M.T. Maritime selects Board for Financial Consolidation, Forecasting, and Reporting
The decision-making platform will enable M.T. Maritime to increase efficiency
Board International, a global leader of decision-making solutions, has been selected by M.T. Maritime, one of the world’s leading ship owners and operators in the chemical/product tanker and dry bulk space, to support internal and external reporting, intra-group consolidation, and financial forecasting activities.
Board, a unified decision-making platform which combines analysis, simulation, planning, and forecasting, will help M.T. Maritime drive digital transformation of its processes and improve performance.
Having grown its fleet of vessels significantly over the past 5 years and given the complexity of the global business, M.T. Maritime was looking for a more tailored system approach in terms of financial forecasting and managing foreign exchange, interest rate, and bunker price risk. Simultaneously, the company was also looking for a tool to enhance reporting quality to match both internal and customer expectations for excellence and financial reliability.
“Shipping is an enormously complex business in a constantly changing global environment. In order to manage the business we need to be able to not only efficiently analyze volumes of data coming from each of our owned and managed vessels every single day, but also take into account constantly changing prices for a range of commodities, as well as foreign exchange and interest rate movements. This data is then fed into complex financial models that are used for both retroactive reports and forecasts, which are crucial for senior management and our worldwide Operations, Chartering, and Finance teams,”
shares Christoph Clauss, Chief Financial Officer at M.T. Maritime.
“Until now, we managed a lot of this via Excel. However, given the growth and size of our company today, the amount of work and resources necessary to create tailored reports and ’what-if’ scenarios at short notice is immense, especially if the prerequisite is to maintain, source, and collate data from a variety of large spreadsheets first, while keeping the error rate to a minimum. Very often you also have ‘key man risks’ involved that need to be considered in these operations,”
The team at M.T. Maritime chose the Board decision-making platform for its well-crafted design, intuitive interface, and its ability to automate calculations and output reports. Additionally, as a global company, the ability for M.T. Maritime to run macro-economic what-if scenarios using Board is a huge asset.
“We are confident that using a fully tested and freely adaptable financial forecasting and analysis system like Board will make the process of transferring data between different databases much more efficient. It should also increase the reliability and ease of creating reports and forecasts for individual data sub-sets, scenarios, and time periods on an ad-hoc basis. To have this kind of infrastructure will enable us to take even better advantage of changes and opportunities in the global marketplace,”
“We are very happy to have M.T. Maritime Group select Board to assist in their financial transformation. Decision making has never been more important than it is today. The goal to make critical business decisions in real time is something we are pleased to assist M.T. Maritime Group in achieving. We look forward to a long-lasting partnership.” - Aaron Rozansky, Managing Director, North America, Board International
Established in the early 1980’s, the M.T. Maritime Group today is privately owned and among the world’s leading owners and operators in the chemical, product and dry bulk trade with a modern fleet of owned vessels and 3,000 employees globally.
The company has 7 offices around the world through which it provides internal functions like marketing and finance, but also ship agency and ship management services, including crew and technical management, for both its own fleet and 3rd party managed vessels. mtmaritime.com
Board is the #1 decision-making platform. Founded in 1994, Board enables people to have a transformative impact on their business, helping them to intuitively play and create with data in a flexible, all-in-one decision-making platform. By unifying Business Intelligence, Corporate Performance Management, and Predictive Analytics, the Board platform allows companies to produce a single, accurate, and complete view of business information, gain actionable insights, and achieve full control of performance across the entire organization. Thanks to Board, global enterprises such as Coca-Cola, Ricoh, KPMG, Puma, Siemens, and ZF Group have deployed end-to end decision-making applications at a fraction of the time and cost associated with traditional solutions. www.board.com