Acquiring the tools for growth
KPMG and new Oracle technology helped a medical technology supplier plan for continued expansion with better visibility into the financial data of its many acquired companies.
Client
A global medical technology company
Sector
Life sciences
Project
Oracle Cloud transformation
Client challenge
Over the course of a few years, our client, a $3 billion provider of medical technologies, experienced strong growth, making large acquisitions on a global scale. But with expansion came the need to integrate and consolidate processes and systems across markets.
Reporting through four international regions and thirty individual markets was a challenge. Manual planning, forecasting, and reconciliation processes were error-prone and had little to no technology support or activity tracking. Visibility was limited across planning and data governance functions.
The company wasn’t able to access the information necessary to plan and manage the business. They needed a new cloud enterprise data model to make effective decisions, continue to grow, and bring the collection of smaller entities into a unified organization.
Cycle time to complete the annual planning process improved from 140 days to under 90 days.
Approach
This company, with more than 10,000 employees and an over 85-year history, was expanding through acquisitions and needed to bring their reporting and processes under one roof for the benefit of the business. Highly customized, legacy data systems were different across the enterprise and hindered decision making.
We identified areas of opportunity around consistency in close and consolidation, planning and budgeting, and management reporting and outlined a balance of short- and long-term solutions to support the company’s P&L business strategy. An interim reporting system went live swiftly, and a plan was developed to turn it from a quickfix into an efficient system.
Planning functions were moved to Oracle Cloud, and KPMG Powered Enterprise tools were used to leverage best practices. Working together, we utilized the “out of the box” program capabilities of new cloud technology. Minimal customization standardized the planning process on a single tool to maximize efficiency.
Then change management began. In-person and online training, user guides, and even a dedicated hotline helped to get users up to speed and self-sufficient when using the technology.
With higher quality reporting and efficient processes, this client is ready and able to make better decisions and a difference in their global business.
KPMG is on your side, all the way.
Benefits to client
With a multiyear road map to identify the transformation focus, the stage was set to begin the project. Short- and long-term goals were identified and met while leveraging new Oracle Cloud technology in Financial Data Quality Management, Enterprise Edition (FDMEE), Data Relationship Management (DRM), and other data integration tools.
After successfully completing the project with KPMG, the company was able to:
1
Reduce time to close and consolidate.
2
Improve cycle time to complete annual planning process from 140 days to under 90 days.
3
Improve cycle time to complete annual planning process from 140 days to under 90 days.
4
Achieve efficiencies within the finance organization by reducing manual work.
5
Improve business decisions through easy-to-access, accurate data.
KPMG insights
-
A strategy is only as good as its stakeholders
While developing a strategy and road map is important, the best ones can only be implemented with commitment from the entire organization. With full backing from the leadership team, strategies lead to transformations that touch every part of the business.
-
A strategy is only as good as its stakeholders
While developing a strategy and road map is important, the best ones can only be implemented with commitment from the entire organization. With full backing from the leadership team, strategies lead to transformations that touch every part of the business.
Meet our team
Sanjay Sehgal
Head of Markets, Advisory, KPMG US
Sanjay Sehgal
Head of Markets, Advisory, KPMG US