Enhancing Operational and Financial Reporting Capabilities
The Situation
A leading provider of mission-critical power and energy solutions to the defense, aerospace, and medical markets was experiencing challenges with visibility into operational and financial results – driven primarily by multiple offline operational data sources across business segments, and limited insights into variance drivers. The new CFO and PE sponsor engaged Accordion to enhance reporting capabilities by developing an operational data model with dashboard capabilities to aggregate key operational data into one central repository and serve as the single source of truth. Our team was also asked to establish a monthly reporting package focused on key financial and operational data, metrics.
Services
Stakeholder Reporting & Strategic KPI Enhancement
Big Data Analytics
FP&A Process Redesign & Implementation
The Execution
- Worked closely with the newly hired finance leadership team (tenure of CFO, Head of FP&A and Controller was less than three months) and key stakeholders to understand financial and operational KPI’s, and reporting requirements.
- Partnered with the Company’s finance, IT, and operations teams to assess existing data capture process, reports currently being produced, reporting granularity, and identify areas to enhance reporting capabilities.
- Created an operational data model:
- Developed the data format, structure, and content required to populate operational data model.
- Leveraged Microsoft Power Pivot and Power Query capabilities to create a relational database to analyze large datasets from multiple sources.
- Established dashboards for key stakeholders, as well as interactive dashboards with drill down capabilities to address incremental analytical requirements.
- Established a monthly reporting package:
- Iterated with stakeholders to develop multiple views on financial and operational metrics that were deemed critical to manage the business.
- Worked with the Company’s finance and IT teams to identify and document data sources, owners, timelines for data availability.
- Established and documented a standardized update process including linkages with in-place CPM tool, Adaptive Insights, to automate the process.
The Results
With Accordion’s assistance, the Company achieved two key objectives: first, an operational data model with interactive dashboard capabilities that served as a single source of truth for operational KPIs. Second, a monthly reporting package focused on financial and operational metrics to help key stakeholders understand overall business performance.