My name is Ilias Vlachos. I am the owner of this blog and I was born in Attica. I am a Peloponnesian in origin from my father’s side.
University days
I always considered that a person’s career begins during the days of the University.
I studied Economics and Finance at the Athens University of Economics and Business (AUEB) following a curriculum’s major in Finance Economics, Financial Management and Financial Accounting.
Show me the Money – Show me the Numbers
Back then, during my studies, I developed a huge tendency for Analysis of numbers and data, while paying serious attention to local and foreign stock markets and bond markets. That “Thing” about stocks, shares, bonds, etc turned into a kind of a fever for me.
I got into Financial Mathematics, Banking Mathematics, and Financial Management due to the professor I had at the university. He was passionate about the so called “paper” assets.
Accounting’s Intrusion into my Life
During University time, I got my 1st job as an Invoicing Clerk at a Retail Stores Chain company for Household appliances, called ELECTRONET SA. By the time I got hired, it was an LLP (EPE) company that was transforming itself into an SA company due to expansion of business.
The company was following the expansion method of Franchising. Being the Franchisor, ELECTRONET was calling for Franchisees to consider its model and join the company.
In the same company, I changed job position twice, thus becoming a Marketing Assistant, and finally an Accounting Assistant. It was obvious that my career would only start via the “Accounting” profession, as if it was destined to do so.
Lessons Learned 01
- Paper Assets are extremely volatile.
- Warren Buffet’s comment on Derivatives (“Weapons of Mass Destruction”) is true.
- Accounting is the Birth-Concept of Data Collection, Data manipulation, Data Analysis, Data storage, Data Governance and so many more “Data …” something.
- A Mosaic of different store owners – turned into franchisees – is extremely hard to manage.
- A Mosaic of different business philosophies is extremely hard to manage.
- A Mosaic of different levels of education & acumen – is extremely hard to manage.
- Branding & Store Image are more than crucial for Retail businesses.
- A Mosaic of different Shareholders – is extremely hard to manage.
- Meetings that include more than 3 participants, are doomed to fail.
Accounting and taxation, on the other side of the Equation
After joining the Greek Army to pay my duty to the Homeland, I did my 1st job search, focused on the Accounting Profession. Back then I heard a lot about External Auditors, and what we call Assurance services in general.
After passing recruitment processes, and tests, I joined Grant Thornton Greece as an Audit Assistant. I dealt with financial audits & other projects for sectors & clients such as:
- Finance & Banking: Omega Bank, Probank, GPSB (T.T – IPO in Greek Stock Exchange),
- participated in the audit team that dealt with the statutory audit of Greece registrated Insurance companies throughout the country, ordered by ΕΠΕΙΑ (main monitoring & regulatory organization for Insurance companies in Greece)
- Energy & Oil: Delta Techniki
- Retailers & Importing: Ridenco
- And others like Shares Trading companies, Banks’ subsidiaries
In the same profession, I did my 1st career substitution from Grant Thornton Greece to PwC Greece, and as an Assistant for starters, and then Semi-Senior and Senior Auditor, I faced Audit clients and projects like:
- Finance & Banking: EFG Group, EFG Eurobank Ergasias, Eurolife Insurance, Open 24 Network, EFG Eurobank Securities ΑΕΠΕΥ, EFG Eurobank Cards,
- Manufacturing: Frigoglass ΑΕΒΕ,
- Pharmaceuticals: Novartis, Menarini Pharmaceuticals, Bayer Hellas
- Telecomms: Tellas (Fixed Assets Register transition to IFRS)
- Energy & Oil: Hellenic Petroleum Company
Lessons Learned 02
- Audit Profession and Family can hardly be combined.
- Audit profession is the Biggest School – MA Or PhD. someone can have in the broader spectrum of the Economic professions.
- Being an Audit assistant is like being thrown behind enemy lines with your parachute only.
- Huge Expertise gained and lots of good Guys & Girls met.
- I will never forget the No.1 rule – When the Client asks you something – Never Ever Ever answer immediately!!! Always respond with: “Please give me 5 minutes and I will come back to you right away”.
