SMSC implements SAP BPC for management and legal consolidations
“As we began to identify possible acquisitions, our cumbersome spreadsheet methodology was inefficient and limiting. Akili’s team helped us design and implement an efficient model to accommodate our complex consolidation and reporting needs.”
Michelle Curcio, Director of Consolidations, SMSC
CHALLENGES AND OPPORTUNITIES
- 25 legal entities across North America, Europe, and Asia with 10 currencies created complex conversions and reporting rollups
OBJECTIVES
- Shortening the financial close (consolidations) time frame
- Re-distributing the work load for data collection to reduce the burden on the centralized financial team
IMPLEMENTATION HIGHLIGHTS
- The successful implementation allowed variance reporting based on estimated annual budget plans
- More timely access was made available to business units’ financial reports and performance results company-wide
WHY AKILI/SAP
- SAP recommended that Akili be the project implementation partner
- SMSC moved into an acquisition mode and needed to capture management and legal consolidation roll up reporting capabilities containing currency translation, inter-company eliminations, and minority interest
BENEFITS
- Centralized finance team focused their time on evaluation and adjustments rather than data aggregation
- Business units could measure their performance based on a standard set of metrics
- Ability to create "what-if" scenarios relating to potential acquisitions provides guidance in M&A strategy
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