Data Governance for Corporate Finance
Using Orchestra Networks Master Data Management Software, a worldwide group uses MDM to unify multiple accounting and financial systems at HQ and regional levels
Context
A worldwide company, organised in regions, countries and subsidiaries, runs multiple accounting and financial systems. Each business units relies on a specific application, with its own reference data.
The main challenge for this company was to manage a consistent and unified repository of corporate finance reference data, while being able to let each business unit adapt it to its local needs. Reference data define chart of accounts, accounting rules, hierarchies and codifications.
“EBX.Platform allowed us to built a single a point of management for our Corporate Finance data. Charts of accounts versions across our group has been reduced from more than 30 to 1 single instance
”
Data Governance Objectives
» Manage a global corporate finance MDM at headquarter
» Adapt corporate reference data to regions, countries and subsidiaries
» Enforce validation workflows for changes at both HQ and local levels
» Maintain multiple versions of accounts
Solution: EBX.Platform
After evaluating various MDM solutions, including from large ERP vendors, the company selected EBX.Platform. EBX.Platform provided key Data Governance features that allowed to build a worldwide corporate finance MDM:
» Federation and adaptation of data for HQ, region, countries and subsidiaries
» Inheritance rules between HQ and local levels
» Sophisticated account hierarchy management
» Concurrent version management with compare & merge
» Role-based security and workflow
Benefits
» Cut master data maintenance costs by reducing workforce dedicated to manage chart of account and other finance reference data
» Avoid redundancies and errors by maintaining one unique federated repository for the worldwide organisation
» Improved financial consolidation and reporting by using unified corporate finance master data
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