When the project began, the client’s global entities were disconnected from one another, there was a lack of standardized compliance procedures, and reporting was often handled manually. Without a standard global framework, the company’s subsidiaries, joint ventures, and third-party contractors could be on the wrong side of regulations without the company knowing about it. Not only could these infractions create problems for the entity but they could also—as in this instance—present challenges for the corporation itself. Activities that were acceptable in one country could be prohibited in another and, without a way to recognize and address these distinctions before they became problems, the threat of legal action was always present.
Further, the company’s employees in key gatekeeping functions did not feel empowered to question and push back on questionable activity they identified while executing their day-to-day jobs.
A series of silos
Before
After
Future
Replace aging applications that differed across divisions and subsidiaries
Reduce manual, disparate processes freeing up more resources for advanced analytics
Enable enhanced reporting and make it more widely available across the enterprise
Act with greater speed and agility to capture value in acquisitions
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Company-wide
opportunities
Process hundreds of thousands of transactions per month with greater efficiency
Reduce 10,000+ manual journal entries per period
Decrease >3-week close
Shorten the >3-month annual budgeting cycle
Provide better support for a growing e-commerce business
Control rising finance function costs and derive greater value
Finance
opportunities
Reduce 10,000+ manual journal entries per period
Decrease >3-week close
Shorten the >3-month annual budgeting cycle
Provide better support for a growing e-commerce busines
Control rising finance function costs and derive greater value
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Improve technical capabilities to keep pace with increased hiring needs
Reduce dependence on IT and tech resources for supporting and enabling continuous compliance with more than 800 collective bargaining agreements
Unify and automate workforce administration processes across the enterprise
Eliminate the need for employees to learn new systems and interfaces as they move from recruitment to training to managing benefit
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HR
opportunities
Before
Next
After
Today, the client has achieved their compliance objectives, with a robust program embedded in their business processes built on standards, programs, and metrics and driven by technology. Defined controls and ongoing monitoring tie directly to standardized conceptual and operational policies. A third-party due diligence program provides transparency where none existed. New technology makes compliance more efficient.
With processes in place that clarify roles and responsibilities, employees now have greater control over their positions. Where historically, for example, accounts payable personnel may have merely stamped payments, they now are able to question and push back if they identify questionable activity.
A framework for progress
Developed all the necessary processes to support a single, modernized digital platform serving the entire enterprise
Migrated 290,000 employees from legacy systems to Oracle Cloud
Increased insight-driven decision making across functions, driving performance and growth gains
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Company-wide
success
Decreased balance sheet reconciliations
by 85%
Achieved a consolidated retail and
corporate close within a shortened period
Reduced the types of P&L statements from 100+ to 4
Reduced operations costs across the board
Enhanced availability of data-driven insights that help to capture maximum value during acquisitions
Achieved a consolidated retail and corporate close within a shortened period
Reduced the types of P&L statements from 100+ to 4
Reduced operations costs
across the board
Enhanced availability of data-driven insights that help to capture maximum value during acquisitions
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Finance
successes
HR
successes
Deployed a custom application for union-rule processing enabling a single HCM platform to administer benefits to all employee populations under 800+ complex union agreements
Created a digital-first, digital anywhere experience resulting in higher employee engagement
Reduced new-hire onboarding time
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Reduced new hire onboarding time
Streamlined and improved the process integration of new employees post-acquisition
Integrate processes and technology across the employee lifecycle from recruiting through compensation and performance
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Compliance training continues to be rolled out to the more than 500 entities throughout the client network. Based on the company’s now-proven framework, employees are receiving compliance training, including Anti-Bribery and Corruption (ABAC), tailored to their specific roles and keeping them alert to the risks that affect their responsibilities. The company is also centralizing its Speak Up and third-party due diligence programs to increase effectiveness, efficiency, and central oversight.
Continue to enhance analytics-driven planning and forecasting
Optimize the supply chain
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Company-wide
vision
Achieve a continuous, virtual accounting close
Achieved a consolidated retail and corporate close within a shortened period
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Finance
vision
HR
vision
Establish a continual feedback-and-improvement loop based on quarterly HR reports from the field and deployment of new capabilities
Migrate payroll, benefits, and absence management to Oracle cloud for 2023
Insource benefits administration
Spreading the message
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After
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