Challenge: This company needed to simplify their financial system. In particular, they were faced with the difficulties of consolidating their data across multiple business operations. This affected the closing processes for accounting, which were time consuming and often produced inaccurate financial data due to the lack of an integrated system.
Solution: Developed a high-level financial diagnostic of the retail company's ability to support global operations from an organization, process and technology standpoint, including an evaluation against publicly available benchmarks.
We also conducted a series of interviews with the Business and IT representatives to discuss the current process, organization and technology landscape by identifying pain points and associated opportunities.
Results: The Consort Solutions Group team created a roadmap around prioritized future initiatives supported by a business case. We worked with the in-house staff of the Retail Business to provide accounting expertise and facilitate detailed accounting discussions and deep dive workshops. These workshops were key to determining specific road blocks and recommending solutions to key personnel each business area. Overall, the Retail Business leaders realized a significant relief from operational challenges and reporting incongruities; thereby improving forecasting ability and profitability for these business units.