Streamlining financial reporting at Timex Group

Timepiece manufacturer Timex Group can now create financial reports and visualise data much more quickly, thanks to Tagetik

Rebecca Gibson
Rebecca Gibson
By Rebecca Gibson on 11 August 2016
Streamlining financial reporting  at Timex Group

This article first appeared in the Summer 2016 issue of The Record.

One of the world’s largest timepiece manufacturers, the Timex Group sells millions of watches worldwide each year. Over the past 20 years, the Timex Group has grown in size and complexity through acquisitions and new product introductions. In addition to a wide range of watches sold as part of the Timex brand, the company also manufactures watches for other well-known brands, including Nautica, Guess, GC, Salvatore, Versace, Versus, Ferragamo and Opex. The company has offices and manufacturing facilities worldwide and around 4,000 employees.

However, the company’s financial system, Hyperion Enterprise, was not flexible enough to meet the company’s accounting and reporting needs. In fact, more than 5,000 reports were being produced on a regular basis to ensure the company could access and visualise the data it needed to manage the business. Plus, reports had to be manually updated whenever a business change occurred, such as the launch of a new product, which could take weeks.

When Oracle revealed it would end support of Hyperion Enterprise, the company’s senior manager of financial reporting and consolidation Shelly Krpata decided to find a replacement. Her team took about a year to evaluate multiple vendors to find a single solution that would enable the company to manage corporate budgeting and finances, and provide detailed financial reporting.

Specifically, the new system had to be able to handle diverse and complex reporting needs at multiple levels: corporate, regional, country, and business unit. In addition, because the intended users were located worldwide, the system had to be relatively easy to use for regular and ad hoc reporting without extensive training. The system also had to integrate with the range of source systems used across the Timex Group.

Representatives from corporate finance and key stakeholders in Europe were involved in the implementation, providing feedback and helping to ensure company-wide buy in.  Structured, weekly design meetings kept the project on track and also provided a forum for design­-related decisions. “This was our opportunity to do things better,” says Krpata. “We didn’t want to just rebuild what we had before.”

Today, around 80 people throughout the Timex Group use Tagetik for reporting – from the CEO and corporate controller, to location users. Krpata’s team also uses Tagetik to create regular report packages for the company’s board of directors. “We’ve streamlined reporting immensely,” explains Krpata. “Today, a single Tagetik report can incorporate the data we previously presented in 30 different reports. A product or business change is made once and is automatically reflected everywhere.”

 


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