HMD Global is a Finnish mobile phone manufacturer that holds the exclusive license to produce Nokia-branded phones and tablets. Since its establishment in 2016, the company has grown to employ over 600 people, operating across 40 countries. In mid-August 2021, HMD Global began the process of renewing their consolidation platform with Intito, with the platform going live in November of the same year. The implementation was successful thanks to the combination of proven technology and seamless collaboration.

HMD Global had several reasons for seeking a new consolidation solution, including:

• Upcoming end of support for their old solution (SAP BPC).
• Transition to IFRS financial statements.
• Need for a modern and scalable solution.
• Desire for a user-friendly and transparent solution that would streamline the process and make the most of limited internal resources.

“Our decision to choose Tagetik was heavily influenced by the positive feedback we received from external references, who we had the opportunity to speak with. We were also strongly impressed by the speed by which other customers had been able to implement the TGK consolidation solution. In addition, Tagetik’s consolidation solution met our needs and expectations, and we felt that the solution was a good fit for a company of our size, including relevant add-on solutions such as the Collaborative Office and iXBRL functionalities” says Hanna-Maaria Lempiäinen, HMD Global’s Director, Finance and Controlling.

Integration between solutions made work smooth and easy for end-users

One of the most notable achievements was the integration between Tagetik Cloud and SAP S/4 HANA Cloud. Cloud-to-cloud integrations can be challenging, but the use of OData REST API made the integration highly efficient and almost real-time. This integration has made work smooth and easy for end-users.

HMD Global’s consolidation process in Tagetik consists of over 40 reporting units, including HMD Global and two sub-consolidations. The consolidation of actuals is carried out in both EUR and USD, with preparations already underway to use CCH Tagetik Disclosure Management for annual report automation.

“This project began in August 2021, and the core elements were live just 2.5 months later. The entire project was done remotely, with HMD Global’s group reporting team located in Beijing, China, with a five-hour time difference. The rapid implementation of Tagetik was made possible by shared goals, flexibility, and experience of the project team,” said Teemu Jylhä, Intito’s Senior Advisor.

“Our collaboration with the Intito team was seamless and we were impressed by the good feedback and recommendations we received prior to engaging with them. Working with the Intito team was very easy, given their proactive and pragmatic approach. Their knowledge on technical accounting is strong and they are able to elaborate on the system requirements in an understandable and approachable way” tells Kaarina Reijonen, HMDS Global’s Head of Group Accounting.

The implementation of CCH Tagetik has significantly streamlined HMD Global’s consolidation process, enabling just two Group Accountants to handle the entire process. Tagetik’s robust internal controls have also allowed HMD Global to maintain a detailed audit trail of their financial statement reporting.