Realising ambitious plans with limited manpower is typical for start-ups. In that case, it’s good to be efficiently organised and to have the right tools to support you. Arild Nordrevoll, CFO of the Norwegian company Wolftech Broadcast Solutions, found this to be the case. He is the only one of Wolftech’s team who deals with financial reporting. This job used to take up a lot of his time, but today this time has been reduced to a minimum thanks to BrightAnalytics.
Norwegian start-up Wolftech Broadcast Solutions develops planning and collaboration software for the professional broadcast market. Some of the company’s global customers are the BBC, RTL and VICE Media Group.
“As we are a small organisation – with around 20 permanent employees and a dozen consultants – I am the only person responsible for everything that has to do with finance and administration”, explains CFO Arild Nordrevoll. “As a result, I have to be able to work efficiently. I used to spend a lot of time consolidating Excel spreadsheets from various systems and updating our reports every month, then copying them into PowerPoint. That was no longer workable, so I started looking for a reporting tool that would make monthly closure easier for me.”
While skimming the Internet in search of a good tool, Arild received a call from BrightAnalytics’ Sweden office. BrightAnalytics already has quite a few similar Nordics companies in its portfolio and reached out to Wolftech asking if they needed help with their reporting.
“I was immediately excited when I saw the demo,” Arild continues. “Our own accounting package also had a reporting tool, but I really liked BrightAnalytics’ user interface a lot. This software could make my work so much easier, which would save me an incredible amount of time. Until then, I was spending over a day every month creating reports. Now it was just a matter of creating a customised report once, which could be updated automatically after entering the figures. BrightAnalytics’ staff adapted themselves very easily, were extremely solution-oriented and incredibly quick to answer my questions. Another decisive reason was the pricing: we receive very good value in return for our investment. Moreover, the fact that BrightAnalytics’ pricing model is linked to a companies’ turnover is very interesting, especially for a young company like ours.”
Not much later, BrightAnalytics was successfully set up and implemented at Wolftech. “Usually it takes much more time to implement such software. But not with BrightAnalytics. We didn’t even have to meet physically for it: everything happened virtually, including the short training I received. The people I got in touch with had a lot of expertise and could answer my questions straight away,” says Arild. “If they did need to enquire about something, they came with a solution the day after.
Since Wolftech Broadcast Solutions is part of a larger company group, BrightAnalytics had to get approval from the group’s IT Solutions department regarding the security and protection of all data that would be processed in the system. “But BrightAnalytics easily passed all the security checks,” Arild adds.
Wolftech uses the financial module for monthly management reporting for their management and the board. In addition, the forecasting tool is also important for Arild. “I used to spend a lot of time trying to get to the actual figures, but today I just take the data from the tool and I can fully rely on it. We have also started using the system to track customers: I can see which customers give us the biggest turnover and highest gross margin, compared to customers we invest in rather than earn from. We can now make informed decisions on how to run our business thanks to the useful information BrightAnalytics provides.”
Norwegian Wolftech Broadcast Solutions is a subsidiary of Norway’s TV2 as well as a fast-growing scale up creating planning and collaboration software for media companies. Among their customers are none other than the BBC, VICE Media Group and RTL. Behind the scenes, the scale up consists of a fairly small team working in a smart and efficient way. Right now, CFO Arild Nordrevoll uses BrightAnalytics for everything that has to do with financial reporting. And that definitely saves him a lot of time…