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HCL Technologies partnered with a global holding company with a diverse portfolio of manufacturing, construction, and industrial services businesses. The holding company is comprised of several sub-industry-specific managing groups – conglomerates of a dozen or more smaller companies – that are overseen by Executive Management teams that provide strategic guidance and support services to each of its companies. This structure allows each group to run independently while also having dedicated resources available to help achieve company-level goals and common objectives.
HCLTech’s involvement spans several of the holding company’s aforementioned managing groups as we guide them through their Digital Transformation via a multi-pronged project. The initiative highlighted in this case study – migrating the Finance and Accounting functions within the various managing groups to Dynamics 365 Finance – is a cornerstone accomplishment in the overall partnership.
The client’s primary pain point here was not having a single accounting system for its subcompanies. They needed a solution that could perform all accounting processes and reporting while also providing financial visibility across all companies under its umbrella. They also required seamless integration with their banking vendor to simplify the accounts payable processes. Their previous technology solution afforded no integration opportunities, and this capability was a key reason for selecting Dynamics 365.
The goals of the project were naturally to solve the challenges described above, while also achieving the holding company’s all-up business objectives:
The following modules were included in the project scope (only Accounts Receivable was out of scope):
At the most basic level, HCLTech implemented the suite of Dynamics 365 Finance modules. Key differentiators in this project included Accounts Payable and a customized configuration with the client’s banking partner.
Accounts Payable is a critical component of the solution, as it enables this managing group to consolidate payments to vendors at the group level. This eliminates many of the accounting challenges associated with 20+ companies all doing individual or siloed vendor payments, and then rolling the data up each month. HCLTech was able to deliver on time and significantly under budget.
Benefits of the Solution
The implementation of Dynamics 365 F&SCM produced very real and tangible results in terms of efficiency gains, operating cost reductions, quality improvements, and customer insight enhancements.
I’m proud of the work we’re doing for this client. We have several projects in midflight with their different managing groups as we continue on the journey towards complete digital transformation. This first task of getting all the businesses consolidated under Dynamics 365 was foundational, as it lays the groundwork for all the additional initiatives currently or soon to be underway.