Consist of Business Group has optimized the budgeting and management accounting model for NIS Group

2020: Completion of Optimization

Consist Business Group has completed the global optimization of budget planning and consolidation of management reporting in one of the vertically integrated energy companies in South-Eastern Europe - the NIS Group of Companies (Oil Industry of Serbia). This was announced on September 21, 2020 by LANIT.

The Russian consulting The group introduced a corporate system based Oracle Hyperion Planning on NIS in 2013. Since then, partners have been jointly supporting and developing it. The project allowed the client to reduce the closing time of the reporting period in the system to 1.5 hours.

Since its introduction, the NIS Group model has expanded significantly. The group management decided to invite the Consyst Business Group team to refactoring and optimize the current model in order to increase the speed of budgeting and management accounting processes in the system.

The Consyst Business Group team was set goals: to reduce the time for recalculating the model to close the reporting period to 1.5 hours, reduce the size of the database (it was possible to reduce by 20 times) and increase the availability of the system to users by reducing the duration of night maintenance procedures.

Optimization was possible after the migration to the updated version of Oracle Hyperion Planning in 2018. Since the business logic of the calculations did not change, to refactoring the system, it was necessary to revise technical solutions using the functionality that appeared in this version.

350 specialists of NIS economic units in Serbia are active users of the planning and reporting system. As a result of the project, the customer's employees had much more time to reconcile management reporting with IFRS, analysis, management decision-making and scenario modeling.

An additional result of refactoring was the possibility of subsequent development of the system at a higher pace by reducing the time required for testing and routine procedures. The management of the NIS Group considers this opportunity relevant in rapidly changing economic conditions.

We work with Consyst Business Group as part of the support and development of the corporate system and quickly implement the necessary changes with the project team. As a result of the refactoring of the Oracle Hyperion Planning model, we managed to optimize the operation of the system and achieve an acceleration of budgeting workflows and the formation of the management result of the NIS group's activities, which allows us to significantly save labor on the formation of forecasts of business results and reporting.