All for One and One for All: nVent Streamlines Information to Drive Analytics
The 2018 provision brought new challenges to nVent. They historically stored provision data in three systems, which hindered analytics and efficiency for 10-K compilation. Upper management in this newly divested company wanted to accelerate the provision with technology. Plus, nVent wanted a new provision process to provide key data and trends for analysis, be a single source of truth for 10-K filing, and allow foreign subsidiaries in 30 countries to collect data using a common interface.
nVent wanted to eliminate:
- Maintaining legal entity data in numerous complicated spreadsheets
- Manually reconciling data in three systems for journal entry and footnote reporting
- Manually tying back to the financial system
- Reconciling late data from overseas entities and top-side adjustments to consolidate financials
Using best practices from CSC Corptax® Professional Services, nVent implemented CSC Corptax® Provision and CSC Corptax® Entity Management to provide a single data warehouse for all entities’ qualitative and quantitative provision data.
nVent implemented their new provision process within months of a spinoff while the tax world was responding to the Tax Cuts and Jobs Act. The team completed implementation early and dramatically under budget. For the first time ever, the process itself is so efficient, all provisions for the foreign entities are completed and booked locally at year-end with no topside journal entries. Other wins include:
- Saving 60-75 provision hours at year-end using Corptax Provision’s single source of truth
- Running standard reports to rapidly aggregate data for footnote reporting
With about 100 qualitative fields in Entity Navigator, nVent quickly gives specific entity data to key stakeholders. Further, Entity Navigator standardizes processes and pulls entity data to analyze, helping the team provide insightful reports to upper management. Now nVent:
- Saves ~80 hours annually on entity changes during quarterly/annual provision cycles
- Eliminates the need to maintain data in countless spreadsheets
- Exports entity information to Excel® for easy analysis