Ingram Micro Increases Efficiency and Improves Visibility and Control Across It’s Record to Report Process with Cadency
Ingram Micro operates in 64 countries and focuses on a heavy acquisition strategy, which meant they struggled to perform their reconciliations and close processes in a timely and consistent manner each month due to unstandardized processes and technology being used.
The Business Drivers to Automate
Ingram Micro was seeking an automated solution that helped them accomplish four main objectives: standardize their processes, gain visibility to their data, increase operational efficiencies and give the organization the ability to scale. To accomplish this, their first step was to search for a solution to automate their balance sheet reconciliation and move away from storing their information in emails and SharePoint. The right solution would grant visibility into both the content of a reconciliation as well as its status (whether it was approved and completed). Lastly, the solution needed to enable Ingram Micro to undergo a quick transformation. When they found Cadency, it became apparent that the solution would deliver all these requirements, and more.
Why Ingram Micro Chose Cadency
Ingram Micro began their transformation journey with Trintech by implementing Cadency Reconciliation Certify first to automate its balance sheet reconciliations. They launched two pilot programs, one in a North American location and a Shared Services Center in Bulgaria, and the other in their remaining North American locations and a Shared Services Center in the Philippines. The ultimate goal was to bring all entities onto their three major ERPs — SAP®, IMPulse, and IFS.
A huge win that Cadency provided for Ingram Micro was the ability to move their processes into Shared Services Centers. “Cadency aided our process of moving many of our processes into Shared Services Centers,” Agnew said. “The process was already standardized with Cadency Reconciliation Certify, so as it moved into the Shared Service Centers, it was a very smooth transition process.”
Solution in Action
After Ingram Micro experienced the benefits that Cadency Reconciliation Certify brought to their Office of Finance and overall organization, they decided to build upon those benefits by continuing their transformation journey with Trintech’s Cadency Platform. Next, they implemented Cadency Close to expand their process management and visibility to the overall financial close. “Ultimately, we chose Cadency for close task management over [other solutions] to achieve greater harmonization,” said Melody Yue, Financial Systems Manager at Ingram Micro.
“Also, by having a single solution we avoided having to maintain another system… above all, we saw that Cadency as a platform was very user-friendly, which would help with training and also being able to just manage the system. So, we ultimately went with Cadency.” The organization uses Cadency Close in 77 entities to better manage their month-end, quarter-end and year-end financial close processes. Ingram Micro then decided to implement Cadency Journal Entry (JE), primarily in their European regions. “Some of our European countries were using a manual JE tool, which was non-compliant,” Yue said.
Ingram Micro utilizes Cadency to reconcile more than 10,000 accounts across the organization, and over 4,000 of those are auto-reconciled. Cadency has also helped the organization improve communication and collaboration among teams in different locations, as well as enhance the visibility into their balance sheet reconciliation and journal entry processes. As for their auditing processes, Cadency has saved their internal and external audit teams money and time during audit reviews by allowing their auditors read-only access to Cadency Reconciliation Certify.
Today, Ingram Micro drives efficiency and effectiveness across their entire Record to Report process with Cadency Reconciliation Certify, Cadency Close, and Cadency Journal Entry. As a part of their culture of continuous technological improvement, a few of their future goals with Cadency include bringing back quarterly reviews of delinquent reconciliations and leveraging Cadency’s data profiles to further improve their JE process.
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