Customer Success: Financial Consolidation using Power BI
empowers an alcoholic beverage company based in Australia by bringing in automated consolidation of financial results of its subsidiary companies using
Microsoft Power BI
for swift evaluation of the company’s financial health and earnings potential.
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About the company:
The client is one of Australia’s largest, and most successful independent craft brewers. The company has a size able portfolio ranging from wholly-owned propriety brands, international labels, partner brewers, packaging partners, and joint ventures.
The client has seven beer manufacturing units across Australia. Each of the units had its independent financial statements. However, to gauge the overall performance, the financial results of all seven companies were consolidated manually at the end of the month. The essential month-end financial statements were used by CFOs and accountants to review key elements of the company’s assets and liabilities as well as to be cognizant of the company’s financial health and earnings potential. “The manual consolidation process was taking an enormous time. Further, there was always a possibility of missing an entry or miscalculation.”
To fix the problem, the Addend Analytics team automated the whole consolidation process using Microsoft Power BI. The human resource engaged for the completion of the task were replaced by an automated system. With this, the possibility of missing an entry, checking-rechecking an entry, and miscalculation was eliminated.
Addend Analytics used Microsoft Power BI reinforcing its presence as a strong emerging leader in data analytics and business solution.
The client successfully went live with the new platform in the year 2019.
The client could consolidate the financial statements faster than ever before, with the number of days drastically coming down from 8 to 2 days using Microsoft Power BI, thereby helping them in taking quicker decisions.
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