Flipping Sides again – Creation Vs Inspection
In 2008, I decided that I wanted to go back to the other side of the “Equation”, the other side of the “River”. Creation of a result, of a good performance, of a team effort, were the things, I wanted to taste, versus the “inspection”, audit, checking, asking, questioning, reviewing, of someone else’s actions and numbers.
I joined a company so dear to me, that I still call “family” after 14 years passed. That company was Minerva S.A Edible Oils & Fats, a member back then of PZCussons Group (based in Manchester, UK). Belonging now to the FMCG sector, that of Food products, I had a feeling of security, emerging from within.
I joined as a Financial Analyst, dealing with all sorts of data and numbers like:
- Monthly, Semiannual & Annual Reporting of the Management accounts to Group Finance of PZCIL Holding company.
- Quarterly, Semiannual & Annual Budgeting & Forecasting of the company’s business plan.
- Customer Profitability & Analysis of Accounts & Statements of the company.
Brand & Category Analysis of the company’s products’ portfolio - Supporting Statutory Accounts Consolidation to the Group
- Worked on UK GAAP & IFRS + Greek Statutory Accounting frameworks.
Let the Data Games begin!
The Group Holding company, decided to move forward with its Financial Planning, its Business Planning and its Reporting framework. The need for valuable, accurate and timely information was huge, so they decided to invest in tools and processes that would lead to more data – driven decisions.
And there came the Databases, there came the Analyses, there came BI !!!
PZCussons invested globally – 17 countries back then – to a set of systems that would bring their strategic targets regarding performance to life!
All subsidiary companies, implemented Oracle Hyperion Financial Management and IBM Cognos TM1, with the help of a British team and an external systems integrator consultant.
ERP was connected to a specific Data warehouse, then that DW was providing all the necessary data to Oracle HFM & IBM Cognos TM1, via OLAP Cubes and other various ETL concepts, so that necessary information was funneled to:
- Oracle HFM Financial Consolidation system – for Financial Reporting to the HO and the company.
- IBM Cognos TM1 (BI) system – for all sorts of Analyses of any kind you could think of.
Lessons Learned 03
- A Business that is not aware of its numbers, will fail eventually.
- The market is the greatest judge of a business, no matter what.
- BI is a magnificent concept for me. I just Love BI!
- I fell in love with BI when I was at Minerva SA.
- Companies that show respect to their people, are the only companies that live by their principles and values.
Love for BI grows, along with the Love for Chocolate
My next career step was again in the FMCG sector, in a company, that had strong principles and values, but not the “family” spirit of Minerva. But… the products were soooooo delicious!!!
Mars Hellas SA, a 100% subsidiary of Mars Inc. GmbH (Germany) was a Giant in the global economy. Global Annual Revenue of 332bn $ in Sales, coming from Petfood, Food products, and Confectionery products.
All those, tasty, fantastic chocolates, like Mars, Twix, Snickers, M&Ms, Maltesers, MilkyWay, Dove, and so on. Later, the company in 2012 joined forces with Wrigley Inc. when Mars Hellas merged with Wrigley Hellas (by Mars acquiring and absorbing Wrigley globally).
I changed 2 job positions in the company. I started as Business Planning Supervisor, dealing with:
1.Maintain and develop the reporting files of actuals. (Customer P&L, Brand Performance)
2. Participate in preparing ad hoc reports
3. Profit and loss analysis
4. Identify risks and opportunities
5. Responsible for the preparation of the Plan (Annual Budget)
6. Secure plan resources
7. Manage cost structure
8. Evaluate activity recommendations (new product launches, pricing, promotional activities)
9. Prepare Balance sheet and cash flow budgeting & reporting
10. Submit Plans/BRs in Systems
And then after proposal from my GM back then, I moved into Sales Department as Sales Operations & Customer Centricity Supervisor, where I dealt with lots of things:
- A) Full support to NSM Sales Forecast Process
Data Collection & Analysis.
