Version 1 delivers IT solutions and managed services which transform their customers’ businesses via in-depth domain experience and a wide breadth of technology competence, addressing the business challenges of Enterprise customers across all industry sectors.
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.
Our Work / Version 1
A complete FP&A
transformation in just
12 weeks
Client Version 1
::
Sector IT
Challenge
Financials struggling to keep up with growth
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 1Solution
Move from old world FP&A to technologically empowered decision making
Version 1 investigated replacing their complex Excel-based budget process with a smarter, more solid solution. They selected the Adaptive Planning platform and chose Miagen as their implementation partner. Miagen’s specialist IT sector team helped Version 1 map and steer their course from beginning to end.
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.
Outcome
An empowered and strengthened financial system.
Streamlined reporting & forecasting
Version 1 hit their target of producing a comprehensive financial and operating report, in a much reduced timeframe, on a monthly basis. Now, three days after month end, the company produces a comprehensive financial and operating report which gives total insight into the business.
Comprehensive sales planning
The sales team use the system to plan at both customer project and customer account levels, while the sales manager has full visibility at all levels, including sectoral. Plans are created based on revenue and profitability and commission is remunerated based on profitability, meaning that both staff and company objectives are better aligned.
Smart resource planning & allocation
Resource allocations are now input and visible within the reporting and planning system. This provides for a complete view of profitability across all levels; individual, team, customer, service line & product levels, allowing for better usage of resource and more accurate planning.
A fully integrated & engaged organisation
All parts of the organisation are driven by one reporting and planning system and financial and key operational information is centralised in a single source offering drill down capability. The result is an integrated organisation where sales, service delivery and customer units, all drive towards the same financial goals.
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