Raubex Group
Infinitus Reporting Solutions facilitates the consolidation of the monthly reporting packs for the Raubex Group.
About the Raubex Group
Raubex is a world-class heavy construction sector company with a focus on infrastructure development that operates across Africa. Industry legend Koos Raubenheimer founded the business in 1974 and progressively developed the Company into a leader in construction. Raubex employs over 7800 people, is listed on the Johannesburg Stock Exchange and has a proud record of over 39 years of uninterrupted profitability.
In the mid-1990’s, Raubex began developing its African footprint and secured various projects in Botswana, Mozambique, Namibia and Zambia. Today Raubex generates approximately 10% of its revenue outside of South Africa.
It is a diversified construction group offering services in the following fields of industry:
- road building
- road rehabilitation
- road marking
- railway lines
- concrete structures
- bulk pipelines
- urban reticulation
- mining services (materials handling and ore beneficiation)
- property development
- production of asphalt
- production of crushed aggregates
- supply and application of bitumen and modified binders
- installation of optic fibre networks
- construction of renewable energy facilities
Raubex clients span government-related bodies (including local, provincial and national agencies), the mining sector, concession operators, developers, contractors and builders.
The requirement
Raubex required a software solution to assist with the monthly consolidation of its financial packs. Prior to the implementation of Finnivo, Raubex relied on a consolidation team of two people to capture and consolidate the financial data from its 52 subsidiaries on a monthly basis. Consolidation continuation became a huge concern as the Group was solely reliant on the team and should one or both be indisposed this could dramatically impact the financial reporting process.
An additional requirement was that the monthly financial information be accurate, complete and in-time. For many organisations, not only is the consolidation process time consuming but also riddled with inaccuracies. Due to their very nature spreadsheets are susceptible to human error resulting in an undesirable situation where multiple versions of the truth exist. Raubex therefore wanted a solution that would mitigate this contradictory reporting data.
Security was another concern as with teams of people having access to and inputting various data into multiple spreadsheets, there was little to no control over what management and staff had access to along the audit trail.
Ease of access and ease-of-use to the end user were other requirements. Here the solution would have to be available anywhere, any time with as well as one which didn’t require reinvention but merely conversion of the standard templates currently in use.
The solution
The Raubex Group appointed Infinitus Reporting Solutions, and in as little as four weeks had access to a complete financial consolidation solution that through supplementing the source systems throughout the Group was able to standardise the necessary financial reporting information in a way that was both controlled, through a ‘lock down’ function, and easily accessible to the necessary staff and management regardless of their location. In addition management are now well aware of what is complete or outstanding and can address this accordingly.
As a supplementary software solution it is both cost effective and time saving requiring very little change management and thereby training. Being self-maintainable there are no hidden maintenance costs. Also important for this listed entity is the reassurance that they have successfully ensured financial reporting continuity.
The result
The simplicity of the system means that there has been a dramatic uptake of users involved in the financial consolidation process, leaving management confident that financial reporting will go full steam ahead regardless of whether the financial consolidation ‘experts’ are around or not.
And of course, management can now rest assured that their financial reporting information is accurate, consistent and secure. Decision making can be done timeously and with conviction ensuring this listed entity is well on track to achieving its strategic goals going forward.
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