Petrofac streamlines performance management

A major benefit Petrofac expects to gain from the new solution is increased automation of the financial reporting process with subsequent timesavings. The system will also provide the necessary full audit trail to satisfy compliance requirements and will be fully owned by the finance team.

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By  Angela Prasad Published  February 13, 2005

Petrofac, the global provider of total facilities solutions for the oil&gas industry, has purchased Cognos controller software to manage corporate performance reporting and consolidate group financial information. The new solution will help Petrofac improve its financial reporting, planning and forecasting activities by providing a comprehensive view of the company’s operations.Petrofac, which builds, operates, finances and co-invests in oil and gas process plants has three main operating centres based in England, Scotland and the UAE, which are complemented by a global network of support offices. As a result of strong international growth in all sectors of its business, Petrofac realised that it had outgrown its existing reporting systems. It needed a more sophisticated performance reporting tool to produce a transparent, accurate and timely management view of business critical data and consolidated reports for all company stakeholders. Following a detailed market evaluation, Petrofac’s corporate finance team chose Cognos controller. “The solution is the best consolidation solution to meet our needs, because it enables comprehensive group reporting and is also a very easy product for non-technical finance staff to use. It met our requirements for a robust, responsive and easy-to-use management and corporate reporting tool that was web-based,” says Leigh Howarth, group financial controller at Petrofac. Another benefit Petrofac expects to gain from the new solution is increased automation of the financial reporting process with subsequent timesavings. The system will also provide the necessary full audit trail to satisfy compliance requirements and will be fully owned by the finance team. “Cognos Controller won on all counts: it offers efficient consolidation, detailed analysis, ongoing process control and rapid deployment —all the aspects we were looking for as a business in a changing and competitive marketplace,” Howarth says. “More and more multinational companies and groups are looking for an enterprise-wide view of corporate performance to give them faster access to more relevant and more accurate corporate information,” says Doug Barton, vice-president, product marketing at Cognos. “The solution has an intuitive interface that makes it an ideal solution for responding to this challenge, helping finance departments to produce consolidated reports faster and more easily and to gain a better insight into the performance of the business as a whole.”

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