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Case Study:

Manufacturer Gains Real-Time Insights With Robust Financial Reporting System

The Problem

A $300 million manufacturer with more than a dozen operating divisions in multiple states was plagued by an inefficient, manual financial reporting process.

With each of the company’s operating divisions using a different financial software package, manually consolidating those numbers to produce monthly financial reporting was a time-intensive exercise that diverted the attention of three highly qualified financial managers from activities that could drive more value for the company.

The Opportunity

The organization needed one common platform to centralize all financial reporting and automate this time-consuming and error-prone process. The managers and investors also needed timely streamlined reporting on the key performance indicators (KPIs) that are essential to the organization’s strategic objective of positioning the company for sale.

However, no one within the organization had the capacity to take on a project as monumental as researching and recommending software packages, negotiating cost and overseeing implementation. That’s where Fischer Cunnane stepped in.

The Solution

After conducting a comprehensive review of the manufacturer’s financial reporting process, Fischer Cunnane’s business advisory team recommended that the organization purchase and implement a robust financial reporting and business intelligence software package.

Unlike many consultants who “drop and run” after making their recommendation, Fischer Cunnane didn't leave the client to figure out how to procure and implement such a complex system. Instead, the Fischer Cunnane team managed the entire process, from producing and sending the proposal and specifications to multiple vendors, to coordinating software demos and negotiating a deep discount on the final package, to managing the software installation and launch.

The Results

Fischer Cunnane is currently leading the implementation of the software package (IBM’s Cognos). Upon completion, the client anticipates the following benefits:

  • Accurate, standardized financial reporting. Cognos automates consolidation of financials, conducts error-checks and validates numbers that were previously compiled in Excel spreadsheets.
  • Real-time financial insights. Managers and investors will receive KPI dashboards on their mobile devices within 10 days of month end, less than half the time required for the manual process. Even more important, the KPI reports will provide the information that matters most to managers and investors without drowning them in details.
  • Improved value in the eyes of potential investors. A robust financial reporting system furnished by IBM is infinitely more credible than a series of Excel spreadsheets.
  • Redeployed assets. Rather than spending weeks each month on manual financial reporting, the three financial managers will be available to focus on areas to help the business grow and make money.

Due to the extensive expertise of Fischer Cunnane’s team, this client is on the path to a more efficient financial reporting process that generates valuable financial insights to move the business forward.

Find out how the Fischer Cunnane team can help you streamline and improve your operational processes. Call us at 610.431.1003.