30%
Reduction in overall Finance spend across the global organization
25%
Faster close cycle after aligning calendars and streamlining processes
500
ERP instances consolidated down to 37, enabling standardization and shared services at scale
PwC led a global finance transformation — so the client can operate leaner, integrate faster and drive strategic growth.
SITUATION
Too many systems. Too much cost. Time to reset.
A well-known multinational conglomerate operating in multiple industries across multiple regions, had grown over time through an aggressive acquisition strategy. It’s acquisitions department operated with a high degree of autonomy, and this had been a good thing — until it wasn’t. The client found themselves in a situation where they were dealing with hundreds of separate ERP instances, finance organizations that were not integrated from prior deals, no standard processes, no standard data strategy and various processes being performed in high-cost locations. This all led to a very high cost of Finance relative to peers. The client realized that it needed a company-wide finance transformation to address their structural problems and enable leadership to continue their acquisition strategy with accelerated synergy and time to value.
SOLUTION
A global finance reset — simplified, standardized and digitized
The client understood that undergoing a total company finance transformation would not be easy and would take time. Its business is about as complex as it gets. Working with the client, PwC began by focusing on a data strategy and the necessary changes involving people and organizational structure needed to support that strategy. This enabled the team to recommend changes to the client’s global operating model to improve effectiveness and lower costs.
Over time, PwC also began to help the client address close process simplification, targeted process improvement, shared services, HFM, Planning RPA, FX accounting, Treasury, SAP and Oracle Cloud. With a cross-functional global team of specialists in finance, strategy, accounting, people & organization, operations, IT, tax and risk assurance, the teams began working in parallel on multiple aspects of the transformation. The overriding objective was to leverage digital technologies to simplify the finance function and enable it to operate with greater efficiency and effectiveness.
While each focus area was important for a successful finance transformation, a real strategic trigger for the client was establishing a standard chart of accounts. This meant that for the first time, the various business units and Corporate were using the same language from transaction through consolidation. For a business operating in multiple industries, this was no small feat, and it made possible a global shared services model and streamlined intercompany processes. We worked with the client to develop a target global operating model to identify which processes would be retained in the business units and which would be phased into the shared services centers.
PwC also worked with the client across 16 Finance teams globally to align its close calendar to the last calendar day reporting convention and simplify the close process through a combination of technology, automation (RPA) and improvements in transparency, control and accountability. In parallel, we assisted the client with adoption of the ASC 606 revenue recognition standard (the largest accounting standard change in the last decade) and established a standardized ERP environment to improve FX reporting consistency. And in a first for the client, PwC helped design and implement a cloud-based Oracle shared services ERP hub, quickly migrating three businesses and four countries off of aging legacy platforms in nine months.
RESULTS
Finance Transformed. Value Unlocked.
This multi-year transformation is delivering measurable impact across the business. The company has reduced overall Finance spend by 30% and shortened its close cycle by 25%. More than 500 ERP instances have been consolidated down to just 37, creating a foundation for consistent reporting and shared services at scale.
With a global chart of accounts now in place, finance teams across business units and regions are aligned in language and process — making intercompany operations and integration smoother than ever. Over 86% of banking systems have been consolidated, more than half of all payments are now digitized, and automation is accelerating results. In just nine months, PwC and the client deployed a cloud-based Oracle ERP hub across multiple businesses and countries.
Today, finance is operating with greater control, agility and speed — and the company is positioned to integrate future acquisitions faster, with more immediate value realization.
PwC’s long history with the client and deep familiarity with its businesses were key contributors to the success of the transformation.
READY TO RESET YOUR FINANCE FUNCTION?
See how PwC helps complex organizations streamline systems, reduce cost, and power long-term growth with digitally enabled finance transformation.
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