What was your starting point?
Our aim was to standardise our reporting for the CEO, the supervisory board and the stock exchange. We needed to bring together different reporting standards from several countries, make the transition to IFRS, and harmonise the data. In introducing the solution, we wanted to establish a basis for an integrated reporting system across all our companies. In view of the different cultures and local legal peculiarities, this posed quite a challenge.
What were the highlights?
Our accounting, IT and corporate performance management staff, as well as our implementation partner, were in some cases working at the very limits of their capacity. In the midst of all this work, it was not always easy to pause for a moment and realise what had been achieved so far – and celebrate those accomplishments. With regard to the solution, I’m impressed at how much it has shortened the process steps. This has left us with more time to attend to the data quality.
What lessons have you learned?
It’s important to define a clear objective that makes sense to everyone involved. I would regard clear project management as being crucial, especially when it comes to the harmonisation of standards. Those involved should notice a real benefit for themselves, even when giving up habits of which they are fond may at times demand a fair amount of energy. At such times, tight management is essential.
About Ringmetall AG
The leading global specialist in the packaging industry develops and manufactures its product solutions at twelve sites in seven countries on three continents. Ringmetall Group comprises 21 subsidiaries in total.
"The project was challenging for the team and the IT. However, the process steps have been shortened considerably through standardisation, which has left us with more time to attend to the data quality."