What does a successful financial close transformation project look like for an enterprise? How transformation changes record to report (R2R) management performance? What services and tools should you deploy for your transformation project? Watch this webinar for answers.
In early 2019 Finland’s Outokumpu, the global leader in stainless steel embarked on an ambitious project. The company aimed to digitalise and improve controls with a financial close transformation project.
The project included multiple SAP ERP system instances, some 50 legal entities across 30 countries and 150 people actively involved in the month-end closing process. The project was laid out to take approximately two years.
The starting point was the review and standardisation of the to-be processes for the whole group on financial close. With EY Finland as a sparring partner, Outokumpu mapped out their inner workings of financial close identifying manual work inefficiencies, “gaps” of data accuracy and improvement requirements for internal controls.
By the time Outokumpu arrived at the implementation stage, the task ahead was to find a software solution, which would support a long list of requirements for automation and process management. Outokumpu selected the Aico – Intelligent Financial Close Automation Platform to bridge the “gaps” of the SAP ERP system and fast-paced operational work of month-end close. Critical areas of closing – task management, journal entries, account reconciliation and financial requests are now run with a single platform.
With around 50% of group companies onboarded the project is still underway. However, a lot has been learned already, and Outokumpu’s Essi Gronlund, Head of Internal Control Development, will take the webinar’s stage on February 18, 2021, to share the experience.
In this webinar we will be specifically focusing on:
● What does a successful financial close transformation process look like for an enterprise-level company?
● How transformation has changed Outokumpu’s R2R management performance?
● What services and tools were used in this transformation process?
About the presenter:
Essi Grönlund
Head of Internal Control Development at Outokumpu
Essi has a long experience in Outokumpu and has held various roles within finance, from operational finance to leading finance transformation and IT system improvement initiatives. In the AICO implementation, she has been involved from the very beginning.
Webinar hosted by:
SSON – The Worlds Largest Shared Service & Outsourcing Network.