Siemens launched a project to “bundle” its regional infrastructure functions. The goals of this project were to improve efficiency, compliance, and to standardize on a common set of processes. Siemens looked for their Global Shared Services organization to play a key role in the success of this project.
Siemens Corporation is a U.S. subsidiary of Siemens AG. They are a global powerhouse in electronics and electrical engineering, operating in the energy, healthcare, and infrastructure & cities sectors With 362,000 employees in 190 countries, Siemens reported worldwide revenue of $24.3 billion, including $5.9 billion in exports, and employs approximately 52,000 people throughout all 50 states and Puerto Rico.
Business Drivers to Automate
From the beginning, Siemens’ global Shared Services Center was driven by a desire for increased control and transparency. Analytics would be important, as would ease-of-use. Siemens’ Corporate Controller, Rob Koca, understood he would need a solution that reconciled 100% of GL accounts and sub-ledgers and provided detective and preventative controls while supporting account reconciliation staff with an automated workflow.
The aim was to decrease the number of resources required to support the close functions through automation, including mobile and web-based analytics tools that could support rapid reviews and approvals.
Solution in Action
After researching several solutions, Koca decided on Trintech’s Cadency Certification solution. “When selecting vendors, Siemens is all about partnerships and taking the long term approach,” said Koca.
Since implementing Cadency, Siemens has been able to reduce its overall cost to deliver by some 20%, while also dramatically improving the quality and reliability of the output. Siemens continues a close partnership with Trintech in order to discover further ways in which the solution can improve the efficiency and effectiveness of the financial close.
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