process case study
Diagram of the original financial system’s multiple platforms and process steps.
Rapid growth resulted in a financial management process disintegrated across multiple, unlinked platforms creating numerous data gaps and errors and necessitating labor-intensive work-arounds.
Integrating financial record keeping into a single platform would eliminate a substantial amount of low-value administrative work. Eliminating data “gaps” and “leaks” would support better reporting and decision making. Integrating financial records would also provide faster and more accurate responses to customer and vendor inquiries.
The transformation process began by facilitating leadership discussions to identify the ideal performance scenario and then a new unified digital platform was procured, configured, populated, audited, and adopted thereby dramatically lowering errors and labor-intensity. The administrative labor associated with the firm’s monthly billing cycle was reduced by 60 percent. Billing errors decreased from a previous high of 50 percent to consistently less than five percent. The hard cost of the new financial software product and the soft cost of the associated technical implementation services were estimated to have a pay-back period of less than two years.