Financial Management Strategic Roadmap
The client, a Fortune 100 global manufacturing company, faced the problem of managing their finances in a dynamic, real-time global environment. Their challenges included cash management, tax planning, regulatory compliance for reporting on stock options where an executive moved from one jurisdiction to another and optimizing supplier quality, contracts, and relationships globally.
Adding to the client’s financial complexity was the very diverse nature and global presence of the client’s subsidiary companies, joint ventures, and other legal entities from which they needed to gather, consolidate, and analyze financial data. The range of diverse application software, technology platforms, and IT sophistication across these operating units added complexity to these challenges.
The roadmap provided the client a valuable communication vehicle to ensure that Corporate Finance’s business needs would be met by IT’s technical capabilities: Focusing on business drivers and operational information needs to establish a shared vision of the purpose and objectives of the Roadmap. This also provided a framework to ensure that IT’s technical capabilities could support a 24×365 global operating environment and the data architecture necessary to support Corporate Finance. RCG’s process identified technology gaps that Corporate IT needed to address in order to meet the needs of Corporate Finance satisfactorily.
The Roadmap also included a cost-benefit and business case component, resulting in Finance EVP and SVP statement of hard benefits which were then committed to the global CFO.
The primary business drivers were to manage corporate finances more effectively, reduce the risk of non-compliance, improve the quality of suppliers, and lower contract costs of materials and supplies.
RCG Global Services (RCG) defined a strategy for financial data management, established technology architectures to support the strategy, developed a business case based on hard costs and benefits for implementing the strategy, identified risks confronting the strategy and mitigation plans for them, and a phased approach to implementing strategic financial management