About IMI
IMI is a specialist engineering company that designs, manufactures, and services highly engineered products that control the precise movement of fluids.
They help some of the world’s leading industrial companies operate their processes safely, sustainably, cleanly, efficiently, and cost-effectively.
IMI has three divisions: IMI Precision Engineering, IMI Critical Engineering and IMI Hydronic Engineering.
IMI faced the following challenges:
- A complicated and time consuming actuals reporting process
- Inconsistent forecast and actuals processes
- Data collected unnecessarily due to evolving requirements
- Imbalance of time being spent on value-added analysis versus reporting
The main goal was to improve the efficiency of the overall month end and actuals reporting process ensuring that the right information could be extracted from the system at the right time to be able to drive decisions. This would make it easier for those currently at IMI and also for new starters at the company. Furthermore, an improved consolidation process would significantly reduce risk as using incorrect data could lead to decisions that might not be the most suitable.
Helen Finch, Senior FP&A Manager says:
“We wanted to simplify our reporting processes and set up in Controller to give our finance teams more time to do add value to the businesses they support.”
HAYNE’s Solution
From initial conversations, HAYNE was able to gain an understanding of what needed to be achieved.
HAYNE was able to generate practical solutions on how to reach the end goal. The skillset of HAYNE helped deliver the project. There was a requirement to map data between accounts and HAYNE was able to identify and use the most appropriate tool to do this in a controlled manner.
Helen continues,
“HAYNE made our vision a reality. They were able to help us embark on this journey.”
Overcoming Challenges
Upon the project getting underway, it became clear that the project was more complicated than at first thought due to differences in reporting structures/approaches across the three IMI divisions.
In addition, processes which would work for actuals accounts and data would not always work for forecast accounts.
A HAYNE consultant had regular internal meetings with IMI to understand the challenges as the project progressed and identified solutions to overcome these. Different approaches were sometimes required for each division and for actuals or forecast data in order to deliver the desired outcome.
The project also ran concurrently with year end; the peak point in the Finance Team’s calendar for any business.
Key Measurables
- There has been a significant reduction in the number of forms that now need to be populated and the number of accounts in use. Each division has been able to reduce the number of data points by up to 67%.
- An estimated saving of between 1 to 3 hours per site for the inputting of data on a monthly basis.
- There are now 2 simple forms to input additional information required at year end instead of 9, more complicated forms.
Collaboration
Collaboration was key throughout and is something that consistently improved as the project developed. HAYNE had regular check-ins with IMI and also joined IMI internal project calls to understand issues as they arose and support timely resolution. This meant a firm understanding from HAYNE’s point of view and avoided the potential to make incorrect assumptions.
Helen finally comments:
“As the project progressed, excellent collaboration developed between the IMI team and HAYNE. Everyone was on the same page and working towards a common goal”.
In the future, HAYNE has a potential to work with IMI to help further reduce their complexities.
The IMI project with HAYNE achieved several outcomes:
- A unified formset for both forecast and actuals
- An estimated time saving of between 1 to 3 hours per month per site
- Information is now much easier to find/ more streamlined way of storing and sourcing data
- A single version of the truth
- A simplified year end process with only 2 forms instead of 9
Summary
Despite the complexities, HAYNE was able to overcome the curveballs and unique processes of IMI’s teams/divisions and provide tailored solutions rather than a fix out of the box.
HAYNE’s experienced consultants collaborated closely with IMI to ensure the brief was met and the desired outcome (s) achieved.
IMI now has a simplified consolidation solution and an aligned actuals and forecasting process. With a much less labour-intensive process for gathering data and reporting, more time can be spent on analysis, in-turn leading to better decision making.
Next Steps
- Contact us to find out more information about Cognos Controller or upgrading your current Consolidation solution