with rapid change to business data and complexity of inter company charging of resources
  • Budgeting process centralised rather than collaborative with top-down approach leading to lack of ownership by cost centre managers
  • Risk of unexplained variances between top-down view and bottom-up budgets
  • Problematic management of change control during budget iterations
Partner of the Year

TECHNOLOGY IN ACTION

Ricardo had strong Tagetik skills, acquired during a previous consolidation project. Ricardo's IT department also supported the choice of Tagetik due to the solution’s robust security and ease of data exchange.

"
Tagetik offered reduced operational risk and a strong platform for strategic change. It also provided the scalability that, if successful within EMEA, would mean other Ricardo divisions could take advantage of the investment, maximising the value of the project.
"

Matthew Fawbert

Project Deliverables

  • Maximise existing investment in Tagetik consolidation system to provide actuals and run rate data
  • Ensure seamless data input from HR and other systems
  • Key budget drivers maintained within the system’s global parameters
  • Model designed to provide detailed salary planning module accurately reflecting starters, leavers, transfers, inflation and utilisation
  • Tagetik scenario management provided robust audit trail and change control
"
We are now able to execute detailed salary planning by employee with all the relevant variables taken from our core systems. We can roll up the data in multi-currency and feed this directly into our Group systems for consolidation. Very importantly, we can now execute this whole process much faster and with the appropriate levels of access control and data security
"
Matthew Fawbert
Project Deliverables

OUTCOMES

  • Top-down model was live on time, ahead of key budget business review
  • Bottom-up process increased collaboration and accountability
  • Reduced resources and time required to execute budget process
  • Knowledge transfer, supported by Clarivos, enhanced finance function self-sufficiency
  • Solid process foundation to deploy rolling forecasting
  • Stable application using familiar, trusted technology
  • Faster more powerful analytical capability to support decision making
"
"
Ricardo Automotive and Industrial

A Partner For Long Term Transformation

"
Throughout the development and delivery Clarivos was a true solution partner - fully committed to our strategic objectives and the successful fulfilment of the project
"
Matthew Fawbert, Head of FP&A (EMEA)

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