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Situation
Speedcast, a global leader in high-speed communication networks, operates in over 40 countries with more than 40,000 active remote sites. Managing financial operations for 109 subsidiaries across different tax regimes presented a significant challenge. Each subsidiary used various applications such as Coupa and Kibo to handle purchases and sales, while Navision 2017 served as the core finance and accounting system for the entire organization. The lack of integration between these applications led to data fragmentation, reconciliation issues, and inefficiencies in purchase and sales processes.
With a vast, globally distributed workforce and a complex network of subsidiaries, Speedcast needed a unified, standardized financial system to streamline its operations and maintain accuracy across regions. The key challenge was integrating disparate applications and processes into a single, cohesive system to drive operational efficiency and improve financial visibility.
The challenge
Data Fragmentation
The use of separate systems for purchasing, sales, and finance created data silos, making it difficult to reconcile financial information across the company’s global subsidiaries.
Manual Data Transfers
The manual process of transferring purchase and sales data between third-party applications and Navision 2017 increased the risk of errors, leading to inaccurate financial reporting and delays in decision-making.
Time-Consuming Consolidation
With 109 companies operating under different tax regimes, consolidating financial data was labor-intensive and time-consuming, resulting in delayed financial reporting and analysis.
Non-Standardized Processes
Due to the varying systems in use, Speedcast lacked a uniform process across its subsidiaries, leading to inconsistent operations and inefficiencies in financial and operational management.
High IT Costs and Complexity
Managing multiple systems across subsidiaries added to the complexity and increased IT administration costs, which slowed down system rollouts and increased the burden on the IT helpdesk.
The solution
defacto infotech devised a comprehensive solution to centralize and automate Speedcast’s financial and operational processes. Built around Navision 2017, it was designed to integrate all third-party applications used by Speedcast’s subsidiaries, ensuring seamless data flow and standardizing processes across the entire organization.
- Centralized Database for 109 Subsidiaries — Consolidated data from all 109 subsidiaries into a single Navision 2017 database, streamlining management of sales, purchases, and finance.
- Integration of Third-Party Applications — Connected Coupa, Kibo, and other systems with Navision 2017, automating data flow for purchase and sales orders and eliminating manual data entry.
- Staging Tables for Data Processing — Header and Line staging tables stored sales and purchase data temporarily before posting into Navision, ensuring accurate processing and reconciliation across subsidiaries.
- Automated Posting of Transactions — Automated posting of sales and purchase orders reduced data processing time and kept financial data up to date in real time.
- Standardized Business Processes — Uniform business and financial processes across all subsidiaries, despite differences in tax regimes and local business practices.
- Fast Rollout of Solutions — The staging-table architecture enabled quick rollouts across subsidiaries, minimizing disruptions to ongoing operations.
Key outcomes
- ✓Standardization Across Subsidiaries — A unified financial system and standardized processes eliminated inconsistencies in operations, regardless of local tax regimes or previous systems.
- ✓Automated Financial Processes — Automation of sales and purchase order processing significantly reduced manual intervention, minimizing errors and accelerating financial operations.
- ✓Improved Data Accuracy — Real-time data flow into Navision 2017 delivered accurate, consolidated financial data across all subsidiaries, improving reporting and analysis.
- ✓Reduced IT Administration Costs — Centralizing the financial system reduced IT management complexity, lowering administration costs and support overhead.
- ✓Eliminated Double Reporting — Automated data processing removed the need for double reporting, enhancing the efficiency of financial data management.
- ✓Enhanced Decision-Making — Real-time reporting and consolidated data gave management better visibility into company-wide operations, enabling faster, more informed decisions.
- ✓Faster Financial Reporting — Automated data entry and processing reduced consolidation time, enabling more timely reporting and decision-making.
- ✓Improved Supply Chain Management — Integrated purchasing data improved supplier control and relationships, driving more efficient supply chain operations.
- ✓Enhanced Production Accuracy — Standardized processes and real-time data entry improved production accuracy, resource tracking, and project management.
Overall, defacto infotech’s solution transformed Speedcast’s financial and operational processes, improving efficiency, reducing costs, and providing the organization with the tools needed for sustained global growth.
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