Outokumpu’s financial close transformation: Process, Tools, Learnings
In early 2019 Finland’s Outokumpu, the global leader in stainless steel, embarked on an ambitious project – to digitalize and to improve controls in their financial close process
With multiple ERP system instances across the group, 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 processes for the whole group on finance close. 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 automation and process management. Outokumpu selected Aico – Intelligent Financial Close Automation Platform to bridge the “gaps” of ERP system 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.
With around 50% of group companies onboarded the project is still underway, however, a lot has been learned already, and Outokumpu’s Essi Gronlund, Head of Internal Control Development, will take the webinar’s stage on February 18, 2021, to share the experience.
In this webinar we will be specifically focusing on:
● What does a successful R2R transformation process look like for an enterprise level company
● How transformation has changed Outokumpu’s R2R management performance
● What services and tools were used in this transformation process