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Transforming Financial Consolidation: Trevi Group Achieves Real-Time Data Acquisition Leveraging CCH Tagetik

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Established in Cesena, Italy, in 1957, Trevi Group is a global leader in underground engineering, offering comprehensive services from special foundations to soil consolidation and recovery of polluted sites. The company's success is rooted in internationalization, integration, and continuous innovation between its divisions: Trevi, which undertakes large infrastructure projects, and Soilmec, which designs and manufactures specialized machinery.

The Challenge

Trevi Group faced significant challenges in its financial consolidation process due to the complexity of existing workflows. The legacy system, heavily reliant on manual data entry and reconciliation, led to time-consuming processes and increased the risk of errors. With approximately 70 fully consolidated companies operating in 35 different currencies, Trevi Group needed a robust and automated solution to streamline financial consolidation and manage multiple currencies. Seeking a more integrated and efficient solution, Trevi Group initiated a project to manage the statutory consolidation process using CCH Tagetik software. The divestment of the Oil & Gas divisions in 2020 added another layer of complexity, requiring automatic management of the IFRS 5 principle and the subsequent deconsolidation of exited companies. The primary objective was to enhance the accuracy, efficiency, and timeliness of financial reporting, enabling better decision-making and strategic financial management. 

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The Approach

The project involved integrating the new ERP system, SAP S/4HANA, with CCH Tagetik to streamline data production and enhance the logical flow of information. Avvale’s excellence in Consolidated Financial Statements and our competence center on CCH Tagetik, recognized for its market-leading CPM capabilities, made us the ideal partner.

Adopting a Hybrid Agile methodology facilitated rapid implementation in the EPM domain. The goal was to empower central users in consolidation tasks while enabling peripheral users to handle data loading and verification activities independently.

The solution focused on automating data acquisition from the ERP in real time, significantly reducing the time required for financial consolidation. Avvale’s team developed a module for Analytical Reconciliation of Intercompany Transactions, ensuring consistent and accurate data flow from individual invoices to consolidated financial statements. This integration facilitated drill-through capabilities, allowing users to trace synthetic data back to its analytical origins, enhancing data transparency and accuracy.

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The Impact

The implementation of CCH Tagetik integrated with SAP S/4HANA resulted in a substantial transformation for Trevi Group. Data acquisition time was slashed to about 20 seconds, significantly expediting the production of consolidated financial statements. Automation enhanced accuracy and timeliness, fostering a more strategic financial management approach.

The Analytical Reconciliation module ensured precise intercompany transaction reconciliation, minimizing errors and providing enhanced visibility. This empowered users to make informed decisions with drill-through capabilities. Additionally, data acquisition in both company and transaction currency facilitated precise reconciliation, including exchange rate difference calculation for each invoice. Through successful collaboration with Avvale, Trevi Group achieved a sustainable and future-proof financial consolidation system.

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