Best In Class Finance
The ERP System
Ventient’s finance department plays a fundamental role within the business, informing the decision-making process for the execution of the company’s strategy. They provide best in class finance service to support Ventient’s short and long-term strategic objectives, offer commercial advice and challenge, whilst maintaining a strong compliance focus and managing transaction costs.
Business growth often requires the development of its key platforms and systems and that was the focus for the latest best in class finance project. Looking to identify areas of improvement to raise the efficiency of operations, and tighten Ventient’s corporate governance with standard finance internal controls and processes, the finance team put forward the case for a new bespoke Enterprise Resource Planning System (ERP).
The new ERP system will be crucial in streamlining Ventient’s financial operations, introducing a standardised way of working and reporting across the Group. Key features will include a standardised purchase order system and procurement process with tailored end user reporting. These ERP enhancements will allow for: the consolidation of data, the production of more timely and accurate standard management reports which end users can access online, introduce a more visible and automated procurement process that is easier for end users to raise/approve requisitions and track items, and ultimately, provides scalable solutions to support Ventient’s fast paced business growth.
The first stage of the implementation has been instigated recently, with a ‘go live’ date in quarter two of 2022 earmarked for the new ERP system to be fully integrated.
The team commented:
“Enhancing the way in which a finance team operates is never an easy thing to do, however the team took it upon themselves to look inwards at their systems to further improve on the great work they do every day. The proposed new changes to the way in which they operate is a scalable solution to allow for growth. Currently there are multiple systems used within the finance team and the new ERP system will create ‘one source of the truth’ and standardised reports across the group. The new way of working will support the future growth of the Group and amongst other things will enable effective integration with external systems to reduce data input. We are looking forward to quarter two of 2022 when the new system will be fully integrated, and we can see the vision come to life and enhance the Ventient experience for our suppliers and for our teams.”