2. Meetings Minutes & Executive Summary on Forecast Results.
3. Follow Up on Opps & Issues.B) Standard Reporting support to Sales function
Full scope Sales Reporting (production – publication – analysis).C) Annual Trade Negotiations workload support
1. Ad Hoc Review on Customer Profitability.
2. Trade Expenditure Budget preparations.D) Analysis, Reporting & Insights on ad hoc basis
1. Analysis & Reporting based on internal & market audit data.
2. Translate reports & data to insights for sales / customers.E) Sales Intelligence systems administration (Helpdesk – Maintenance – Reporting)
1. SFA system (PDAs) Administration – Helpdesk – Reporting.
2. SaaS (i2Dealer) Administration – Helpdesk – Reporting.
3. SAP BW Sales Reporting (Key User – Functional Expert).
More BI, More Knowledge, More Data
In Mars, I got stronger in data wrangling, and MS Excel expertise, while learning about SAP, SAP BW and other tools like Qlikview, and Sales force automation tools. Data were almost huge and as an FMCG company, data were almost everywhere, in various disparate sources.
Brain, Will and Nerves were tested to the full, with so many needs for information ingestion and presentation, while tools available back then were not of “best breed”.
But I coped well and fulfilled my purpose and achieved my targets.
Lessons Learned 04
- Multinational companies are “hard nuts”.
- Multinational companies create great career opportunities.
- Lots of good people to meet and greet. The networking is awesome!
- Multinationals can achieve employee diversity and multicultural benefit.
- Where there is an acquisition or merger, you can always smell blood.
- Multinationals are full of knowledge and expertise, you just need to put in the work, you need to grab it!
- Multinationals are full of work politics. Please avoid work politics.
- Cocoa is one of the best products of Nature!
- Server Infrastructures for SAP can reach unprecedented levels.
- Always follow the course: Testing, Staging, Mirroring, Production.
- Training Salesmen and Saleswomen is really enlightening, yet difficult.
Relocation, Love Immigrants, IMF, and the effort for a better Life
Regardless if you can call it “Destiny”, or the IMF, or “it was about time”, my career journey with Multinationals ended in middle 2014.
Dismissed, due to downsizing and restructuring, I searched for new job opportunities in Attica, but the hunt did not go well. A decent effort of 18 months, was enough. Options were less back then, during the IMF occupation of Greece.
Off we went! For a better Life and a better environment for our future kids to grow in.
Decision! We move to Heraklion, Crete to the land of my Wife’s forefathers and parents.
The Sea View is fantastic what can I say! On the other hand the humidity during the summer time is torturing!
Therefore, although considered as a Love Immigrant, Good thing? Back in the Retail Sector – Supermarkets! Franchise Model! Experienced in both aspects, I joined CRM SA (Cretan Retail Management SA) as an Accounting Manager.
I lead a 10 person team in the Finance department of the company, having the responsibility of Oversight of All Finance-functions & strategically transforming the department towards a “Data Driven Decision Making” philosophy, while focusing on establishing analytic capabilities, that were not there of course.
Back in December 2015, the company was owned by the Marinopoulos Group, that filed for bankruptcy on June 2016!
By the time of bankruptcy, our CFO resigned within a night, and I was forced to take over as Interim CFO, in order to save all that could be saved. I was engaged with all sorts of financial & business hardships like:
1. Concluded 5 in total Due Diligence Audits requested for the company.
2. Concluded Digitization of the GMR Archive of the company.
3. Business Processes Review & Re-engineering.
4. Improving SAP BI (system total review).
5. Engaging direct team to Knowledge Management set of procedures.
While I was Responsible for:
1) Recording & Monitoring Company Expenses
2) Recording & Monitoring Other Revenues
3) Financial Reporting issuance & publishing to the Group
4) Sales Reporting (Daily / Monthly / Annual basis)
5) Company Reporting Processes re-engineering
6) Taxation Filling & Monitoring
7) SAP BW Key User, SAP FI End User, Singular SRS End User
(HR & Payroll workload assistance)
Lessons Learned 05
- Supermarkets as companies have a sense of security also.
- Food is always on the mind of Greeks.
- Cretan cuisine is marvelous!
- I met Power BI in detail for the 1st time!
- If the Sea is less than 5 min away – that thing cannot be compensated.
- The whole set of Power – products of Microsoft is really good!
- Once again Branding & Store Image are more than crucial for Retail businesses.
- The Analysis levels that can be executed with Supermarkets data are enormous.
A Plastics World!
