BEST DEPLOYMENT: Intelligence round the corner

The Client

Incorporated in 1925, Raymond has
transformed itself from being an Indian textile major to a global
conglomerate within a span of few years. Today, they are one of the
largest players in fabrics, designer wear, denim, cosmetics and
toiletries, engineering files and tools, prophylactics and air
charter services in national and international markets. The Raymond
Group also has an expansive retail presence established through the
exclusive chain of The Raymond Shop and stand-alone brand stores.

Need for a Solution

Vivek Kale, CIO, Raymond was looking
out for a solution which would provide a complete, accurate and
integrated data for its organization. As we all are aware that
today's corporate financial officers are held to higher standards of
accountability than ever before, even as their businesses grow more
complex and stakeholders demand faster access to accurate financial
results. He needed a FCM which would combine the power to unify all
legal and management financial reporting needs with the agility to
blend corporate control with local flexibility.

Solution Provider: Mondial IT
Consultants

According to Sharad Kumar Agarwal,
Director, Mondial IT Consultants, since Raymond is a listed company
they need to publish their figures and thus wanted to bring in a
system which would fulfill the statutory requirement for the company.
Raymond has around 11 profit centers and 27 legal entities and thus
required a common mapping of the masses across the organization.

Today organizations need to quickly
collect data from operating units around the world, even when these
locations have disparate general ledger systems, charts of accounts,
and ERP systems. Data needs to be consolidated in line with local and
international requirements, such as GAAP, Sarbanes-Oxley, and IFRS,
and is stored in a single database, ensuring that everyone works with
the same set of numbers, accessing data from software rather than a
spreadsheet.

“Any changes made in this central
location, results in greater control and confidence in the numbers.
Thus we had to ensure that the data compared with budgets, plans, and
forecasts within software, should help in improving business insight.
It should have detailed journal and audit capabilities to provide
consolidated financial reporting transparency to satisfy both
internal and external auditors alike,” said Agarwal.

The Solution

A 1KEY FCM was deployed at Raymond.

Mondial IT consultants have been
partners with MAIA for the past three years now. 1KEY Financial
Consolidation Management (FCM) is a complete data warehouse (DW)
model with standard statutory reporting requirements for publishing
financial statements and with extensive analytical reports.
Accelerate the close cycle and improve the quality of data remove the
pain of consolidation of financial management and reporting cycle.
Organizations that are able to close their books quickly and deliver
faster and more accurate information can gain a competitive advantage
in a rapidly changing market. It helps to provide financial managers
the ability to rapidly close and report financial results, meet
global regulatory requirements, reduce compliance costs with trust in
numbers.

1KEY FCM eliminates the potential
errors and reduces time spent on repetitive manual processes with its
multi-currency capabilities, automated calculations and adjustments,
and other features that address accounting and regulatory issues.
1KEY FCM combines the power to unify all legal and management
financial reporting needs with the agility to blend corporate control
with local flexibility.

The Result

Vivek Kale, CIO, Raymond said, “Mondial
helped us set up an appropriate co-ordination between the IT and the
business processes; thereby improving the alignment between these two
activities resulting in more value out of the technology. Indeed it
further helped in reducing the consolidation, close and reporting
cycles by days or weeks and deliver timely results internally and
externally. It has also improved the data quality to achieve
confidence in the numbers of a full audit trail for statutory and
regulatory compliance. The major challenge was to satisfy the
functionality and cut compliance costs to deliver a single version of
the truth through the Web to improve internal and external
transparency.”

Project driven by: Avishek Rakshit