A series of acquisitions in Europe resulted in inVentiv Health inheriting a mixed bag of localised finance and job costing systems. Here's how Paprika simplified operations.
A series of acquisitions in Europe resulted in inVentiv Health inheriting a mixed bag of localised finance and job costing systems. Attempts to upgrade or convert these systems led to a complex reporting mechanism and a lack of transparency to some key financial and operational data.
Paprika was approached by inVentiv Health in 2011 to help rationalise their European financial systems. The challenges for inVentiv Health and Paprika included:
1) Standardisation of the accounting onto one international system, whilst fulfilling local reporting and filing obligations
2) Regularisation wherever possible of the common processes
3) Speeding up the month-end reporting cycle to provide more timely management information
4) Consulting with local account management staff to ensure user acceptance
5) Provision of visibility to current and future projects, both live and potential
6) The collection and reporting of data held locally on global clients.
As Paprika was well-established across the core parts of the group and had international versions available it was the natural choice for a roll-out to inVentiv Health’s European operations.
Single Data Multi-Company datafiles were established in the UK, France and Germany, accommodating the separate companies that exist in each of these countries. Finance and Operational Management get visibility to the performance in each of these companies whilst Account Managers have access only to their own company’s information.
Paprika was configured such that group and local reporting requirements were met by the use of standard and alternative nominal coding. Departments were created within each company to give further layers of analysis.
From the start inVentiv Health had involved local account management staff in the implementation process although it was clear that a firm hand was required when procedures were being standardised. User guides were written in each maternal tongue that included the group standard procedures and also accommodated any country specific issues.
Account management staff use Paprika for creating estimates of time and expenses for both pitches and live projects. This gives visibility at a group level to all current and expected costs and revenues allowing greater central visibility of local performance.
Some thought had to be given at the Paprika planning stage as to how the data should be configured to report the analysis required by client, brand, etc but this process is already starting to yield results. Group reporting has now been standardised and resulted in earlier submissions of group data.
Paprika has worked for inVentiv Health in a complex and constantly evolving international environment. Paprika’s history of working within the creative industry has meant that they had already anticipated and provided solutions to many of the challenges we faced and they demonstrated a pro-active and flexible approach to the new ones that arose during the implementation.
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Paprika has enabled us to change the way we report profitability, creating tighter controls over risk to ensure profit margins remain on target.