Reducing cycle time for month
end financial closing from 7 days to 3 1/2 days
for 26 geographically dispersed business units
The client
A leading manufacturer
of consumer electronics.
The idea
Reduce cycle time
for month end financial closing of 26 geographically
dispersed business units.
Realizing return
Global Day One monthly financial
closure, quicker access to business critical information
and faster decision making.
The business challenge
Seven days
to close books of accounts at the end of each
month
Complex financial systems
and low integration levels
Originated global initiative
for a Day One Financial Close (DOFC) to provide
financial data at the end of each month, instead
of the middle of the following month
The solution
Analyzed business
processes and systems and identified re-engineering
opportunities.
Rolled out 20 individual
sub-projects and ultimately integrated them:
Global
Sales and Inventory Cut-Off Solution
(GSICS)
Electronic Mailing
Invoicing System for Non-Trade (eMINT)
Solution revolves around
the modification and implementation of Oracle
10.7 and Oracle 11.0.3
Business benefits
Cycle time
for month end closing of books reduced by
50% -from 7 days to 3 1/2 days.
Faster global financial
reporting process and centralized governance
Increased automation and
reduced manual intervention
