Industry
Non-Profit Science
Region: United States of America
Summary
A leading non-profit scientific organization automated their fixed and financial asset management digital transformation through automated inception of assets using digital footprint, web apps and enterprise resource planning applications. This transformation enabled financial discipline with automated workflows and financial accounting for real-time actionable insights and dashboard reporting.
Objectives and Challenges
- Objectives: Digital transformation and accounting insights on fixed and financial asset management to enable enterprise assets financial discipline
- Challenges: Decentralized asset inception with multiple asset locations; convoluted procurement processes; multiple asset classes, categories, life and depreciation/amortization schedules; complex project-based work in progress (WIP) assets; multiple stakeholders, regulatory and statutory compliance reporting
Results
- Successful digital transformation of multi-billion-dollar asset inception and management with refined procurement and program management by projects with flexible configuration asset models with ledger integration
- Easy-to-use configurable workflows and approvals on fixed and financial assets with complete auditability on asset inception
- Standardized operational, stakeholder, regulatory and statutory compliance reporting through business intelligence reporting
- Streamlined asset lifecycle management – asset capture, WIP processing, depreciation, amortization, adjustments, retirements and asset accounting
Benefits
- Streamlined procurement and asset lifecycle management policies, procedures and accounting rules to enable financial discipline
- Leverage existing infrastructure and reusable programs for digital automation and transformation for better adoption.
- Reduced work-in-progress backlog by 75% with digital automation on asset capture processes, workflows and document management
- Improved asset management financial close activities from 10 days to 3 days through integrations and standardized reporting/dashboard
Products and Technology
- PeopleSoft Asset Management, Projects, General Ledger and Procurement
- PeopleTools
- XML Publisher
- SQR
- Documentum
- .NET
- Oracle
- Business Objects
- MS Office Products
- Power BI