Accelerate and streamline accounting closing processes with fast close
Do you want to optimise your account closing process to improve responsiveness and visibility? Do you need a high-performance tool to accelerate your transformation?
Find out how Micropole supported TIBCO in their Fast Close project.
TIBCO, a digital service provider, is a fast-growing group with a 2020 turnover of €140 million and more than 1600 employees.
They work on the digital systems of companies and telecom operators, ensuring prevention, maintenance and enhancement.
- To develop networks and infrastructure
- Manage, defend and maintain existing IT and networks
- Digitalise the production processes of their clients' services
- Provide digital workplace support to users
TIBCO turned to MICROPOLE for a flexible and agile solution to improve and accelerate the monthly financial closing process.
The purpose of the fast close is to obtain a consolidated forecast of the month's closing. Today, the accounting closing is completed up to D+26 for TIBCO.
By setting up a tool dedicated to accelerating the closing process, the objective was to enable them to obtain a forecast vision on D+6 but with a target on D+3, thus favouring a faster analysis and an acceleration of internal decision-making.
In addition to achieving these objectives, the tool chosen for the implementation of this solution had to meet the following requirements
- Interconnection with PowerBI
- Ability to use predictive functions (based on the Microsoft Azure AI engine)
- Handling of data via an Excel/Web interface with complete autonomy
- A solution that must be flexible, customisable by the user and scalable
Methods and Solutions
TIBCO chose to rely on JEDOX and asked MICROPOLE to implement the Fast Close solution in Jedox.
Jedox is a cloud-based performance management solution (EPM), based on multidimensional technology. Its intuitive, unified platform enables rapid user adoption.
Tibco companies track their activities per project (business). The closing of their accounts consists of having a view per legal entity and per business. They have over 40,000 active cases.
The implementation of common and homogeneous management rules automated per type of business and per type of expenditure accelerates the detailed analysis of projects.
A full cost view per case is simplified by the allocation of indirect costs which is a native feature of Jedox. (Data allocation)
The flexibility of Jedox allows for easy management of specific requests to be implemented.
This project was carried out by our expert consultants using a semi-agile approach, combining an upstream requirements gathering phase and a sprint phase during development with a close link to the business.
In order to easily link JEDOX to the PowerBI data visualization tool used by TIBCO, the Open Data Protocol (OData), a dedicated connector was used to facilitate data sharing. The PowerBI solution can easily access and retrieve the forecast monthly closing data processed and consolidated in JEDOX. This allows TIBCO's teams to have the data available in PowerBI's own dashboards as well as in other output.
- Real time saving - Good visibility on the result from D+6 instead of D+26.
- Review of processes and harmonisation of certain management rules. Identification of areas for internal improvement.
- Enables rapid identification of inconsistencies through the use of alerts.
Promotes external growth. When TIBCO integrates a company into their ERP, it will be able to enter the same acceleration process as the others in line with a homogeneous model, as all the companies of the TIBCO group are integrated within the same ERP