CURING THE FINANCIAL REPORTING BLUES AT VIRGIN
The Virgin board made recognition that the operating environment during the 12 months to June 2009 was expected to be one of the most challenging that the airline group had encountered in its short history. Coming off a year of excessively high fuel costs, only to fly directly into a global financial storm, meant that improving processes and identifying savings would be critical to maintaining business sustainability.
A key initiative instigated by the Finance Department was to replace the airline’s existing financial reporting system – which had proved to be time consuming and unresponsive to growing business needs – with a solution that was more efficient, cost effective and robust.
Megan Millman, Manager – Financial Services, had clear cut requirements: “This was phase 1 of a 2 phase project to redevelop our monthly Board and Management reporting, as well as our Budget packs, to a robust Business Intelligence platform appropriate to the changing needs of our growing airline group.”
After going to market with a Request for Information (RFI) and employing a rigorous selection process, Virgin selected Bistech, the Performance Management experts, to provide the cure to their reporting Australias. Within twelve weeks, Virgin Australia had a first class reporting solution to help them navigate the financial horizon.