Integrating the Financial Planning Process in Foundry
Challenge
The client’s transition to IFRS for external reporting in 2024, replacing US GAAP, introduced several challenges. These included the need to adapt the system landscape for IFRS planning, forecasting, and projections, as well as addressing transparency issues within the existing complex system setup, which lacks clarity in its implemented business logic. This transition also requires alignment among multiple teams to comply with the new processes and regulations.
Solution
- Revamping manual planning and projection processes to leverage the capabilities of Foundry.
- Standardizing the input collection phase to align across multiple teams and regions.
- Streamlining both processes and the system landscape for enhanced efficiency.
Impact
Centralized Hub
A centralized hub for the entire planning and projection process, eliminating the need for Excel files circulating through MS Teams and email.
Unified Platform
All nominal planning activities can now be consolidated into a single location, removing dependencies on multiple systems and facilitating more informed decision-making.
Integrated Planning
Streamlining a complex process involving 250+ individuals and numerous systems and modules into a unified platform.
Enhanced Transparency
Substantial gains in transparency, as the modules within Stargate were collaboratively developed with the business, resulting in the integration of previously dispersed components like Cashflow and IGL, enhancing clarity and efficiency.