Finance & Performance Excellence
At the core of every comprehensive analysis is a structured and harmonized dataset, particularly with regard to financial master data. With CAMELOT’s proven approach, you enjoy all of the
Single source of truth
advantages of systematic master data management. The creation of a “single source of truth” enables smooth end-to-end processes and an integrated view of all relevant data and data flows.
CAMELOT offers an integrated consideration of all processes, workflows and value and information streams, taking into account dependencies within and between the individual processes along the
Integrated consideration of the controlling performance loop
controlling performance loop. The structured and transparent presentation allows improvement potentials in controlling to be identified, analyzed and realized using defined work packages. CAMELOT will work with you to develop individually tailored best practice concepts to optimize your finance and controlling processes and the wider corresponding system landscape.
Controlling Performance Loop
In our experience, the structuring and specification of actions necessary for the
improvement of the finance & controlling areas often poses a great challenge. Integrated analysis and critical self-reflection along the controlling performance loop create transparency, identify improvement potentials and form the basis for the development of a common mission and corresponding approaches to finding suitable solutions. A sensible structure for creating transparency and ensuring an integrated consideration along the control loop is provided by the following fields of action: culture, organization, roles, process, information and system (CORPIS). A common mistake is that many questions are reduced to purely technical considerations – in reality, most questions are much more far-reaching.
- Analysis of optimization potentials along the controlling performance loop.
- An integrated consideration of all fields of action, taking into account dependencies within and between the individual fields.
- Transparent presentation and structuring and joint prioritization of work packages.
- Solutions from other companies as a source of impetus and basis for discussion.
- Development of individually adapted best practice concepts for efficient corporate management.
- Definition of “speedboats” and realization of quick wins as rapidly-implementable successes.
- Creation of an immediate starting position on the basis of concrete, detailed milestone plans.
Financial Master Data Management
A large number of deficits in corporate management are essentially due to inadequate handling of the topic of master data. There is often no “single source of truth”, and transitions between different master data areas prevent a smooth flow of end-to-end processes. Even in reporting, non-harmonized master data can lead to contradictions, for example in the KPI calculation. The increasing fusion of internal and external accounting in modern technologies makes it necessary for master data management to unite both worlds.
CAMELOT has developed an integrated approach to financial master data management that uses a sustainable strategy to define the necessary processes, organization, data models and technologies needed to take master data to a new level in the age of digitization. With a view to the requirements of both finance and controlling, we contribute concrete CAMELOT best practices and sound know-how. Using appropriate governance models and control processes, we ensure that the results of our project initiatives are maintained over time. We offer individual support for your financial master data management in all project phases, from strategy and conception to organizational and technical implementation.
- Adjustment of information on accounts receivable and accounts payable.
- Improvement of data quality through rule-based workflows, automatic quality checks and data derivation to maintain a “single source of truth”.
- Harmonization of financial and functional data such as charts of accounts, cost center plans and article and material master data.
- Harmonization of data models from the booking level to the reporting level.
- Company-wide consistency of KPIs for internal and external reporting.
- Structured and sustainable master data governance with clear roles and responsibilities.
Operational Controlling Concepts
The procedures and daily work of many controlling departments are based on many
years of well-rehearsed processes and on heterogeneous system and tool landscapes that have grown over time. High workloads and permanent time pressures often prevent a structured, self-critical reconsideration of the extent to which procedures, processes and contents still meet current requirements.
A central task of controlling is the creation of transparency as the basis for making decisions. The aim here is not to provide as much data as possible, but to select the “relevant” key figures. The “necessary” granularity of the plan and actual data provided also plays an important role.
Once the relevant data has been defined in the correct granularity, the basis has been created for planning, reporting and, more broadly, a higher level of targeted corporate management.
The core task of controlling is to develop a management reporting system on this basis that does not simply produce data graveyards, but translates the database into stories. The goal is to derive concrete measures to keep the company on the right path or to bring it back on track. Simulation of scenarios and integration of rolling forecasting support management in its decision making.
The overriding objective of the analysis is the profitability of the company, which should at least be reflected in the dimensions of product profitability and the efficiency of the organization (and its individual units).
- Identification, selection and analysis of the “relevant” key figures.
- Development of a management-led and decision-oriented reporting system.
- Creation of the basis for making a decision on the optimization of the product mix.
- Optimization of process flows and organization.
- Improvement of corporate profitability utilizing the optimized basis for decision making.
- Further development of controlling toward being an accepted and valued partner of management.
Functional Controlling Concepts
Different corporate functions and departments use specific controlling approaches to optimally cover the special requirements needed for efficient management. The consultants of CAMELOT’s finance & performance management team bring a wealth of experience from their professional past as consultants and controllers in various functions, including special functional controlling approaches.
- Hands-on mentality, focus on “starting” the development and implementing a control concept rather than on long-term theoretical discussions.
- Inclusion of all key players in the company.
- Improved self- and external image through discussion and definition of a specific vision of the relevant area.
- Derivation of an integrated, individual target catalog and the associated target values for effective and efficient management.
- High level of acceptance of the defined goals and target values.
- Assuming of responsibility for objectives and corresponding measures.
- Continuous improvement through permanent tracking, definition of measures and prognosis of future development based on the implementation of measures.