One thing we see over and over again when we meet with prospective clients is a lot of great companies that are caught up in the daily hamster wheel of getting work pushed out: data entry, matching invoices to purchase orders, generating reports and so on. With so much effort spent on transactional activities, there simply isn’t enough time or enough talent to support strategic financial management functions, like risk analysis or financial modeling.
Last year, Sutherland partnered with one of those great companies, a national provider of integrated payment and security solutions for financial institutions. Our client has over 11,000 customers and more 4,500 employees around the globe. The company’s multiple accounting centers reflected the firm’s international nature, with General Ledger, Order to Cash and Procure to Pay functions each being handled by branch units.
From a business perspective, the company was facing three main challenges:
Higher Infrastructure Costs: Talent redundancies contributed to a very high cost for FTEs. While there were ongoing staff reductions, with multiple accounting centers around the world, the costs to support the people, infrastructure and technology were impacting the client’s bottom line.
Lack of Visibility & Accurate Data: Due to multiple ERP systems, it was impossible for finance leaders to get a real-time, single-window view of the company. Decision-making information was difficult to obtain in a timely manner, and because of variations in processes and practices, data was not always reliable.
Too Much Transactional Work: Our client’s skilled finance teams spent a disproportionate amount of time on the daily tasks at hand. To be more efficient and get the most out of their own skilled talent, the client needed to overhaul its approach to the finance function.
The Sutherland Solution
Working with our partner, we were able to identify and consolidated multiple accounting centers with different ERP into a single global location at our facilities in Cochin, India. We started with the Procure to Pay function in June of 2012. (Order to Cash, Financial Planning & Analysis and Record to Report functions are scheduled for early 2013.)
This also allowed us to get our client set up with best practice processes and controls, as well as leading technology. Sutherland deployed proprietary technology solutions to drive automation and deliver immediate performance and controls improvements. And, to eliminate inefficiencies and improve quality, we designed and implemented our SWIFT Payables solution with workflow.
Lastly, we implemented a Client Service Portal institutionalized as a real-time, single-window view of metrics, issue logs, repository, and other finance information, which could be accessed both internally as well as externally by the client.
This type of business process centralization resulted in consistent, company-wide finance practices. It also gave finance execs more visibility into the process and results through enhanced reporting.
The partnership with Sutherland helped the company to achieve their objectives with:
- Reduced infrastructure cost, generating immediate cash savings.
- Enabled management to focus on strategic initiatives instead of day to day activities.
- Introduced technology to drive efficiencies and improved controls
Our client’s managers have access to unified, reliable data with real-time responses and are able to gain additional insights into their business quickly and easily, across their worldwide operations. These global advantages allow the company to provide superior service to their partners, regardless of region.
Most importantly, it has allowed management and managers to focus on strategy. With the tools and the practices in place to ensure accurate, timely information, the company spends less time focusing on transactional activities and more on control, risk and strategic decision-making.
If you’re looking to centralize your accounting functions so your people can move from transactional to strategic, we’d be happy to offer a free assessment of your current accounting practices – just give us a call. Comments? Questions? I’d be happy to answer.
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A CPA with over 15 years of BPO and 25 years F&A experience, Dan has structured and managed Accounting and BPO services for many large and medium size companies in the Retail, Banking, Manufacturing, Travel, Communication and Technology sectors. He has designed and implemented process re-engineering and optimization programs in Accounts Payables, Collections, Reconciliation, Reporting and Cash Applications.
About Dan McCueA CPA with over 15 years of BPO and 25 years F&A experience, Dan has structured and managed Accounting and BPO services for many large and medium size companies in the Retail, Banking, Manufacturing, Travel, Communication and Technology sectors. He has designed and implemented process re-engineering and optimization programs in Accounts Payables, Collections, Reconciliation, Reporting and Cash Applications.
View all posts by Dan McCue →
There are seven aspects of promotion mix, they in the respective order are: -
1, Advertising: - It is the advertising of ideas, brands, organizations etc with the help of a
paid source i.e. a portion of capital is paid to a proper agency for carrying out this activity
e.g. radio, television, internet sites, newspapers etc.
2, Personal Selling: - The concept of persuading any perspective, potential customer to
carry out the purchases as a response to oral presentation or demonstration given to them.
3, Sales Promotion: - Media and otherwise aids are used to boost the sales figure for a
limited period of time. Examples in this regard can be taken of coupons, product samples,
discounts etc. These boost sales figure for a short period but their effects can be felt even
after their viable life on the sales as the effect carries on.
4, Public Relations: - This can be termed as the word of mouth strategy in which public
connections are used to promote the brand image and this is an important factor as in
small, convenience products; a such-healthy image makes the difference between
winning and losing.
5, Corporate Image: - The overall image of the brand plays an important role in
determining the future standing of the brand. A good corporate image attracts customers
while a bad image has adverse effects on the consumer psyche.
6, Direct Marketing: - This technique does not use conventional methods like TV, papers
etc but rather the brand reaches its customers in a more direct manner with the use of
methods like fliers, catalogue distribution or street advertising.
7, Exhibitions: - They can be termed as try outs in which a brand is launched on try out
basis to its customers and then it is modified as per the suggestions and feedback
provided by them. The only problem with this technique is that it exposes your brand’s
secrets to competitors.
(www.wikipedia.com was used as a data reference source for the above data)