Our investment group also monitors the figures. This quickly resolves any financial decision-making.

- Dirk Berden, CEO Narviflex

Insight into the entire company's performance at all times

At long last real-time reporting on the performance of the various entities and of the entire group. That is what Narviflex was looking for when they opted for BrightAnalytics. Barely one month on and they now have – in their own words – a helicopter view of the entire company at the push of a button. That does exclude the intercompany transactions.

Until just recently, Narviflex – a manufacturer of conveyor belts, industrial plastics, rubber and plastics – was still using spreadsheets to record the company’s performance, its six plants and ten entities. This was done ad hoc just once a year. “However, as our organisation was growing, there was also an increasing need for real-time reporting,” states CEO Dirk Berden. “In addition, we also had to produce consolidated reports. We, therefore, went in search of a reporting tool. BrightAnalytics was recommended to us by Dovesco, the investment group we form part of. Several of their companies were already using the software.” 

 

No financial expertise required

During full lockdown, BrightAnalytics organised a virtual introductory meeting and barely one month later the system was already rolling out its first reports. “They prepared the tool for us after gauging our requirements and recording which companies and systems had to be connected to each other. It all went very smoothly. Now the software enables us to obtain almost real-time figures from the system at any time and for every company, not only the figures for the group but also figures for specific clusters. A cluster, for example, consists of all the Belgian entities or all the operating companies. We can easily filter out intercompany transactions from the results, so now we have a much truer picture of our group than before.”

It is not only the chief accountant and the two CEOs of Narviflex who are using BrightAnalytics, but Dovesco as well, according to Dirk: “It is useful, for example, when it comes to making final decisions on investments. In the future, I would like to extend its access to the managers of the various plants. The tool visualises everything so well that the user does not really require any financial expertise to be able to draw conclusions. A manager, therefore, does not have to work out any consolidated balance-sheet or profit & loss accounts. In just one glimpse they can view, for example, today’s turnover compared to the previous year, and clearly presented in diagram form.” 

 

Minimizing errors

In this way, Narviflex can also keep a close eye on labour costs and its expenditure on equipment and work clothing. Dirk states: “If, for instance, we notice a spike in labour costs, then we can check what has caused it. Were we working on a project that needed to be completed quickly and required night-time work or overtime? That would perfectly explain the rise in labour costs at that particular time. In addition, we can also check the turnover of a product group against the number of hours worked on the factory floor to produce those products. This enables us to see whether there is a loss of productivity or profit, and whether the product group is performing as it should.”

In order to produce these types of reports, BrightAnalytics needs to communicate with various databases. “These may sometimes be cloud-based solutions or not, whatever the case may be. The labour costs, for example, are generated by the payroll agency, whereas the production data can be found in SAP. Besides, not all entities use the same accounting software. BrightAnalytics will centralise these data and will then present them in a user-friendly format. So now we have a clear overview of the entire company. It is much faster compared to how we used to work, and there is much less risk of errors.

 

Customer service? A solution within 24 hours

Dirk is also impressed by the level of service. “Any query will be answered that same day. Our contact person is extremely knowledgeable and has great expertise.  In most cases, if we happen to get stuck, they immediately find the reason behind the problem. When we took over a company just recently, the connection with their cloud-based system was up and running within 24 hours. We had hardly taken over the company and we were already able to collect the data. Now that is simply brilliant.”

The tool visualises everything so well, that you do not really require any financial expertise to be able to draw conclusions.

- Dirk Berden, CEO Narviflex

The benefits in a nutshell according to Narviflex:

  • Helicopter view of the entire company
  • Excellent visualisation and user-friendly tool
  • Real-time reporting of profit & loss
  • Fast service, far-reaching expertise
  • Saves an enormous amount of time, with minimal risk of errors
  • No financial expertise required
     

⭐⭐⭐⭐⭐

As a manufacturer of conveyor belts, industrial plastics, rubber and plastics, Narviflex has no less than six plants and a dozen or so entities throughout the Benelux. Upon a recommendation from Dovesco – the investment group of which Narviflex forms part - the company opted for BrightAnalytics to get a clear overview of all the figures of the entire organisation. At the push of a button.

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