Baklawa Made Better (BMB Group), a renowned producer of Mediterranean and Arabic sweets, has successfully revolutionized its financial consolidation process by implementing Jedox software. With a presence in the MENA region, Spain, and the U.S., BMB Group comprises 11 subsidiaries and employs around 1,000 people. The company's extensive product portfolio includes baklava, chocolate, baking ingredients, and various snacks.
As BMB Group experienced continuous growth in recent years, the finance department recognized the need for a professional software solution to gain a comprehensive overview of the group's financial performance and control it effectively using consolidated #KPIs. Although not subject to mandatory consolidated reporting, BMB Group prepares statutory consolidated annual and half-yearly reports in accordance with IFRS, as well as monthly management consolidation for benchmarking and informing the holding company.
Prior to implementing Jedox, BMB Group relied on Excel for consolidation and standard reporting, which no longer met their evolving needs. The CFO conducted thorough market research and selected the Jedox model for #financialconsolidation, impressed by its user-friendly interface and rapid implementation capabilities. Within just three days of the initial workshop, BMB Group had a functional application for consolidating expenses, income, debt, and capital, complete with live data.
The implementation process was swift and efficient, with the entire project, including workshops and training, completed in just two months. BMB Group's existing ERP system, Epicor, which serves as the primary data source for financial consolidation, was seamlessly integrated into the Jedox platform. The Jedox data hub automatically imports source data for consolidation, while Excel templates provided by the Jedox model were also utilized for data upload.
With Jedox in place, BMB Group has automated a wide range of processes, including the consolidation of common financial positions, currency conversion in USD and AED, inter-company matching, and the generation of dynamic management reports. The finance team has experienced significant time savings and can now produce standard reports with greater speed and reliability. Statutory consolidation and reporting are now standardized using uniform IFRS reporting structures, with automatic plausibility and data consistency checks ensuring the highest quality results.
The monthly reports generated by Jedox have become an integral part of BMB Group's regular management reviews, offering a concise performance overview of individual subsidiaries with consolidated KPIs and clear benchmarks for data-driven decision-making. CFO Lakshmi Narayanan commends Jedox for its flexibility and exceptional support, emphasizing that the finance team can now independently control and adapt their user-friendly solution to meet evolving needs.
Building upon the success of their financial consolidation implementation, BMB Group has already embarked on expanding their Jedox solution to incorporate integrated #planning with monthly #forecasting, three budget versions, and an annual plan consolidation. The ultimate goal is to establish a fully integrated #EnterprisePerformanceManagement (EPM) solution using Jedox, further enhancing BMB Group's financial planning and analysis (#FP&A) capabilities and driving their continued growth and success in the confectionery industry.