Case Study: Financial Services Company Realizes a Range of Business Benefits Through Successful SAP Implementation
Summary: Aging business systems and inconsistent business practices had decreased the efficiency and profitability of a major multinational financial services company. However, a successful SAP implementation led by the PMO Office improved the quality, consistency, and reliability of key business processes, resulting in numerous business benefits for the company.
Company: A multinational financial services company that provides a comprehensive range of insurance and retirement products to a large client base.
Challenge: As the financial services company grew through various acquisitions and the development of new product lines, multiple, non-integrated, aging business systems and inconsistent business practices undermined the company’s efficiency and profitability. This led to extended reporting cycle times, inconsistent data integrity, and a host of other business challenges and complications.
Solution: Despite the challenges faced by the financial services company, the situation presented many opportunities for improvements. By implementing SAP as the company’s sole state-of-the-art ERP business system solution, the PMO Office saw the chance to:
- Improve the quality, consistency and reliability of financial information
- Improve analysis to support strategic decision making
- Improve ability and speed in financial period closing
- Replace aging systems with state of the art technology
- Enhance security and controls around financial systems and related business processes
- Standardize and consolidate business processes
- Implement lower cost shared-services
In order to achieve successful SAP implementation, a timeline and plan was developed by the PMO Office using the AcceleratedSAP™ (ASAP) implementation methodology and best-in-class leading practices. The project management team designed consistent effective business processes to realize the business value opportunities and iteratively configured and tested these in the new ERP business system. Integrated security and controls were built into the system for appropriate segregation of duties.
After all the necessary preparations were finalized, the new business model with its supporting ERP technology was successfully taken live. The company realized improvements in the opportunity areas, helping it to operate more efficiently, productively, and profitably.
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