ERP System Implementation for a Multi-National Medical Devices Company
Due to an aging and ineffective ERP, the company determined the need for a re-design and re-implementation of a new ERP solution. The company found the current system to be extremely difficult and arduous due to lack of a single chart of accounts for this global multi-entity company, significant manual entries on a monthly basis, inability to respond in a timely fashion to auditor/management requests due to inaccurate reporting capabilities and cumbersome financial analysis capabilities, lack of proper configuration with supporting sub ledgers and an insufficient relationship between the ERP and consolidation tool. As a result, the company struggled to close the books at month-end and underwent two financial statement restatements in a two-year period.
Riveron started by evaluating current state which included assessment of current processes, organization structure and technology. As the organization embarked on the design phase we helped gather global requirements for each functional area including Cash Management, AR, AP, Fixed Assets, G/L, and Costing. As part of the requirements gathering phase many current state processes were transformed to take advantage of the new ERP functionality. A gap analysis by functional area was completed to determine which requirements needed customization and were not included as part of the standard functionality. Riveron also led in re-designing a global chart of accounts that aimed at maximizing functionality of the ERP and eliminated inefficiencies while also meeting government and management reporting needs.
Benefit to our Client
At the completion of our engagement, the company will have migrated from the current system to the future ERP. Increased efficiencies and effectiveness through policy, process change and global ownership. Better utilized the ERP to automate and efficiently manage end-to-end processes. Significantly reduced audit risk based on better reporting capabilities and alignment of the global chart of accounts. Additionally, the company will have shifted priorities of team members from gathering and compiling data to more analytical tasks.