A solution implemented with Jedox software provides iLOQ with cost-effective access to the entire group's planning figures and legal figures in a single system
Established in 2003, iLOQ is a rapidly growing and internationalizing technology company that replaces mechanical locking systems with digital access management solutions. Headquartered in Oulu, the company has over 150 employees.
When Invenco (now part of Innofactor) and iLOQ began their Jedox co-operation in 2016, iLOQ had annual net sales of approximately EUR 34 million. Just four years later, the company had nearly doubled its net sales to over EUR 60 million, and the group structure had become increasingly complex due to added group layers and a new owner. The strong growth created challenges with regard to the financial planning and reporting system's capacity to develop and adapt.
Jedox was chosen as the new planning and reporting solution, as it meets iLOQ's diverse needs and grows with the company from one year to the next. It was vital for the company that financial planning figures provide comprehensive support for the management's decision-making by reflecting as accurate a scenario as possible.
Jedox has been used to create a multi-dimensional sales planning solution according to the customer's needs and based on the customer's own – albeit changing – product lines, applying various calculation rules and price lists. Jedox is also used for production planning and HR-level planning, including social security contributions and pay increases at the employee group level.
Product development also has its place in the business planning solution, as does investment planning. The people in charge of the company's various functions have been engaged in business planning for their respective functions right from the start. They all now have convenient access to reports that serve their respective functions.
Comprehensive financial planning covers the preparation of annual budgets, as well as rolling forecasting from the perspectives of the income statement, balance sheet and cash flow. The built-in integrations in Jedox ensure that actual figures are updated in the system at least once a day to support the management's decision-making. Budget and forecast figures are updated in real time.
Jedox makes it easy to implement interfaces with the company's operational systems, such as enterprise resource planning and accounting. All of today's data formats and connection methods are supported by a graphical user interface. The source systems do not need to provide data directly in the format required by Jedox. The same tool can be used to adapt the data easily into the desired format.
Jedox is a complete package, and no separate integration tool is needed. This means that the actual figures important to the group are immediately available to the management and can be compared with the budgeted and projected figures. Purpose-built charts also make it possible to illustrate numerical data as necessary.
In addition to business planning needs, iLOQ had needs related to consolidation and group reporting. Companies often need to acquire a separate solution for these purposes. In contrast, the FastClose™ solution implemented on the Jedox platform to address the critical areas of group accounting meets consolidation and group reporting needs in addition to planning and other reporting functions.
iLOQ now also prepares legal group accounting, which includes the automatic elimination of internal transactions, adjustments for rate differences and average rates, and other group adjustments. After consolidation, the company has access to both FAS and IFRS quarterly reports and financial statements through FastClose. Following an upcoming project, these will be available separately for the main group level and sub-group levels.
The co-operation continues. Jedox and Invenco (now part of Innofactor) are ready for iLOQ's continued growth and internationalization.
"Our co-operation with Invenco has been very productive, and any challenges that have emerged have been quickly addressed. It is very convenient and cost-efficient to access the group's planning figures and legal figures in a single system. We are very pleased with Invenco's contribution and the versatility of the Jedox platform," says Sirpa Sallanko, Head of Finance at iLOQ.
"Long-term co-operation is rewarding. I'm happy to have been involved for several years in the implementation of an advanced financial planning and reporting application for a successful and growing company. The application supports both internal and external reporting," notes Senior Consultant and project manager Merja Jaakkola.
On June 30, 2022, Innofactor acquired the entire share capital of Invenco Oy, a privately owned company specializing in data solutions. As of July 1, 2022, Invenco Oy's name was changed to Innofactor Invenco Oy. Invenco's employees continue their work with the new company. The roles and duties of Invenco's experts remained unchanged.
Please refer to our stock exchange release for more information on the acquisition.
Stock exchange release: Innofactor acquires Invenco"Our co-operation with Invenco [now Innofactor] has been very productive, and any challenges that have emerged have been quickly addressed. It is very convenient and cost-efficient to access the group's planning figures and legal figures in a single system."
Sirpa Sallanko
Head of Finance
iLOQ
The following solutions, among others, are part of the overall solution implemented for iLOQ:
