OVERVIEW: A publicly trading company, was expanding its distribution channel into a new country. They wished to incorporate and set up a new international company that would be a subsidiary of the holding company. They needed representation on the ground that could spear head the operation from a concept to a fully functional support system.
OBJECTIVE: To implement a full back office solution (Financial Accounting / Reporting, Foreign Exchange Accounting, Consolidations, HR and Cost Accounting Applications in a wholesale distribution environment, with a hyperinflation component) additionally, determining best practices for both corporate structure and reporting mechanisms.
FINDINGS: Once the end game – the vision / the high level strategy – was agreed upon, the mechanical – moving parts – where identified. Comprehensive varied analysis where undertaken – with the assistance of all stakeholders. This ensured compliance to all the elements as identified. Such includes workflow, development of key performance measures / Key performance indicators, GAP analysis, meeting local legislation, GAAP compliance, corporate compliance, and ensuring that all technology can be manipulated to meet the finance department needs. Typically numerous activities are being executed simultaneously, so solid blue prints and project management skills are of significant importance.
The following life cycle methodologies where utilized:
- Vision – what would we like the end product to look like, to be, to achieve. Creating a value proposition
- Blueprint – develop a roadmap that details milestones, to capsulate what the end product will look like. What it will do, what it will achieve, what integration will occur if any, what is its core capabilities….
- Risk Analysis – identify all risk elements, with feasible deployable solutions. What if? Does it meet our needs? Any work arounds?
- Funding – quantify all costs, determine a comprehensive cost analysis and ensure funding is secured. This encompasses hiring the right people for the right job.
- Change Strategy – develop a process that encompasses buy in from all users and ensure the organization as a whole can adopt and support these operational changes
- Project Management – measure progress against predefined milestones. Address gaps. Reassess project timeliness.
- Implementation, design & execution – identify key resources, set objectives and expectations. Implement across the board industries best practices.
Measurement – testing and determining if all the blueprint objectives where met, within budget and the projected timelines
SOLUTION: Within 1 year of the project kick off date, all objectives where met. Personal trained and operations commenced on time and within budget.