By Stefan Farrugia on 2019-12-30
The rapid growth of LeoVegas created the need for a comprehensive financial solution to unify ever-growing amount of business data and systems. Mr Roderick Falzon – Head of Finance, explained:
"The business data we had was dispersed, and the creation of reports was time-consuming and prone to error.”
LeoVegas required to increase the speed and automate the process of the generation of the consolidation reporting, extracting a set of metrics for measuring and monitoring, empowering stakeholders with reliable data dashboards that would enable them to make the best business decisions. The company was looking for a solution that supported their platform and practices. The main requirement was to provide faster reporting and automate the process. The solution was also to assist LeoVegas in the tracing of figures for qualitative checks and validations.
"The consolidation process was done manually, however, with a view to the business growth and increased complexity of the group we needed a solution that could automate and speed up the process of report generation". - explained Mr Roderick Falzon.
Ease of use and flexibility of the tool was also crucial for LeoVegas. The finance team had to be able to generate and access the reports easily so they can make timely decisions without being dependent on IT department.
All of this translated into a single, easy-to-use governed tool with a set of standard reports that can be instantly accessed by the finance users. The users are able to access data directly from their preferred tools and have the autonomy to generate additional reports and dashboards. Those requirements exactly matched the key features of Eunoia’s CFOUR solution, as Mr Falzon recalls:
“Eunoia's solution stood out for its product and for its flexibility and work flow. We can now generate our financial consolidation faster and easier. Using the interactive dashboards and access from excel, the users can drill down to a granular level, validate values and share findings across the team easily and efficiently. We have improved the communication and sharing of relevant business information throughout the entire organisation".
Since the start of the implementation in November 2017, the use of this Tool has been instrumental. For LeoVegas, Eunoia's CFOUR tool has become the central financial consolidation tool. Time-saving and intuitive, the solution now has automated the process and free valuable time for a very busy finance team through automatic financial reports and dashboarding.
"Scalability and flexibility was another important requirement. When the company is growing, one needs to accommodate complexity in structures and multi currency. Eunoia's CFOUR solution has already proven to be scalable and flexible to make modifications and integrate future business requirements", explained Mr Falzon.
By automating the compilation of the financial reporting, LeoVegas can use the finance data to support executive decisions and combined with other operational data produces a 360 view of the operation at all levels. "CFOUR brought benefits and improvement in the quality of data. The finance team is now spending more time in analysing reports themselves, safe in the knowledge that data is reliable," continued Mr Roderick Falzon.
The time to process data and create reports has been reduced significantly. "We have managed to create a structured environment of company's reports and dashboards and to speed up decision-making processes," explained Mr Roderick Falzon.
Leovegas was founded in 2011 by Gustaf Hagman (Group CEO) and Robin Ramm-Ericson (Chairman of the Board & Managing Director of LeoVentures) with the vision to create the ultimate mobile gaming experience and be number one in mobile casino.
LeoVegas has experienced rapid growth due to the overriding increase of smartphone use and a “mobile first” mentality of its founders. Gustaf Hagman stated that the company "was born out of the smartphone, which today is the fastest growing channel for entertainment." As a result the company has over 900 employees working for the provider.