Simply on time – With LucaNet for rapid and secure consolidation
Case Study Correvio International Sàrl
Branch of industry: Pharmaceutical industry
Headquarters: Geneva (Switzerland)
Employees: around 55
Project: Introduction of a software for consolidation and planning that makes the processes more efficient and more transparent, extensive reporting and analysis options and a rapid reprocessing of the data
Modules: LucaNet.Financial Consolidation, LucaNet.Planner
The work that Correvio International Sàrl had previously done using MS Excel proved to be no longer sustainable. A search was made for a high-performance standard software in the consolidation and planning area. The decision for LucaNet has had very positive effects in the company: The consolidation is now simple to carry out and plannings and reports lend themselves to transparent modelling.
Correvio International is a pharmaceutical company active around the globe that distributes products in the interventional cardiology sector in around 50 different countries.
"Our old software system was not very convenient to use and offered only limited evaluation options. Consolidations proved to be very time-consuming. Compiling integrated planning in Excel with profit and loss statement, cash flow and balance sheet required a great deal of effort," reports Michael Grau, Group CFO at Correvio International.
The requirements demanded of the new system were readily apparent. After a precise market analysis of the existing software providers, the responsible officials quickly recognised the special advantages of LucaNet. That meant that the decision for LucaNet took only two months to be finalised.
Very easy system implementation
"The simple and rapid implementation of the system proved to be a special plus for us. Everything took place on time and within the planned budget," remembers Grau about the introduction of the LucaNet software. The implementation took place onsite at the American parent Group in Philadelphia. This meant that the consultants were able to answer all questions personally and support the initial commissioning. The data import from MS Excel and Navision was able to be accomplished smoothly and rapidly. The balances based on accounts and cost centres were imported without errors. Because the software can be operated intuitively, the responsible officials were able to take up their tasks in speedy fashion.
More time for essentials
The introduction of the software had positive effects in all areas. In particular, it was the time savings achieved that proved to be very noteworthy for the company. Whereas ten man-days had to be invested for planning and controlling prior to the use of LucaNet, now only three days are expended in this area for all of the processes. This means that considerably more time remains for the essential topics of daily business.
High data quality, transparency and traceability
Because of the fact that all of the planning and consolidation processes take place in a single system, data quality and data consistency prove to be very high. The transparency of the data is also ensured at all times. This means that various scenarios in terms of cash flow, balance sheet and P&L can be calculated very quickly and comprehensibly. All modifications and value adjustments made are precisely documented in LucaNet. The drill down all the way down to the individual document level is very helpful. This means that each individual posting is available for transparent tracking. Errors that occur can be quickly uncovered and corrected.
Simple handling in planning and consolidation
Since the introduction of LucaNet, the great advantage for Correvio has been the fact that all of the processes involved with consolidation and planning have been simplified. "We are using LucaNet very intensively for consolidation in accordance with US-GAAP and central planning. A three-year plan is compiled that is made up of a detailed twelve-month planning for the first year and an annual planning for the two years that follow. Profit and loss statement, cash flow and balance sheet area each compiled in this process. And, on top of all that, a rolling twelve-month forecast has to be set up each month and a reforecast four times a year," explains Grau about the processes in the company. LucaNet meets all of the requirements in these areas.
"LucaNet is a software tool we enjoy using at our company. Clear, transparent and simple to operate. All planning and consolidation processes have been simplified since its introduction. A real time advantage has resulted for us."
Michael Grau, Group CFO
Correvio International Sàrl
Get to know our software
Free and with no obligations! Sign up for an appointment today!
Any more questions? Just get in touch with us!
+49 30 46 99 10 0