KWH Group needed a consolidation platform for ambitious environments

KWH Group has a global reach which means it has 53 reporting units across 20 countries. This entails two hierarchies, 20 currencies and several time zones, numerous operational and legal structure subgroups, IFRS and FAS reporting standards and assorted IT environments. The various and outdated legacy systems were no longer a fit for their purpose. Intito helped KHW Group to move their consolidation process to CCH Tagetik’s Consolidation platform.

Business challenge

Demanding financial consolidation environment with multi-currencies and diverse structures. Replacement of legacy consolidation tool.

Transformation

Single solution for both statutory and management consolidation. Global roll-out of reporting solution with CCH Tagetik Cloud

Results

Flexible solution for demanding global multi-currency consolidation process. A visualized reporting process supported by CCH Tagetik workflow. A transparent IC matching process with an improved audit trail.

KWH Group has a broad and diverse group of key users. They needed the ability to visualise data in an easily digestible format from a single database presenting “one version of the truth” to facilitate a coherent, IC matching and reporting process. Other requirements important for KWH Group included improved audit trail and global launching ability. Audit trail was improved using automated processes and single entry principle and could services enable the global launching ability.

“We were looking for a partner willing to co-operate, to train users, and with the right attitude and desire to build ambitious environments. CCH Tagetik offers a good, modern, flexible solution for consolidation process.”

Eija Savela, Group Controller, - KWH Group

We worked closely with KWH Group during the project implementation and supported the whole process so that “one version of the truth” was established. One of the key benefits for KWH Group is the global utilization. Automated processes and a significant upgrade to the technology of the outdated legacy systems has brought KWH Group a better understanding of their consolidation process. They now have an improved audit trail and a transparent IC matching. CCH Tagetik’s ability to visualize the reporting process was brought up by KWH Group as one of the most substantial benefits of the new platform.

KWH Group

KWH Group is a family owned manufacturer of abrasives and water traps as well as port operations and logistics services. Their headquartered in Vaasa, Finland. They are a parent company of a group dating back to 1929. KWH Group consist of 3 divisions; comprise Mirka , KWH Logistics and KWH Invest. They have 2400 employees across 53 reporting units in 20 countries.  KWH Group turnover in 2018 was 502 million euros.

Solution components

- CCH Tagetik for Consolidation
- CCH Tagetik for IFRS16
- CCH Tagetik for Collaborative Office (Disclosure Management)

If you wish to read more about the case, you can find the original case story on CCH Tagetik’s webiste here.

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