How Shell Petroleum optimized financial reporting with our data integration solution

In the energy sector, having accurate and accessible financial data is crucial for making informed decisions. Shell Petroleum Development Company (SPDC), a subsidiary of one of the largest energy companies in the world, recognized that their existing financial reporting systems were not meeting the demands of their complex operations. With inconsistent and decentralized data, coupled with cumbersome reporting processes, SPDC needed a solution that would streamline financial reporting and provide clearer insights into their financial performance.

To address these challenges, SPDC partnered with FEES Ltd, seeking their expertise in Data Integration & Performance Management. The objective was to develop a system that would not only consolidate financial data but also enhance the usability and accessibility of financial reports across the organization.

Understanding the challenge

Shell Petroleum Development Company (SPDC) faced significant challenges in their financial reporting processes. The company was dealing with inconsistent and decentralized data across multiple platforms, which hindered accessibility and visibility. Loose coding rules for budgets and expenditures further complicated financial management, preventing the allocation of costs to specific activities and assets. This lack of precision made it difficult for SPDC to perform meaningful analysis and manage their operations effectively.

Additionally, existing cost reports were not user-friendly, making it challenging for finance teams to derive actionable insights. SPDC required a comprehensive solution that could streamline their financial reporting, enhance data accessibility, and improve overall financial management. They turned to FEES Ltd for their expertise in Data Integration & Performance Management to address these critical issues.

Our Approach

FEES Ltd approached the project with a clear objective: to develop a robust financial reporting system that could integrate data from multiple sources, standardize reporting processes, and provide SPDC with the tools necessary for effective financial management.

Phase 1: Understanding the requirements

The project began with a detailed analysis of SPDC’s existing systems and the challenges they faced. FEES Ltd worked closely with SPDC’s finance and IT teams to gather, analyze, and validate user requirements. This step was crucial to ensure that the solution would address the specific pain points identified by SPDC.

Phase 2: Data Integration and report development

FEES Ltd designed and deployed a financial reporting solution against SPDC’s corporate finance warehouse, integrating data from various sources including Pacer Software, Energy Component (EC) software, and Remedy application ITSM (Help Desk software). This integration allowed for the consolidation of decentralized data, providing a single source of truth for financial reporting.

FEES Ltd also developed a range of user-friendly financial reports, including General Ledger (GL) reports, tax valuations, joint venture accounts, and operational expenditure reports. These reports were designed to support trend analysis over time, with the ability to drill down into underlying data for deeper insights. The scorecards created offered monthly, quarterly, and year-to-date (YTD) views, enabling SPDC to monitor performance across multiple timeframes.

Phase 3: Enhancing user experience

To ensure that the financial reports were both comprehensive and accessible, FEES Ltd focused on creating intuitive user interfaces. These interfaces allowed users to specify sort orders, select metrics from a library, and access detailed reports with ease. The system also included drill-down capabilities across the organization, allowing for in-depth analysis and better financial decision-making.

Phase 4: Training & support

Recognizing the importance of user adoption, FEES Ltd conducted enterprise-wide training for SPDC’s finance users. This training ensured that all relevant personnel were equipped to use the new system effectively, maximizing its impact on the organization’s financial management processes.

Outcomes & benefits

The implementation of FEES Ltd’s solution brought significant improvements to SPDC’s financial reporting and management:

Streamlined reporting

The integration of data from multiple sources into a centralized system provided SPDC with a consistent and reliable foundation for financial reporting.

Enhanced data visibility

Users could now easily access and analyze financial data through user-friendly interfaces, improving the accuracy and efficiency of financial management.

Comprehensive analysis

The ability to perform trend analysis over various timeframes, coupled with drill-down capabilities, allowed SPDC to gain deeper insights into their financial performance.

Improved financial management

The creation of predefined cost reports and detailed GL reports across all divisions enabled SPDC to manage costs more effectively and make informed decisions.

“Our goal was to transform SPDC’s financial reporting system into a powerful tool that not only streamlined data integration but also provided users with the insights they needed to make strategic decisions. The result was a significant improvement in both the accessibility and accuracy of financial data.”
Popoola AdamsDirector, FEES Limited

Through the expert implementation of a tailored data integration and performance management solution, FEES Ltd enabled Shell Petroleum Development Company to overcome critical challenges in their financial reporting processes.

The project not only addressed SPDC’s immediate needs but also positioned the company for long-term success by enhancing their ability to manage and analyze financial data effectively. With the new system in place, SPDC is better equipped to navigate the complexities of the energy sector and maintain their leadership position in the industry.

Enhance your financial visibility

Are inconsistent and decentralized data holding your organization back? FEES Ltd can help you achieve seamless data integration and better financial management. We’re offering a free BI assessment to demonstrate how our solutions can provide you with clear, actionable insights.