On-demand webinar
Outokumpu's Financial Close Transformation: Process, Tools, Learnings
What does a successful financial close transformation process look like for an enterprise-level company? How transformation changes R2R management performance? What services and tools should you deploy for your transformation project? Watch this webinar to find answers.
Webinar presenter:
Essi Grönlund,
Head of Internal Control Development at Outokumpu
In early 2019 Finland's Outokumpu, the global leader in stainless steel, embarked on an ambitious project - the digitalise and to improve controls in their financial close process.
With multiple ERP system instances, some 50 legal entities across 30 countries and 150 people actively involved in the month-end closing process, the project was laid out to take approximately two years.
The starting point was the review and standardisation of the to-be financial close process for the whole group. With EY Finland as a sparring partner, Outokumpu mapped out their inner workings of financial close to identify manual work inefficiencies, "gaps" of data accuracy, improvement requirements for internal controls.
By the time Outokumpu arrived at the implementation stage, the task ahead was to find a software solution, which would support a long list of requirements for automationan and process management. Outokumpu selected Aico - Intelligent Financial Close Automation Platform to bridge the "gaps" of ERP systems and fast-paced operational work of month-end close. Critical areas of closing - task management, journal entries, account reconciliation and financial requests are now run with a single platform.