COLTENE, a global leader in dental consumables and small equipment, plays a crucial role in the dental industry by providing innovative products for a wide range of dental treatments. Dentists and dental labs worldwide rely on COLTENE’s extensive portfolio for implant-based therapies, dental reconstructions, and traditional therapies. With headquarters in Switzerland and state-of-the-art production facilities in multiple countries, COLTENE is committed to delivering excellence in the dental industry. To enhance their reporting and consolidation processes, COLTENE partnered with Inulta, a leading provider of financial software solutions. This collaboration resulted in significant benefits and optimization for COLTENE’s financial operations.
Accurate and Accelerated Consolidation & Financial Reporting Process
COLTENE faced the challenge of enhancing the transparency and efficiency of its reporting system. With Inulta’s expertise, they successfully implemented the Tagetik Consolidation functionality during Phase I of the project. This automation streamlined the consolidation process, allowing for accurate and accelerated financial reporting. Now, financial statements, both individual and consolidated, can be easily generated from Tagetik, providing COLTENE with a transparent view of their consolidation results.
Data Governance and Complete Transparency
One of the primary objectives for COLTENE was to establish a data governance framework that ensures transparency and accountability. Inulta’s solution enables COLTENE to track journal entries, understand the sources of data, and analyze the impact of adjustments and eliminations. This level of transparency empowers COLTENE to make informed decisions and gain valuable insights into their financial performance.
Easy-to-Use and Coordinate Consolidation Workflow
COLTENE required a consolidation and reporting system that was not only easy to use but also allowed for seamless coordination. Inulta addressed this challenge by implementing a user-friendly interface that simplifies the consolidation workflow for both, entities and group level. The solution minimizes dependency on legacy systems and provides a centralized, flexible database as the source of truth. This cohesive approach allows COLTENE’s finance team to collaborate efficiently and streamline their processes.
Time Saving with Automated Intercompany Reconciliation
Inulta’s solution automates the intercompany reconciliation process, saving COLTENE significant time and effort. By reducing manual entry errors and automating calculations, the system improves accuracy and data integrity. This automation allows COLTENE to focus more on analysis and decision-making rather than manual data entry tasks.
Customizable Solution for Scalability and Adaptability
COLTENE recognized the importance of a solution that could accommodate organizational changes and adapt to evolving reporting structures. Inulta’s Tagetik solution provided the flexibility to customize the consolidation process to meet COLTENE’s unique requirements. This adaptability ensures that all postings are tailored to fit the specific needs of the business, further enhancing the scalability of the solution.
Extending Consolidation to Forecasting & Budgeting Data
In Phase II of the project, Inulta successfully implemented the consolidation of budgeting and forecasting data within the same database. This integration allows COLTENE to apply the consolidation setup to the uploaded figures of budget and forecast, similar to actuals. In addition, intra-group profit eliminations calculations and what-if scenarios are implemented for forecasting purposes. The solution also enables comparison analysis within the same database, providing a comprehensive view of financial performance across different time periods.
COLTENE’s partnership with Inulta has improved their consolidation and financial reporting processes. Through the implementation of the Tagetik Consolidation functionality, COLTENE achieved enhanced transparency, accuracy, and efficiency in their reporting workflows. The streamlined consolidation process, coupled with improved data governance and seamless coordination, has empowered COLTENE’s finance team to make informed decisions and gain deeper insights into their financial performance. With Inulta’s expertise and innovative solutions, COLTENE has unlocked new levels of efficiency, accuracy, and adaptability, positioning themselves for continued success in the dynamic dental industry.