Like many organizations that have experienced rapid growth through acquisitions, patching together ERP systems from multiple business units had created a lengthy financial consolidation process at OTC Industrial Technologies. The company embarked on a transformational project with Board’s financial consolidation solution, resulting in a smarter, streamlined process.
I look at the progress we’ve made and think about all the things we want to do with Board in the future and I am amazed at the possibilities. People ask me “When will Board be done?’ and I always respond, “Board will never be done – Board will continue to grow and add value.
Jeremy Hall
Director Of Enterprise Intelligence And TransformationOTC has grown rapidly through the acquisition of 30 companies, which are referred to internally as business units. OTC’s initial strategy was to patch together the business units’ disparate ERP systems to manage their financial processes, the most crucial of these being financial consolidation. From multiple General Ledger (GL) systems to detailed financial and sales reports coming from various dimensions across the business, the consolidation process was lengthy and inefficient.
OTC turned to CFO Solutions as their EPM advisor and delivery services. After reviewing OTC’s internal business and financial objectives, CFO Solutions identified the Board Intelligent Platform as having the necessary capabilities to automate and consolidate its financial reporting and they provided strategic direction on streamlining OTC processes throughout the implementation.
Beginning their journey with Board Financial Consolidation (BFC), OTC achieved one consolidation point for the 30+ business units. This single framework is fundamental for efficient close and consolidation processes. This has enabled corporate accounting instant access to summary and transactional financial data. Board’s self-service interface allows the finance team to easily perform essential analysis over consolidated financial results carried out in preparation for the financial statements. The team is empowered and equipped to provide financial statements and reporting at the individual business unit level, providing data insights and real-time value to internal stakeholders.
OTC continues to expand its use cases and strategic visions with Board by implementing cross-functional, company-wide planning. Once they completed their implementation of BFC, they quickly moved on to creating a reporting hub and financial forecasting module. OTC is now starting Phase II of its plan, which prioritizes operational and sales (transactional) reporting. Partnering with Board ensures that their reporting capabilities and future is limitless. Together OTC and Board are working to provide internal and external stakeholders a 360-degree view of the OTC business landscape by utilizing multiple data streams with the support of Board’s vast capabilities.
