Our Work / Version 1
A complete FP&A
transformation in just
Financials struggling to keep up with growth
Version 1 set a target – rapid growth at 30-50% per annum. As significant changes could take place in very short periods, even a matter of days, to support this goal agile systems would need to be in place, financial systems which could adjust and evolve as the business changed and grew.
A much more robust tool...
Using Excel, we needed a much more robust tool, to allow for data changes without fear of errors in tabs. We needed to be able to change forecasts in real-time.Eamon Wynne, CFO, Version 1
Move from old world FP&A to technologically empowered decision making
Determine KPIs and build financial models
Miagen structured the implementation process by setting up exploratory meetings to capture key requirements and information on existing business processes. From there, financial and operational planning models were created to enable detailed analysis of costs and profits. A clear, robust financial model was designed for deployment.
Implement FP&A technology
An automated, cloud based application was implemented as this was fundamental to moving Version 1 to a more technologically empowered financial reporting, planning & analysis approach. Using the Adaptive Insights platform, Miagen developed a clear reporting hierarchy and chart of accounts. Moving to an automated solution had an almost immediate impact, as the level of errors reduced overnight and financial accuracy improved. Adaptive Planning was also integrated with Version 1’s accounting & time recording and billing system, providing a central repository for all data.
Empower the Version 1 team
Version 1 now have a clear set of KPIs, custom accounts, budget plans and rolling forecasts. The internal team are fully trained and supported on the new models and systems, empowering them with the ability to make changes on the fly, in line with strategic direction, without a dependence on external consultants.
An empowered and strengthened financial system.
Streamlined reporting & forecasting
Comprehensive sales planning
Smart resource planning & allocation
A fully integrated & engaged organisation
Determine the impact of change...
Version 1 has implemented a powerful module which can determine the impact of change and respond proactively. Miagen built a planning model based on that, which enables optimum management of Supply and Demand by profit contribution.Diarmuid Gahan – COO, Miagen