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Due to exceptionally high growth rate, a company managed to grow into one of the largest technology company across the world. However, this growth resulted in a irregularly grown finance function. This situation led the company to suffer from a variety of problems with basic accounting and reporting and 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 efficiently. To resolve the critical issues gripping its finance function, the company sought assistance from Deloitte, a leading business management and consulting solutions provider. Over the past few years, Deloitte has been helping the company in its efforts to transform its finance function across the entire enterprise. Initially, the company had believed that a new financial system would solve all of its problems. However, on close scrutiny, Deloitte found that the company first needed to create a robust data model with consistent data definitions across the enterprise. Deloitte then helped them develop an enterprise-wide data model. Our project team worked closely with various system implementation teams to help coordinate activities to keep the projects moving forward in parallel. Also, strong governance processes were set up to enforce the new data model and rules. These improvements are helping the company avoid major problems such as financial restatements by providing information that is more accurate and reliable.
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