Samsonite is the worldwide leader in superior travel bags, luggage, and accessories combining notable style with the latest design technology and the utmost attention to quality and durability. For more than 100 years, Samsonite has leveraged its rich design heritage to create unparalleled products that fulfill the on-the-go lifestyle needs of the business professional.
Business Challenges
- Processes – Process for the monthly close & consolidation process and monthly / annual planning process was labor intensive.
- Efficiency – The organization was seeking ways to streamline and automate their legacy systems and deploy new capabilities across the business.
- Governance – There was a need to address gaps in the governance process that would support future changes to the organization.
Solution
- Financial Close – Implementing as monthly/annual close and consolidation solution.
- Enhanced Reporting – Leveraged newer tools and capabilities to minimize manual effort and provide more time for analysis.
- Driver-based Planning – Migrated and consolidated existing on-prem regional models and cash forecasting in Cloud Planning to provide robust driver-based planning process.
- Profitability – Deployed a new global customer/product profitability model using Oracle Profitability and Cost Management.
- Enterprise Data Management – Implemented EDM to enable a more robust governance process specific to metadata management for their EPM applications.
Impact
- Improve Process Efficiency – Tightly integrate the Financial Close and Consolidation, Planning, Data Management and Reporting processes to improve efficiency and reduce cycle time.
- Streamline & Automate Processes – Streamline and automate the monthly close, forecast and annual budget processes, ensuring tighter controls, visibility, consistency and repeatability.
- Enable Strong Governance – Establish a governance process for the Business Processes and Enabling Technologies that encompass the Financial Close, Account Reconciliation and Planning.
- Change Management, Training & Enablement – Leverage a structured approach to ensure stakeholder, end user and administrator adoption of the future state business processes and technology solution.
