Financial Systems Strategy
($500MM Parking Operations Management & Valet Services Company)
- 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.
- 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.
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.