Client case ROM
BI partner in the Finance domain
Since September, DATA KINGDOM has been active as a BI partner in the Finance domain for ROM Utrecht Region. This Regional Development Company (ROM) is an investment company focusing on the province of Utrecht and participates in start-ups and scale-ups with an innovative or sustainability component. Additionally, the ROM stimulates innovation in the region and helps companies internationalize.
Data driven working with finance data
An important internal objective is for ROM Utrecht to become the most digital ROM in the Netherlands.
Naturally, data-driven operations and dashboarding play a crucial role in this. ROM approached DATA KINGDOM to enable the internal organization to work more data-driven with finance data. We are therefore responsible for BI solutions in the Finance domain.
In recent months, we have unlocked data from Exact Globe and developed two solutions. One for the Finance department and one for managers.
The finance department requires advanced insights. In addition to the P&L, the balance sheet, consolidation, and breakdown of the P&L over the core activities (development and investment) are available. This is detailed per company, per consolidation entity, per month, quarter, and year to date. We have built 2 separate, parallel consolidations in which a total of 7 companies are consolidated at the transaction level.
Moreover, the dashboards include pages to monitor the reconciliation between intercompany accounts and the reconciliation between bank balances and the general ledger. This enables controllers to perform checks that were traditionally done only during the month-end close, which can be time-consuming, much more frequently and in much less time. This can significantly reduce the period close time.
Dashboards for managers
In this dashboard, they can view the utilization of their departmental budgets, including actuals, budget, the latest forecast, and the variances between them. Thanks to Row Level Security, everyone can only see their own figures.
Furthermore, managers can view the logged and to-be-approved hours, staying informed about the worked hours, categorized into direct versus indirect and underlying activities.
“DATA KINGDOM enables us in Finance to take a leading role in data-driven operations within the ROM. They understand what we as Finance expect and need, and with the data insights at hand, they encourage us to optimize our processes and financial administration. The dashboards integrate financials from multiple administrations. This provides us with a lot of overview, deeper insights than we had before, and the automation achieved through this saves us substantial time. We are very pleased with this!”
Leo van Loon, CFO of ROM Utrecht
“We endorse the ambitions of the ROM and are pleased to contribute to them. The personal collaboration is also very pleasant; we have come to know the ROM as a social and friendly company with which it is enjoyable to interact. Additionally, we can optimally leverage our core expertise in data within the finance domain here. We look forward to continuing the journey that the ROM is undertaking towards becoming the ‘most digital ROM in the Netherlands’ and the contribution we can make to this goal.”
Steven Annegarn, Director of DATA KINGDOM
How do we work
To ensure that your finance dashboard perfectly aligns with your organization’s needs, we follow a meticulous process:
Data Strategy Session: In this session, we primarily gather information about the company’s strategy, the existence of a data strategy, the key KPIs, and their definitions. We also identify the available data sources. Together, we discuss the desired design of the dashboard.
Inspiration Session: With the input from the data strategy session, we create an inspiration dashboard using dummy data. During the inspiration session, we present the dashboard and further refine the requirements and definitions from the Data Strategy session.
Implementation: Following the inspiration session, we proceed to unlock data sources (source systems, databases, Excel, APIs), model the data, visualize it, set up governance, and provide training. Most importantly, we work together to ensure that data-driven working is embraced within the organization. Below, you can see a detailed breakdown of how we proceed in each phase.
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