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A large technology company had outgrown its finance capabilities and needed to transform its finance function. The company suffered from a variety of problems with basic accounting and reporting and had been forced to restate its financial results. It also relied on thousands of analysts and countless spreadsheets for simple data analysis and management reporting. These problems exposed the company to unacceptable levels of regulatory risk, and made it hard for the company to operate nimbly. Reports that took weeks to generate can now in many cases be delivered at the push of a button. The company has also reduced finance's operating costs by more than $50 million annually. The company had grown rapidly to become one of the world's largest technology companies. Along the way, its finance function had evolved haphazardly and didn't receive the attention and investment it needed. Company executives relied on thousands of analysts and countless spreadsheets for financial analysis, reporting and reconciliation. This approach was costly, inefficient and slow. It could take weeks to get basic information such as product profitability or regional revenue. And even when an analysis was complete, there were so many versions of the "Truth" that decision-makers didn't know what to believe. Over the past few years, Deloitte has been helping the company in its efforts to transform its finance function across the entire enterprise. However, our involvement began on a much smaller scale. Like many companies, it initially believed that a new financial system would solve all of its problems.
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