Successful Implementation of a new Consolidation Tool at Norma Group SE

About Norma Group SE

NORMA Group is an international market leader in engineered and standardized joining and fluid-handling technology based in Maintal, Germany, with entities across EMEA, APAC, and AMERICAS. They operate on a global scale to support customers around the world with an extensive range of product solutions to meet every need and their innovative joining solutions are used in water supply, irrigation and drainage systems, vehicles with conventional and alternative drive systems, ships and aircraft, as well as buildings and infrastructure systems.

The project in detail

The Challenge

NORMA Group SE faced the challenge of replacing an existing consolidation tool to meet increasing demands for financial reporting. With 48 fully consolidated entities across EMEA, APAC, and AMERICAS, the complexity of the consolidation processes was significant. Additionally, compliance with IFRS standards for annual and monthly reporting required a reliable and efficient software solution.

The aim

The main goal of the project was to select and implement a new consolidation tool that:

Meets the technical and functional requirements of NORMA Group.
Seamlessly integrates with the existing IT landscape.
Improves the efficiency and accuracy of financial reporting.

Project phase 1

Requirements Definition:

Collaboratively refined detailed requirements for consolidation, reporting, planning, and forecasting.

Market Analysis:

Conducted an in-depth analysis of the consolidation software market and identified solutions that met NORMA Group’s requirements.

Shortlist Creation:

Based on the market analysis, created a shortlist of software solutions, which were demonstrated in remote meetings by the vendors.

Vendor Selection:

Supported NORMA Group through workshops and reference calls with other users to finalize the selection of a software vendor and implementation partner.

Project phase 2

Key Takeaways:

Clearly defined requirements are crucial for the successful selection of a software solution.
Collaboration with an experienced partner like BARC enables a structured and efficient selection process.
Workshops and reference calls provide valuable practical insights and support decision-making.

The result

Through a structured approach and professional support from BARC, NORMA Group SE was able to:

Select a suitable consolidation tool that meets technical and functional requirements.
Streamline the selection process and create a solid foundation for decision-making.
Identify an implementation partner to ensure the successful deployment of the software.

Looking Ahead

With the new consolidation tool, NORMA Group SE is well-prepared to meet increasing demands for financial reporting efficiently and proactively address future challenges.

The professional support from BARC helped us conduct a structured selection process and make a joint decision. BARC’s market knowledge and expertise, along with their connections to users and vendors, were invaluable in choosing the right partners.