Financial Systems Strategy

($500MM Parking Operations Management & Valet Services Company)
Challenge:
  • The company was experiencing rapid growth that had left its financial processes and technology straining to keep up.
  • The billing and accounting process was complex, manual, spreadsheet-based and relied heavily on “tribal knowledge.” As a result, the financial systems and methods lacked scalability.
  • Company’s leadership recognized the need to:
    • Define a financial systems strategy.
    • Select a new platform to support the finance, accounting and information access needs of the future.
Highlights:
  • Interviewed business stakeholders and assessed the IT environment and capabilities.
  • Defined business requirements.
  • Created a vendor shortlist and managed the RFP process.
  • Estimated resource requirements & Total Cost of Ownership.
  • Developed a three-year financial systems plan.

Outcome:

The new strategy’s objectives were aimed at:

  • Improving accuracy and efficiency.
  • Enhancing analytical capabilities.
  • Enabling automated interfaces with other company systems.
  • Implementing a scalable solution.
  • Reducing manual processes.
  • Having the capability of generating timely and actionable insights to run the business.

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ECM Consulting Group | United States