Budget Process Improvement at Synergy

Silver Chain

Quick Facts

Synergy is Western Australia’s largest electricity generator and retailer of gas and electricity, providing 52% of the electricity sold to households and businesses throughout the South West Interconnected System (SWIS).

Synergy is a Government owned entity with power stations extending from Kalbarri, to East Kalgoorlie and as far south as Albany.

Problem

Prior to Prophix, Synergy used TM1 Cognos for the its budgeting process, including revenue, cost of goods sold, fixed assets and for producing the full budgeted balance sheet, P&L and cash flow.

Strategy

The key reason for the tactical move was that Prophix was able to handle and simplify an extremely complex budget process that contains more than 100 cost centres organisation-wide.

    Proven Results

    From taking over 8 weeks to complete their annual budget, Prophix has halved the process, allowing for more time available for analysis.

    The simplicity that Prophix delivers meant that rolling forecasts have become a more frequent and highly accurate process across departments.

    Prophix’s intuitivity mitigated the risk of overdependence on technical personnel and coding skill.

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