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Best Deployment: Raymond opts for 1KEY FCM - Financial Consolidation
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Best Deployment: Raymond opts for 1KEY FCM - Financial Consolidation

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The Perfect man becomes more intelligent …

The Perfect man becomes more intelligent

Mumbai-based Raymond needed a solution which could satisfy the functionality and ability to get all financial data on a single platform. MAIA Intelligence along with Mondial IT Consultants helped meet their expectations.

Minakshi Shetty of DQ Channels (Cybermedia) speaks to Sanjay Mehta, CEO, MAIA Intelligence, Vivek Kale, CIO, Raymond Limited and Sharad Kumar Agarwal, Director, Mondial IT Consultants

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  • 1. BEST DEPLOYMENT BEST DEPLOYMENT For more case studies please log on to www.dqchannels.comThe Perfect Man BecomesMore IntelligentMumbai-based Raymond needed a solution which could satisfy the functionality and ability to get all dataon a single platform. MAIA along with Mondial IT Consultants helped meet their expectations I ncorporated in 1925, Raymond has transformed itself from being an Indian “One needs to have a textile major to a global conglomerate within a span of few years. Today, they are expertized IT one of the largest players in fabrics, designer consultant to match wear, denim, cosmetics and toiletries, engineering files and tools, prophylactics and the requirement of air charter services in national and international Raymond. Mondial markets. The Raymond Group also has an expansive retail presence established through was successful in the exclusive chain of The Raymond Shop and deploing the solution stand-alone brand stores. in just four months” REQUIREMENT Kale was looking out for a solution which SANJAY MEHTA, CEO, MAIA would provide a complete, accurate and integrated data for its organization. As we all requirements, such as GAAP, Sarbanes-Oxley, power to unify all legal and management are aware that today’s corporate financial and IFRS, and is stored in a single database, financial reporting needs with the agility to officers are held to higher standards of ensuring that everyone works with the same blend corporate control with local flexibility. accountability than ever before, even as their set of numbers, accessing data from software businesses grow more complex and rather than a spreadsheet. Any changes made PARTNER SPEAK stakeholders demand faster access to accurate in this central location, results in greater control Vivek Kale, CIO, Raymond said, “Mondial helped financial results. He needed a FCM which would and confidence in the numbers. Thus we had us set up an appropriate co-ordination between combine the power to unify all legal and to ensure that the data compared with budgets, the IT and the business processes; thereby management financial reporting needs with the plans, and forecasts within software, should improving the alignment between these two agility to blend corporate control with local help in improving business insight. It should activities resulting in more value out of the flexibility. have detailed journal and audit capabilities to technology. Indeed it further helped in reducing provide consolidated financial reporting the consolidation, close and reporting cycles FINDING RESOLUTIONS transparency to satisfy both internal and by days or weeks and deliver timely results According to Sharad Kumar Agarwal, Director, external auditors alike,” said Agarwal. internally and externally. It has also improved Mondial IT Consultants, since Raymond is a A 1KEY FCM was deployed at Raymond. the data quality to achieve confidence in the listed company they need to publish their Mondial IT consultants have been partners with numbers of a full audit trail for statutory and figures and thus wanted to bring in a system MAIA for the past three years now. 1KEY regulatory compliance. The major challenge was which would fulfill the statutory requirement Financial Consolidation Management (FCM) is to satisfy the functionality and cut compliance for the company. Raymond has around 11 profit a complete data warehouse (DW) model with costs to deliver a single version of the truth centers and 27 legal entities and thus required standard statutory reporting requirements for through the Web to improve internal and a common mapping of the masses across the publishing financial statements and with external transparency.” organization. extensive analytical reports. Accelerate the “Today organizations need to quickly close cycle and improve the quality of data VENDOR SPEAK collect data from operating units around the remove the pain of consolidation of financial Sanjay Mehta, CEO, MAIA said, “One needs to world, even when these locations have management and reporting cycle. Organizations have an expertized IT consultant to match the disparate general ledger systems, charts of that are able to close their books quickly and requirement of Raymond. Mondial was accounts, and ERP systems. Data needs to be deliver faster and more accurate information successful to deploy the solution in just four consolidated in line with local and international can gain a competitive advantage in a rapidly months. Typically this kind of project would changing market. It helps to cost around 35 lakh and it is a great delight to provide financial managers have a partner like Mondial.” “Today, organizations need the ability to rapidly close and Agarwal also highlighted on the factors of to quickly collect data from report financial results, meet 1KEY FCM as a highly effective yet user-friendly, global regulatory require- intuitive solution to manage financial operating units around the ments, reduce compliance consolidation and group reporting process. It world, even when these costs with trust in numbers. also helps to avoid common pitfalls in consoli- 1KEY FCM eliminates the dation process, and move on to develop more locations have disparate potential errors and reduces structured, efficient and highly sustainable general ledger systems, time spent on repetitive solutions. “By working through the detailed manual processes with its steps in each process, CFOs can now have an charts of accounts, and multi-currency capabilities, effective suite of solution that simplifies and ERP systems” automated calculations and automates FCM process into just a few clicks adjustments, and other on buttons,” added Agarwal. SHARAD KUMAR AGARWAL features that address accoun- Director, Mondial IT Consultants ting and regulatory issues. MINAKSHI SHETTY 1KEY FCM combines the (minakshis@cybermedia.co.in)A CyberMedia Publication 21 January 1-15, 2011 DQ CHANNELS CMYK