MDM 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.

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

“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”

Using EBX.Platform branching and versioning features, Coporate Finance users can manage their financial master changes, history and avoid update conflicts.

Thanks to EBX.Platform Hierarchy Management feature, business user can view and manipulate chart of accounts and corporate finance reference data in complex, multi-level views.