After being dismissed for the 2nd time in my life, due to the buy-out of the Supermarkets company to another competitor from Athens, I looked for another position, and joined a manufacturer, a Plastics company, producing plastic systems for protection of cables, and pipelines, sewage pipes, drainage and so on.
I joined as an Accounting Manager, having to manage a team of 5 people, having subordinates for the 3rd time in my life.
- Leading the Accounting department – Team of 5 people.
- Responsible for monitoring processes for Taxation, Payroll, Accounting, Suppliers, Customers.
- Leader and main contributor in the Finance & Reporting related projects of the Company.
- Main focuses
– Advance of the Internal processes and Control Framework (recording – testing – applying)
– Efforts towards the Digital Transformation of the company.
Lessons Learned 06
- A Business that is not aware of its numbers, will fail eventually.
- The market is the greatest judge of a business, no matter what.
- BI is a magnificent concept for me. I just Love BI!
- All Greek companies have opportunities to grow.
- All those opportunities begin from within – internal re-organization & optimization.
- 9/10 Greek companies do not have documented processes & procedures.
- BPR is a huge thing for businesses!
- Cost savings are finite, Creating Sales Opportunities is an Infinite process.
- LinkedIn is a great tool!
Live your Myth in Greece!
After 1 year from joining the plastics company, I was contacted initially via LinkedIn and then by phone, about a job position in the Tourism sector, in a Destination Management company. It was the position of the CFO in that company. The Offer was beneficial so I resigned and joined the new company in 2019.
Tourism, on the island of Crete, is the No.1 sector in revenue and a completely different sector than all others in the Greek and global economy.
Tourism is an experience, not a product, yet, this No.1 revenue sector in Greece, has huge room for improvement. Mergers, acquisitions, bankruptcies, post-merge issues, resistance to change, fluctuating workforce levels, trying to fulfil travelers’ desires, complex partnerships, multifaceted providers, huge numbers of suppliers and millions of guests reaching hundreds of destinations, are all variables that make Tourism, a harsh, fast-paced and troubled sector.
As a CFO, I was responsible for:
- Leading a Team of 6 people.
- Responsible for monitoring processes for Taxation, Payroll, Accounting, Suppliers, Customers, Sales, OpEX, P&L & BalanceSheet Reporting.
- Responsible for Credit Control of Customers & Suppliers.
- Responsible for the Internal Control System of the company (based on DER Touristik Group Guidelines).
- Responsible for the Risk Management System of the company (based on DER Touristik Group Guidelines).
Leader & Main contributor in the projects of the company related to:
- Taxation
- Accounting
- Financial Reporting
- ERP (SAP)
- Payroll (Epsilonnet HRB)
Main focuses
- Advance of the Internal Processes & Control Framework (recording – testing – applying).
- Efforts towards the Digital Transformation of the company.
- Implementing Guidance Rules & Frameworks of DER Touristik Group.
Lessons Learned 07
- Data literacy is as hard as Reading and Writing literacy.
- Mergers & Acquisitions have a crucial data aspect.
- Data governance is essential in Tourism.
- No Greek company was ever ready for GDPR.
- MS Excel is a fantastic tool, but sometimes you need a system!
- Tourism sector in Greece should have been the leader in Digital Transformation, yet, very few companies are aware of the term.
- Data integration, systems integration, Data governance, BI, BPR are the MUSTS for Tourism in Greece.
- Tourism is an experience, not a product.
- A Business that is not aware of its numbers, will fail eventually.
- The market is the greatest judge of a business, no matter what.
- BI is a magnificent concept for me. I just Love BI!
- All Greek companies have opportunities to grow.
- All those opportunities begin from within – internal re-organization & optimization.
- 9/10 Greek companies do not have documented processes & procedures.
- BPR is a huge thing for businesses!
- Cost savings are finite, Creating Sales Opportunities is an Infinite process.
“The Road goes Ever On!”
On my behalf, the career journey I have lived so far, was fantastic! Ups and downs, hard and easy, here and there, optimistic and pessimistic, enjoyed and regretted and so on, and “The Road goes Ever on!”
After 2,5 years I left Tourism, and I am continuing my journey. The road takes me to a more “Free” format & lifestyle from that of the Employee. At least that’s how it seems so far. We’ll see.
Thanks for reading thoroughly.
Ilias Vlachos T.