Financial Process Transformation at OTC Industrial Technologies through IoT

OTC Industrial Technologies is a leading provider of industrial solutions. The company has experienced rapid growth through the acquisition of 30 companies, referred to internally as business units. These acquisitions have expanded OTC's presence to 65 branches and 54 service/repair locations. The company operates in the manufacturing industry and has a revenue of approximately $1 billion. OTC's financial processes, particularly financial consolidation, are crucial to its operations. The company's growth strategy and diverse business units necessitate a robust and efficient financial consolidation process.

OTC Industrial Technologies, a rapidly growing industrial solutions provider, faced significant challenges in managing its financial processes across 65 branches and 54 service/repair locations. The company had grown through the acquisition of 30 companies, each with its own ERP system. OTC's initial strategy was to patch together these disparate ERP systems to manage their financial processes, particularly financial consolidation. However, this approach resulted in a lengthy and inefficient consolidation process. The company had to deal with multiple General Ledger (GL) systems and detailed financial and sales reports coming from various dimensions across the business. The consolidation process was not only time-consuming but also lacked the efficiency and accuracy required for effective financial management.

OTC embarked on a transformational project with Board's financial consolidation solution, Board Financial Consolidation (BFC). This solution provided a single consolidation point for the 30+ business units, streamlining the close and consolidation processes. The BFC framework gave corporate accounting instant access to summary and transactional financial data. The self-service interface of Board allowed the finance team to perform essential analysis over consolidated financial results in preparation for the financial statements. This empowered the team to provide financial statements and reporting at the individual business unit level, offering data insights and real-time value to internal stakeholders. After implementing BFC, OTC expanded its use cases with Board by creating a reporting hub and financial forecasting module. The company is now prioritizing operational and sales (transactional) reporting in Phase II of its plan.

• The implementation of Board's financial consolidation solution has significantly transformed OTC's financial processes. The solution has not only streamlined the financial consolidation process but also empowered the finance team to perform essential analysis and provide financial statements at the individual business unit level. This has resulted in improved efficiency, accuracy, and speed in financial management. Furthermore, the solution has enabled OTC to provide real-time value to internal stakeholders through data insights. The company is now in a position to expand its use cases with Board, with plans to prioritize operational and sales reporting in the next phase. This strategic partnership with Board is set to further enhance OTC's reporting capabilities and provide a 360-degree view of the business landscape.

• Consolidated financial processes across 30+ business units

• Streamlined financial consolidation process across 65 branches and 54 service/repair locations

• Instant access to summary and transactional financial data