Global transparency and accuracy, powered by the new ERP system and supported by professional change management, transformed the organization’s financial reporting and decision-making capabilities.
Challenge
The CFO saw immense potential in implementing a single transactional chart of accounts across divisions, entities, and countries. This was a pivotal step toward creating a unified financial reporting framework. However, the complexity was not just in the technology but in the details of execution.
As the company grew through acquisitions, diverse philosophies about data management and fundamental differences in definitions prevailed across regions. These inconsistencies posed significant challenges to alignment. Additionally, while the benefits of the change were primarily realized at the corporate level, the bulk of the effort and learning had to be undertaken at the local level. This disparity made securing buy-in and engagement from local teams a critical hurdle to overcome.
Implementation
To address these challenges, the initiative began with building a strong foundation of understanding through clear communication. The purpose and benefits of the change were articulated in a way that resonated with stakeholders across all levels.
OXYGY supported the organization in simplifying and aligning financial rules and definitions across divisions, entities, and countries. This alignment ensured that the new Chart of Accounts could function as a reliable foundation for global financial reporting.
Tailored training programs were designed and delivered to empower users to confidently adopt the new Chart of Accounts. These programs emphasized accurate and efficient account remapping while addressing specific local needs and challenges.
A major data-cleansing effort was undertaken globally, which included offloading inactive and unused accounts to streamline operations. This process improved data quality and reduced complexity, setting the stage for faster, more reliable consolidation and decision-making.
Achievements
The implementation of a single Chart of Accounts delivered transformative benefits. Faster consolidation of results and a holistic financial overview enabled better, more timely decision-making at all levels of the organization. These outcomes were made possible by the alignment of rules and definitions, combined with the high quality of data input and execution.
The success of the project was driven by a high level of understanding, engagement, and ownership of the change across teams, supported by tailored capability-building efforts. This alignment ensured that the organization could leverage its new ERP system to its full potential, creating a solid foundation for operational excellence.
Voices from the project
Working on the project, I particularly valued the process of co-discovery, co-design, and co-delivery with our clients. Through close collaboration, we not only identified challenges but also created genuine value. This deep partnership truly embodies the transformative power of our work.
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