Mondo Convenienza

Mondo Convenienza is among the first specialized distributors in home furnishings in Italy. The Group needed to find a new management model that can rationalize, standardize, simplify, and decentralize the company procedures, making them qualitatively excellent, usable, and easily communicable.

The initial situation was certainly not easy! The Group is constantly committed to rationalizing business procedures – including the financial statements process, as well as looking for solutions that can make them increasingly dynamic and effective. In addition, until 2016, the information systems landscape was characterized by isolated solutions for financial statement processes, consolidation, and inter-company reconciliations.

A change of pace was needed, therefore it was necessary to identify clear objectives and suitable tools to achieve them. The project envisaged a substantial restructuring of all the financial statements and consolidation processes, including preparation of the Explanatory Notes, Management Report, and Financial Report, along with the generation of XBRL format files. This involved collecting all data and reports in a single database, thus reducing the information production times.

The Group set challenging and ambitious goals such as: redesigning the budget process and setting up activity and reporting standards; adapting the IT system to allow a rapid response, also for regulatory changes; guaranteeing data control and total traceability; sharing a single database with all users to improve the quality of the activities, a system which is able to adapt continuously to the evolution of the business.

CCH Tagetik Solution

Thanks to the CCH Tagetik solution, the Mondo Convenienza Group has a centralized database with high quality data that is fully traceable within civil-law processes. This is all within an extremely flexible and efficient computer system that allows a 'drill-down' with the highest level of detail up to the individual consolidation adjustment.

CCH Tagetik software implementation enabled the company to manage the statutory consolidation and generate consistent quality reporting, in line with the needs of the stakeholders.

Among the results obtained, the Group underline the reduction of over 50% of manual activities, the rationalization of the consolidation entries and the peripheral loading of data thanks to a 'customized' ETL system and, above all, the reconciliation of inter-company batches through a web dashboard which allows to maintain supervision and control over the data entered by peripheral users.

Benefits