Boston Scientific Corporation Supports Organizational Growth through Finance Transformation Initiative
Boston Scientific Corporation Supports Organizational Growth through Finance Transformation Initiative.
About Boston Scientific
Boston Scientific Corporation is a global medical manufacturing company with over 36,000 employees. Boston Scientific operates across 130 countries and 141 sites, including 16 principal manufacturing centers worldwide. The business is organized into three categories: international cardiology, medical surgery and rhythm and neurobiology neuromodulation.
Business Drivers to Automate
Due to their aggressive acquisition strategy, Boston Scientific Corporation (BSC) set out to solve the many financial close challenges their Office of Finance was facing including:
- An increase in time and effort to support their Record to Report (R2R) workload, especially with a heavy reliance on manual processes and legacy tools
- No standardized workflow documentation
- Lack of process visibility, as well as an absence of ensured control framework
BSC needed a financial close solution that would help them increase their efficiencies and effectiveness across their global accounting processes, while also increasing transparency and standardization to deliver value for the entire organization. After reviewing other Record to Report solutions, they chose Cadency® by Trintech — specifically Cadency Reconciliation Certify®, Cadency Close® and Cadency Journal Entry® (JE).
Solution in Action
BSC’s first step was to implement Cadency (Reconciliation Certify, Close and Journal Entry) across their Global Business Centers in the Americas, EMEA and APAC regions. From there, BSC launched the solution across their local finance teams in the EMEA and APAC regions, as well. They then formulated a strategy for their acquired companies to be onboarded onto the solution; as entities are acquired, they utilize Cadency Reconciliation Certify and Close as part of the organization’s integration plan.
“We are an SAP® company, and an active acquirer of companies,” said Brian Burbach, Global Process Steward of Account-to-Report at BSC. “We utilize Cadency on a global basis with most entities on Cadency Close and Reconciliation Certify, and a growing number on Cadency Journal Entry.”
Currently, Cadency Reconciliation Certify is utilized by 86 BSC entities in 53 countries, Cadency Close is used by 93 entities and Cadency Journal Entry is used by 67 entities in 35 countries. 29,000+ accounts are housed within Cadency, with more than 4,400 of those accounts set to auto reconcile.
“Overall, we’ve seen significant indirect cost savings with Cadency by way of auto-reconciling accounts, risk-stratifying the balance sheet and enabling RPA in several instances, taking time out of our finance processes,” said Burbach. “These result in direct cost savings and capacity increases.”
Additionally, BSC has experienced increased productivity and time savings, greater visibility and standardization across their balance sheet reconciliation and previously manual JE processes. The automation features inside Cadency have increased their efficiency, as well in areas such as SOX sampling and testing. As a global organization, BSC has benefitted from improved collaboration and communication among teams across the globe, especially when the company had to rapidly shift to a completely virtual workforce.
With Cadency, BSC has not only optimized their own processes and future plans but has become a partner for best practice accounting processes. Their experience with Cadency has given BSC a better sense of “the art of the possible” for leading edge technology, processes and opportunities to leverage in the future.
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