As Thygesen Textile Group developed a large digitalisation strategy, a new reporting and budgeting tool was on CFO Allan Nielsen’s wish list.
For a long period of time, he and the rest of the financial department relied on an advanced and macro-filled Excel document. But even though the spreadsheets on several fronts provided what was intended, it was not a viable solution in the long run:
“Development and editing in the spreadsheets was too lengthy. We wanted a structured reporting tool that would free us of the spreadsheets and the – now former – employee who back in the day designed them; we still need to consult him from time to time. The solution had to future-proof our entire reporting platform, and this is where InfoSuite came into the picture as they could assist in several respects”, Allan Nielsen says.
A good business case
In this context, Thygesen Textile Group invested in an integrated InfoSuite solution which automates the processes from sales and financial reporting to budgeting and financial consolidation. This is a significant gain to the financial administration, who will save plenty of time on manual operations. Actually, so much time that the investment will recoup in a short period of time, Allan Nielsen claims.
“I obviously had to justify the investment. I soon found out that I in relatively short time would regain a large part of the investment in saved time. Normally, I would spend a couple of hours each week on sales reporting, so on this task only InfoSuite will spare me of app. 100 hours a year. Furthermore, I will save time on the monthly reporting, and so will everyone else involved in the budgeting”, Allan Nielsen assesses.
About Thygesen Textile Group
Thygesen Textile Group was founded in 1931. The group consists of more Danish trading companies within the textile industry, totally employing 65 people as well as a manufacturing company in Vietnam with knitting mill, sewing room, and 615 employees. In addition to this, Thygesen Textile Group has owner shares in Müller Textil GmbH located in Slovakia, China, Japan, South Korea, Mexico, and the United States.
Reporting, financial consolidation, and budgeting in one solution
In the process of finding the right software, Thygesen Textile Group looked at two different solutions. The final decision fell on InfoSuite, as it was more than just a reporting tool.
”It is of unequivocal value to join it in one platform. For example, it is easier for our sellers as they can access sales reports and budgets in the same place. Also, the management has access to everything. That makes it much easier for the users to get used to working in InfoSuite. And when we include new companies, it is easy to consolidate data, as it is integrated in InfoSuite and not in a hundred spreadsheets,” Allan Nielsen, who manages reporting and budgeting for the 8 companies of the group, elaborates.
Budgeting at Thygesen Textile Group
Thygesen Textile Group precedes the budgeting procedure with the planning of the company’s strategical action plans, thereby anchoring the strategy in the financial planning.
Subsequently, Allan Nielsen uses capacity costs and the sales budgets of the head of sales as a starting point when drawing up the first proposal for the budgets of the next year. He will make both P&L, balance sheet, and cash flow budgets for the individual companies and the group.
The budgeting process typically extends over a month in the fall, and employees from different functions in all companies are involved during the process.
Want to know more?
Please call or write me an email if you are interested in hearing more about InfoSuite. Usually I talk the ears of an elephant once the topic falls on BI and data-based business management. But I guarantee that our dialogue will be short, concrete and focused on your company.
Anne Mette Christensen
+45 2526 5126
amc@infosuite.com
