Throughout all our companies, we want to speak the same financial language. BrightAnalytics allows us to do so.

The Holy Grail

DENSIQ on trust and simplicity

A single access point to a multitude of financial data from several companies spread over Europe: Swedish market leader in sealing solutions DENSIQ instantly understood the value of BrightAnalytics’ offer. “We like to trust people until they prove the opposite. Our trust in Bright Analytics has proven to be right.” CFO Richard Skoglund and Group Business Controller Johan Ehlinger share their first experiences with BrightAnalytics from the company’s headquarters in Göteborg, Sweden.

One truth

As a consequence of its rapid growth and geographical diversity, DENSIQ had to struggle with different kinds of financial data and systems. Its companies all used different ERP technologies, making it hard to consolidate and ‘speak the same financial language.’ Richard Skoglund, CFO: “We were lacking a uniform approach to look at data. We needed ‘one truth’ and preferably the same ERP system all across, so we considered implementing a completely different and common ERP system in all countries. But the contemplated solution turned out very expensive, which we thought was hard to defend to our Board, especially since several companies had recently implemented new ERP systems.” Then, DENSIQ got contacted by Lucas Carette from BrightAnalytics Sweden. Skoglund continues: “This was a phone contact, late spring 2021. The solution from BrightAnalytics turned out to be spot-on. I went to my controller, Johan, and said: ‘I think I have found the Holy Grail’! “.

After some online demonstrations, DENSIQ decided to sign an agreement with BrightAnalytics. The reasons for their decision are obvious. Skoglund: “Basically, BrightAnalytics is a ‘connector’, a layer on top of every ERP in our different companies.” Ehlinger continues: “It allows to easily extract data in one, uniform platform. It offers its own solution for creating a data warehouse. It’s as if all our companies had the same ERP system.” According to DENSIQ, the advantages are numerous: simplicity, usability, price/value for money, easy and fast installation and stability.

Valuable insights

The installation of BrightAnalytics apparently was a ‘piece of cake’. Ehlinger: ‘Most of the work was taken care of by the BrightAnalytics team. Hardly one month after signing the agreement, BrightAnalytics was up and running. No more than a few hours of training were needed to get everybody using the system. Skoglund: “even our CEO, although not a finance guy, now plays around with our financial data. It allows him to get valuable new insights.”

As the rollout of BrightAnalytics only dates back from summer 2021, not all functionalities have been installed or utilized. Skoglund: “We grow by acquiring new companies. One next step will be to install BrightAnalytics at our new acquisitions.” Next, budgeting and forecasting will be on the BrightAnalytics menu. Both Skoglund and Ehlinger look forward to it: “We are confident in the success of our cooperation with BrightAnalytics. We are Swedes, you know: we trust people until they prove the opposite. BrightAnalytics has proven us right.”