HMD Global - a New Consolidation Platform in 3 Months

HMD Global, the exclusive licensee of the Nokia brand for phones and tablets, is an independent Finnish company. The company is the only major European smartphone provider distributing Nokia phones, tablets, and accessories to the world. In addition, HMD Global offers a suite of solutions for enterprise customers. The company is driven by the needs of its customers and puts sustainability, longevity, security, durability, and affordability at the core of everything it does. This is in line with its mission: connecting the world without costing the earth.

In mid-August 2021, the company began the process of renewing its consolidation platform with the help of Intito. Thanks to the effectiveness of Tagetik’s technology, seamless collaboration, and Intito’s professionalism and experience, the platform was able to go live in less than three months, in November of the same year.

Business challenge

HMD Global’s old solution support was coming to its end. Besides that they needed a modern, scalable solution that would help them streamline consolidation.

Transformation

They replaced the old consolidation platform with Tagetik Cloud. It’s modern, efficient and they were able to integrate between Tagetik Cloud and SAP S/4 HANA Cloud.

Results

The implementation of CCH Tagetik has significantly streamlined HMD Global's consolidation process, enabling just two Group Accountants to handle the entire process. Tagetik's robust internal controls have also allowed HMD Global to maintain a detailed audit trail of their financial statement reporting.

HMD Global is a Finnish mobile phone manufacturer that holds the exclusive license to produce Nokia-branded phones and tablets. Since its establishment in 2016, the company has grown to employ over 600 people, operating across 40 countries. In mid-August 2021, HMD Global began the process of renewing their consolidation platform with Intito, with the platform going live in November of the same year. The implementation was successful thanks to the combination of proven technology and seamless collaboration.

HMD Global had several reasons for seeking a new consolidation solution, including:

Upcoming end of support for their old solution (SAP BPC).
Transition to IFRS financial statements.
Need for a modern and scalable solution.
Desire for a user-friendly and transparent solution that would streamline the process and make the most of limited internal resources.

“Our decision to choose Tagetik was heavily influenced by the positive feedback we received from external references, who we had the opportunity to speak with.

Hanna-Maaria Lempiäinen, Director, Finance and Controlling, - HMD Global

“Our decision to choose Tagetik was heavily influenced by the positive feedback we received from external references, who we had the opportunity to speak with. We were also strongly impressed by the speed by which other customers had been able to implement the TGK consolidation solution. In addition, Tagetik’s consolidation solution met our needs and expectations, and we felt that the solution was a good fit for a company of our size, including relevant add-on solutions such as the Collaborative Office and iXBRL functionalities” says Hanna-Maaria Lempiäinen, Director, Finance and Controlling.

Cloud-to-Cloud Integration Made Work Smooth and Easy For End-Users

One of the most notable achievements was the integration between Tagetik Cloud and SAP S/4 HANA Cloud. Cloud-to-cloud integrations can be challenging, but the use of OData REST API made the integration highly efficient and almost real-time. This integration has made work smooth and easy for end-users.

HMD Global’s consolidation process in Tagetik consists of over 40 reporting units, including HMD Global and two sub-consolidations. The consolidation of actuals is carried out in both EUR and USD, with preparations already underway to use CCH Tagetik Disclosure Management for annual report automation.

“This project began in August 2021, and the core elements were live just 2.5 months later. The entire project was done remotely, with HMD Global’s group reporting team located in Beijing, China, with a five-hour time difference. The rapid implementation of Tagetik was made possible by shared goals, flexibility, and experience of the project team,” said Teemu Jylhä, Senior Advisor, from Intito.

“Our collaboration with the Intito team was seamless and we were impressed by the good feedback and recommendations we received prior to engaging with them. Working with the Intito team was very easy, given their proactive and pragmatic approach. Their knowledge on technical accounting is strong and they are able to elaborate on the system requirements in an understandable and approachable way” tells Kaarina Reijonen, Head of Group Accounting.

The implementation of CCH Tagetik has significantly streamlined HMD Global’s consolidation process, enabling just two Group Accountants to handle the entire process. Tagetik’s robust internal controls have also allowed HMD Global to maintain a detailed audit trail of their financial statement reporting.

Solution components

- CCH Tagetik for Consolidation
- CCH Tagetik for Collaborative Office (Disclosure Management)

You can read another successful CCH Tagetik Case Story here: “KWH Group Needed a Consolidation Platform for Ambitious Environments”.