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A software company was planning for its IPO. Since their business systems were Oracle-based, they turned to Oracle for a recommendation of a good business process consulting company with an Oracle technology background. They wanted help from a firm with the experience to help them identify inefficient business processes, as well as measure how their processes compared to leading organizations in their industry.
Oracle recommended Prisio, based on their experience with Oracle, knowing that our combination, their consultative approach, and global implementation experience would be a good fit.
Many early-stage and maturing companies do not spend enough time on process optimization, focusing instead on rapid growth and expansion. At some point these companies realize that it is essential to make sure appropriate controls are in place, and processes have kept up with modern standards. Most business systems have a life cycle of ten to twelve years, at the end of which they require re-evaluation along with the business processes to ensure they are competitive and meet the needs of the business.
With the impending IPO, the CFO realized that faster growth fueled by additional capital, combined with the increased oversight, reporting, and accountability that goes along with being a public company, meant that it was time to make sure processes were efficient and world-class.
Prisio began its analysis with pre-built questionnaires, covering a range of topics such as:
The responses yielded a punch list of problems, time consuming tasks, system issues, approval process issues, key challenges, delays in the closing, and much more.
Based on the responses, Prisio conducted a series of stakeholder interviews to get feedback from those that were directly involved with these processes and systems. The stakeholders included the CFO, Chief Accounting Officer, Controller, staff accountants, fixed asset managers, purchasing accountants, and more. In addition, Prisio conducted walkthroughs to review some of the opportunity areas in more detail. The analysis also included a review of the Oracle configurations.
Prisio also performed independent health-check/assessment of finance, accounting, procurement, sales and service process areas including reviewing system reports, current documentation, and directly reviewing and evaluating the system on a mirrored configuration, so as not to disrupt the production environment.
In addition to reviewing current challenges and issues, we reviewed key metrics (total time taken both for manual/automated close process steps), reviewed process maturity, and performed analysis identifying manual and/or inefficient process steps that were causing pain points.
In addition to providing extensive documentation and analysis, Prisio presented the findings in a series of workshop meetings, providing all stakeholders an opportunity to discuss and weigh in on the various issues raised, and the solutions proposed.
Prisio also helped the company prioritize implementation next steps, assisting them in developing the short and long-term technology and process improvement initiatives.
As a result, the company adopted best practices in finance, accounting, procurement, sales and service areas. This created bandwidth for the team to focus on activities related to the IPO. These process and system improvements also ensured that adequate controls were in place for a new public company.