Using Orchestra Networks™ Master Data Management (MDM) Software, a global organization unifies multiple accounting and financial systems at HQ and regional levels.

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Company Profile

This Fortune Global 500 Company, a major European insurance and banking group, has over 40,000 employees worldwide and provides insurance, savings and a range of banking services to more than 16 million customers in 14 countries.

Situation

The company had multiple, disparate accounting and financial systems across regions and subsidiaries. Each business unit relied on a specific software application and managed its own reference data.

Challenge

The company wanted a consistent and unified repository of corporate financial reference data. At the same time, each business unit needed the flexibility to meet local reporting and compliance requirements. Their reference data defined chart of accounts, accounting structures, cost centers, hierarchies, and codifications.

Data Governance Objectives

» Manage a global corporate finance MDM system at headquarters
» Adapt corporate reference data to regions and subsidiaries
» Enforce validation workflows for changes at both HQ and local levels
» Maintain multiple versions of accounts

Solution: Orchestra Networks EBX

After evaluating several different MDM solutions, including those from large ERP vendors, the company selected Orchestra Networks EBX. EBX allowed them to successfully build a corporate finance MDM system and delivered the following Data Governance features.

» Federation and adaptation of data for HQ, regions and subsidiaries
» Inheritance rules between HQ and local levels
» Sophisticated account hierarchy management
» Concurrent version management with compare and merge
» Role-based security and workflow

Benefits Achieved

» Decreased master data maintenance costs by reducing the workforce dedicated to managing chart of accounts and other financial reference data.
» Reduced redundancies and errors by maintaining one unique federated repository for the organization.
» Improved financial consolidation and reporting by using unified corporate finance master data.