Proactively Managing Finances in the Construction Business with TIBCO
Blog: The Tibco Blog
The Eiffage Group is a large, French-based construction group responsible for building and road construction, civil engineering, metallurgy, energy, concessions, and the management of those assets. Within the company is the Centre de Services Partagés (CSP), a shared business services department, that works across the company to handle the financial functions of the business, including supplier relations, transaction management, and accounting.
CSP needed a way to increase visibility into its operations and set up a system of indicators to better monitor and understand anomalies in the company’s high-volume payments. With new projects coming up each month, Eiffage also needed to create an application for its team of six auditors to identify suspicious transactions daily.
To combat these challenges, Eiffage turned to TIBCO Spotfire®. Spotfire enabled the construction group to quickly model and create dashboards to bring insights to teams across the company and manage unusual transactions. The new application allows users to build their own code to meet their specific needs, now incorporating several criteria that auditors needed. This self-service attribute of Spotfire has saved auditor’s time because they no longer have to wait for IT and can build what they need on-demand.
Eiffage received a number of business benefits from the analytics solution, including:
- Being more proactive. Spotfire inspired teams across the company to be more proactive in their problem-solving, demonstrated by detecting unusual financial situations before it’s too late.
- Gaining better visibility. CSP has better visibility and better indicators to monitor payment delays, proper processing of bank statements, and regulatory compliance.
- Seeing tangible business gain. Dozens of financial monitoring indicators for managers were produced in just eight weeks, leading to a significant return on investment.
Looking ahead, Eiffage hopes to incorporate predictive analytics software to oversee the closing process. To learn more about how Spotfire® became proactive in its financial management, read the full case study.