Petrofac Refines Performance Management With Cognos Controller
Posted: 16 February 2005
Cognos , the world leader in business intelligence and corporate performance management (CPM), today announced that Petrofac, the global provider of total facilities solutions for the oil and gas industry, has purchased Cognos Controller software. It will manage corporate performance reporting and consolidate group financial information.
Cognos Controller 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 (Woking), Scotland (Aberdeen) and the United Arab Emirates (Sharjah), which are complemented by a global network of support offices.
As a result of substantial 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. “Cognos Controller 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,” said Leigh Howarth, Group Financial Controller at Petrofac.
Another benefit Petrofac expects to gain from Cognos Controller is increased automation of the financial reporting process with subsequent time savings. 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 said.
“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,” said Doug Barton, vice-president, Product Marketing, Cognos. “Cognos Controller 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.”
Posted by Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
