FINANCIAL VALUE REPORTING FOR FORTUNE 100 INTERNATIONAL SNACKING COMPANY
- $25.5 billion in revenue
- $65 billion in assets
- 100,000 global employees in 127 countries across 6 continents
BUSINESS
NEED
- Regulatory and audit reporting accuracy
- Timely reports for monthly, quarterly, and annual reviews
- Accuracy, especially around multiple versions of the truth, simplified auditing
- Multiple source integration
- Chart of accounts (M&A)
- ERPs, EDWs, reports, etc.
- Standardized KPI structure across multiple platforms
- Foundation for data-driven actions
- Reduce cost
- Consistent, standardized set of data points
CHALLENGE
- Quality and quantity of required reports delaying business decisions
- Reporting 150-page documents across 5 business lines; executives review monthly, 15 days after month-end closing
- Multiple ways to factor KPIs from acquisition growth (i.e., 8 ways to calculate GM, multiple CoAs)
- 8 different ERPs driving inaccurate reporting
- Auditing accuracy, timeliness, and cost of execution
- Enterprise reactive and unable to make proactive decisions
- High cost to manage financial reporting
- Lack of data governance and inconsistent data rules and definitions
SOLUTION
& RESULTS
- Reduced dashboard delivery from 360 hours (15 days) to 24 hours, enabling real-time dashboarding as a service (RaaS) for CFO’s office
- 8 ERPs, multiple CoAs, and 3 EDWs curated into single data lake supporting 127 countries and 100,000 employees
- Enabled regulatory reporting, signoff, and decision making, consolidating reporting into 4 dashboards; answering 95% of financial and tax questions
- Qualified tax exposure, enabling analysis through dashboarding
- Automated and simplified auditing with detailed lineage, reducing time by 18% and consultant’s cost
- Standardized metrics and CoAs across the organization, increasing budget to plan accuracy and business understanding to enable proactive decisioning
- Annual cost reduction of $2.3M