Client: Multinational technology company
Area of operations: Worldwide
Products and Services: Leader in business communication and cloud solutions
Number of Employees: Around 8000
The company wanted a Finance and Accounting (F&A) partner which could bring down the high running cost of its F&A operations spread across the globe. There was lack of standardization of processes across multiple geos with significant variance in each process step. The processes also lacked transparency of workflow, platforms, and case management.
There were multiple changes in accounting and reporting requirements due to acquisitions, divestment, and new tool implementations. There were also changes in accounting estimates around revenue recognition, bad-debt provisions, onerous contracts, tax and inventory provisions, and other special considerations around government relief programs, impairment and fair value assessments due to COVID-19. The aim was to bring in contingency measures for reduction of extended month-end close and manual time-consuming processes.
Wipro deployed a platform-led service approach designed to enhance process efficiency, while addressing cost control. Wipro took over the operations of the client’s global shared services catering across USA, Canada, Germany, Australia, Thailand, Singapore, Philippines, Vietnam, Indonesia and Malaysia. Post initial transition, Wipro added the following operations:
- Provided full support without additional cost aligned to the client’s business roadmap and socio-economical events such as mergers & acquisitions, technology changes/ upgrades, emergence from bankruptcy, fresh start accounting, and COVID-19
- Supported in Blackline implementation for automating reconciliations and journal posting
- Standardized and automated FP&A reports through BI, Macros and VB Scripts
- Introduced Adaptive, Macros, Pivots in global report with single view of theatres, functions, BUs, etc. and standardized the templates
- Closed various old tax assessments with savings of $471k and claimed refund for $570k
With better tracking mechanisms, we gained efficiencies in effective process controls and monitoring. The efficiencies translated to two days of cycle-time reduction in management reporting. Wipro has piloted automation, which helps faster Book Close aligned to the client’s ‘Speed to Close’ initiative.
- 9% upfront productivity
- 30% YoY cumulative headcount reduction
- 25 innovation projects initiated
- Customer Satisfaction Score (CSAT) of 4.6/5