Riordan Manufacturing Problem Solution
Key Business Drivers
Riodan Manufacturing currently has separate operating entities in Georgia, Michigan, California, and China. Each region maintains financial systems which are incompatible with the others and run independently of each other. The only correlation of information happens at month-end period rollups at corporate headquarters in San Jose, California. Laws such as Sarbanes Oxley require detailed financial reporting and controls. Accuracy and timeliness are goals for Riodan Manufacturing to continue to grow and succeed. Reducing cost and complexity of systems integration and maintenance will allow better reporting, audit response, and help decision support functions that are critical for company success.
Current Challenges
Our organization is challenged by the complexity and lack of standard interfaces the finance and accounting functions support throughout the organization. Data is not formatted or transported in standard interfaces or structure. Manual work is required to fit data within budget codes and corporate formatting standards. This manual system is error prone and open for possible fraud and abuse.
Hardware, software, support and maintenance costs grow each year with multiple systems in each local region running different types of software and hardware. The application and hardware support teams are larger than could be possible with one integrated solution. Compliance reporting is difficult as well as internal and external audits that drain internal resources from other work. Time-consuming consolidation, income, and balance sheets are not completed for 15 to 20 days after end of month close.
Solution Alternatives
Riodan has choices in the solution that our organization can implement to solve these financial systems integration issues. The main issue facing our Financing and Accounting department is the lack of standardized systems, which includes software, data interfaces, and processes.
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