Learn how consulting giant PricewaterhouseCoopers (PwC) helped a financial software company consolidate processes and increase efficiency and accuracy companywide.
A financial software and services company struggled with inefficiency caused by several legacy systems that had been cobbled together over the years. Through a series of acquisitions, the mid-size company inherited various core business processes, which had not been implemented across all divisions. As a result, project management, contracts, finance, and HR were unable to effectively communicate with one another, forcing staff members to manually recreate documents and spreadsheets needed for the monthly close and other processes. Organization-wide visibility was virtually non-existent, and the resources needed to accomplish the consolidation of more than a dozen different systems seemed impossible.
The troubled company called on consultants at PwC to help unify the platforms, a project that would involve most of the company’s core systems. Consultants completely redesigned each process to standardize and adapt them to a unified cloud-based information management software system. Additionally, consultants implemented companywide use of Salesforce.com, redesigned the global chart of accounts to provide robust reporting capabilities, and set up the system to consolidate financial results and execute a faster monthly close.
The single platform now provides visibility throughout the company's operations, improving controls and promoting regulatory compliance. Time spent on monthly close was reduced from several weeks to a few days, and accuracy improved dramatically. Web-based dashboards, analytical tools, and mobile capabilities promote inter-functionality amid divisions, resulting in more rapid, informed decision-making. Finally, work completed by the consultants has positioned the firm for seamless integration of future acquisitions and rapid growth.