Siemens Automation and Digitalisation
Performing financial model reviews with confidence
Siemens uses PerfectXL for financial model reviews and audits. The tools help with efficiency and catch some risks that would be missed with a manual review.
Before PerfectXL
The team at Siemens that uses the tools is a team of highly qualified experts, they have a deep understanding of Excel and the models built in them. That being said, manual reviews have limitations. Thorough reviews of financial models in Excel are incredibly time consuming and it is impossible to check for, let alone catch, every single potential issue in a model. The team, cream of the crop, executed reviews as efficiently as possible, but were looking for ways to simplify and improve this process.
“PerfectXL is a great tool for financial model audits, it helps you find the needle in the haystack, reducing the workload significantly.”
After PerfectXL
The PerfectXL tools are now being actively used for financial model audits and reviews. The users report making most use of the Risk Finder and Compare tools. Risk Finder is used to catch hard codes, perform math checks, and to report on and communicate about risks. The Compare tool is a huge time saver, used constantly in checking model iterations and reviewing changes made. Ultimately the review process is heavily supported by PerfectXL tools!
Conclusion
Not only does Siemens now have the capacity to perform extensive model reviews much quicker now, they also have a higher level of confidence that all relevant issues are identified and reported on. This process is effective, efficient, and the reviews delivered are of the highest possible quality.
More Client Cases
Five minute scans of all incoming sheets lead to efficient reviews.
International Accounting Firm
Internal processes streamlined and improved to mitigate risks.
Insurance Company VGZ
Crucial blunder in consolidation sheet caught on time.
Large Oil Company
Easy analysis and change logs make life easy for expert user.
JKP Application Development Services
No more confidential hidden information in client facing models.
Big Four Consultancy Firm
Standardized audits and documentation for all high risk models
Leading Asset Management Company
Automated checks and controls on all outgoing models.
Strategic Pricing & Cost Management
