Transformed Financial Reporting for ASEAN Cement Manufacturer

Challenges.

The financial reporting had to be streamlined because of several issues and audit findings, Inconsistency across country level reporting, Data inconsistency between BI reports and ECC Inconsistent and unverifiable Cost Per Ton report.

Solution.

Coforge suggested to automate the activities.

The highlights:

The entire month-end operations, its dependencies and bottlenecks were identified that covered all manual processes across all countries as well as the system related operations.

The difficulties faced, reasons for delays, bottleneck operations in the process chain, approval processes, performance challenges of the applications were studied and analysed in detail.

15 different processes were identified and shortlisted for improvements and 10 manual processes were taken up for automation.

The impact.

Operational Excellence and Automation Benefits:

• Master Data inconsistencies that were existing such as types of Cost, Chart of Accounts, Profit centre grouping, vali non-financial indicators etc.​were relooked and rectified.
• Lot of process related transactions have been rectified such as Functional Area inconsistencies, process order inconsistencies, material assignments to GL accounts had to be rectified, Material ledger parameters had to be changed, validation rules had to be completely modified to suit the revised reporting requirements.
• Each Company code user can run job for its own company now.
• Individual company can trigger MEC data loading activity prior to their MEC Closure as Process Chains are separated based on Company Codes.
• OFS Data Preparation and COPA data loading activity for SCCC was very time consuming which used to take 2 days to complete is now getting completed within 30 minutes. Moreover, Users are doing it by themselves just triggering a t-code.
• Overall dependency on support services for data loading was eliminated.
• Overall processes were sped up.
• Data inconsistency issues in flat file upload were mitigated as these issues are getting trapped at User end itself and error-free data is uploaded to BI.
• Met all the project objectives that were planned for this phase of implementation such as standardized CPT Report, reports on Non-Financial Indicators, automated IMR etc.
• Ensured availability of reconciliation reports and rectifying validation and substitution rules to ensure data consistency.