Bang & Olufsen
The Demand for Quality
Bang & Olufsen are renowned worldwide for producing beautifully crafted products utilising their famous Scandinavian design techniques. Since 1929, the company has strived to be ambitious and innovative in order to develop some of the finest engineered products on the market. The demand for quality is an essential part of B&O, which is also reflected in their finance department. However, this department was once under a lot of pressure due to faltering data management and ineffective reporting. B&O came to realise they required greater insight into their data and that their processes in their finance department were too heavily dependent on people.
A Financial Transformation
Through collaboration with Solitwork, B&O had a breakthrough. Senior Director, Global Finance, Brian Bo Nielsen elaborates:
“I knew Solitwork from my time in TDC where their financial reporting system had been indispensable. Therefore, I had no doubt they could help us mend the situation. There is no doubt that we needed to get a greater insight into our business, which is a necessity in a situation where our surroundings and markets are more turbulent than before.”
The results arrived fast. After an efficient process by Solitwork, B&O had a complete automated reporting process which allowed more time to analyse, receive advice and a create a platform with a necessary overview of all aspects of their business. These changes also meant that their employees had more time to spend on more pressing subjects and through taking out an element of human administration, this in turn eliminated the margin for error. The optimisation of their financial processes resulted in a lot of media coverage around Christmas as B&O could close their interim a month before the deadline. According to Brian Bo Nielsen, this would not have been possible without the collaboration with Solitwork.
“The solution we have built with the team from Solitwork has supported the transformation within Global Finance that we are working on. In addition, it has created a lot of new valuable insight in the turn-around we have been working on the last couple of years in B&O”
Fast and Efficient Implementation
It required only two months from when B&O contacted Solitwork until the solution was designed, implemented and employees were ready to use the tool.
“The unique thing about Solitwork is how agile they are. They reacted really fast and the thoroughness was never compromised. The solution was designed and tailored to our needs and it was up and running after two months which made a huge difference,” Brian Bo Nielsen elaborates and states that the fast implementation resulted in a noticeable improvement.
”The challenge with B&O was really exciting from a Business Intelligence perspective. We knew that we could solve the task and could do it fast whilst creating a durable solution. The goal was to get the AFC Platform implemented within a time frame of two months – which it was.
A User Friendly and Value-Added Solution
B&O have received a report and consolidation platform that can handle the most complex business processes and demands required by the finance department. Brian Bo Nielsen has no doubt that the solution from Solitwork made a significant difference:
"We create results every month because of the solution from Solitwork. We deliver safe numbers – one set of numbers – to our business performance reviews which means that the Directors can see where the value is created. The transparency makes it easier to make decisions and I can also see the effect on my employees. They now have an easy, user friendly solution, which has allowed them more time to analyse and given greater job satisfaction.”
It is much more than a financial consolidation solution because it integrates both internal and external reporting in the same solution.
“Solitwork’s solution has provided me with the safety I need. I know that we all have access to the same data and therefore are working with one common truth. Our finance processes are efficient which has created essential value for the entire company,” Brian Bo Nielsen closes.