Codestone implemented CCH Tagetik Cloud platform to provide all the financial analysis, annual budgeting, forecasting and regulatory reporting that ENW needs in a single solution. As part of the project Codestone also cleaned the data which included years of historic information that was no longer required. The result was that only one third of historic reports were still required, significantly improving performance.

Connecting directly with ENW’s SAP and the Master Data, CCH Tagetik delivers the capability for the finance team to align all finance activities with the business operations. Previously ENW’s accountants waited for three hours to see posted data and be able to identify any discrepancies, now it takes less than 30 minutes. And the team has clear visibility on budgeting across the organisation, ensuring each department knows exactly what their spend is at any given moment, and how much resource can be allocated per activity.

Regulated reporting to Great Britain’s energy regulator Ofgem requires the annual disclosure of certain information such as how much training has been carried out and in which areas of the business. CCH Tagetik’s compliance functionality provides that capability, reducing risk and giving the finance team the confidence that it is fulfilling regulatory enforcement.

Having CCH Tagetik in the cloud gives ENW much more flexibility, so the finance team spends more time on analysis and value-add activities, using the system’s built-in financial and predictive intelligence tools for reporting and visualisations. With real-time visibility and intuitive dashboards, the finance team can focus on improving business process and carry out effective financial planning across the organisation.

Stephen Neild, Finance Systems Business Analyst at ENW says, “With a new CEO, organisational transformation and ambitious targets to reach over the next five years, being able to scrutinise the numbers and do accurate budgeting and forecasting will be critical to our business.”