| Larsen & Toubro Consolidates More Than 150 Entities on a Single Financial Management System |
Larsen & Toubro is one of India’s largest and most diversified enterprises. It has interests in engineering and construction, electrical and electronic products, machinery and other industrial products, information technology, and engineering. The company has manufacturing facilities in India, China, Oman, and Saudi Arabia, as well as a global customer and supply network. |
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Challenges |
- Implement a system to systematically gather and consolidate financial data from more than 150 entities
- Enable data consolidation based on various parameters, such as legal issues, business type, industry sector, and more
- Provide secure Web-based access to financial information
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Solution |
- Engaged Oracle Certified Partner Larsen & Toubro Infotech to implement Oracle’s Hyperion Financial Management modules; design standard data uploading formats compatible with different ERP systems; develop legal and management reports; and write business rules to derive key financial statements
- Allowed subsidiary-holding companies to produce consolidated financial statements at their level using a single data source on the same platform
- Eliminated all manual processes involved in consolidating data from individual general ledgers to a central financial system
- Gained ability to perform high-level calculations and analysis with built-in financial intelligence functions
- Improved audit trails by using system-generated reports
- Accommodated changes in Indian reporting requirements and enabled the adoption of new reporting requirements demanded by changes in the organization’s structure
- Ensured information quality with predefined checks and by sending alerts to users regarding data inconsistencies
- Protected confidential data from unauthorized access by implementing role-based security controls
- Provided staff with around-the-clock access to financial data with Web-based system
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