Cartesis, the world’s leading specialist in finance and performance management software, today announced that Nissan Motor Co., Ltd. was recognized by Ventana Research for its use of Cartesis for global financial consolidation, management reporting and budgeting and forecasting processes.
Nissan uses Cartesis to consolidate full profit and loss, balance sheet and cash flow statements for 234 companies. This has enabled Nissan to reduce its book closing time from 33 days to 10. Over 550 users at Nissan can now produce monthly profit and loss, balance sheet, and cash flow statements with detailed analysis and comparisons within 10 minutes.
Information under J-GAAP and IFRS, including some US-GAAP financial statements for its US subsidiary group, is processed automatically. As a result of implementing Cartesis Finance, Nissan has been able to build a powerful management tool giving visibility on its financial and business performance. By delivering tangible performance improvements to its management processes, the Cartesis solution has helped Nissan to manage the achievement of all the main commitments of the “Nissan 180” business plan – namely, to increase vehicle sales by one million units compared with fiscal year 2001, achieve an operating profit margin of 8% and to reduce its net automotive debt to zero.
“What Nissan is doing is tremendous,” says Mark Smith, CEO and EVP of Research at Ventana Research. “They set lofty goals for themselves and were able to accomplish them by implementing new processes and supporting technology. This really is a ‘best practice’ in how large organizations can leverage performance management software to improve financial reporting and the speed and accuracy of the close.”
“Cartesis partners with each of its clients to help them build value and establish themselves as industry leaders,” says Didier Benchimol, CEO of Cartesis. “Nissan has an award-winning application for financial consolidation and reporting that stands as an example for other large multi-national organizations. Cartesis is proud to be a part of Nissan’s success.”