How TDC Manage Their Economy and Finances
“TDC is part of a business where competition and pressure on pricing is extreme. Therefore, it is essential that we manage to get the maximum out of our resources and business. When it comes to the finance and economy function it automatically entails a demand for the employees to move closer to the actual business,” states Group Finance Director in TDC, Pernille Erenbjerg.
By using Solitwork’s finance and economy solution, this telecommunications giant in Denmark can present their financial accounting faster as well as optimise and streamline the budgeting process whilst providing better estimates for future earnings.
Overview of a Huge Amount of Economic Data
Over the years, TDC has built up a large database which contains all the Group’s economic data. Previously the Group had six different solutions that handled all the different functions concerning economy reporting. In partnership with Solitwork, these are now gathered in one solution.
The Head of department in Business Finance, Anders Peter Gerner Jensen, states that one of the big advantages in their new economy solution from Solitwork is that the Group now has more transparency in their large amount of data, and that security of data is being handled consistently.
“Our finance function is now capable of operating as a collaborator for our business. If one of our companies is considering launching a new price plan or new product, we are able to provide a quick answer to which financial implications it will entail,” Pernille Erenbjerg adds.
Streamlining of Processes Created Noticeable Results
An essential element in the establishment of TDC’s new economic and financial system was the analysis of all processes used for financial management.
“It may sound simple to implement a new financial reporting system however it is in many ways the fundamental system in our company. One thing is the IT tool itself, another is the processes which the solution has to embrace. We have therefore chosen Solitwork to help us plan and streamline every weekday in our economy department.” Anders Peter Gerner Jensen adds.
Anders stated that when the company previously went through their posts it could take them an entire day before the posts were registered. Now the employees can see the posts immediately.
Improved Insight into Future Earnings
“We are now in a place where we can spend more time understanding the story behind our numbers. At the same time, it is easier to produce the numbers and fewer errors occur. Specifically, this means that the interpretation of the information is completely different than previously. Last but not least, this entails that the future has become easier to predict.” Pernille Erensbjerg continues.
Efficient Budget Process
After the implementation of our economic system from Solitwork, our budget processing has become more efficient. “Today we can immediately see the effect of the posts we enter into our budgets. Previously, every department needed to close their budgeting before a deadline. If one chose to enter data early, the effect could only be seen post deadline,” Anders Peter Gerner Jensen says.
“I am sure that we have a financial tool in which we can grow and I know that our journey will continue in a safe manner.” Pernille Erensbjerg closes