Benchmarking studies performed by a third party indicated that the client’s F&A effectiveness and efficiency metrics were below industry standards. Moreover, regulatory initiatives exposed accounting compliance risks, and created financial pressure to standardize F&A policies and procedures in certain regions. Due to the financial and regulatory requirements, the client needed to transform its global F&A organization through system and process standardization. To assist in doing so, it implemented a standard ERP system in each geographic region, and outsourced the transaction-based activities of over 500 FTEs (full time equivalents) to a global business process outsourcing (BPO) provider.
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