Legal Services
Professional Legal Services
Full Credential Description
A Tier 1 financial client approached EY with significant challenges in implementing technological transformations within their finance operations. The client recognized the need for a collaborative environment to facilitate critical discussions and shape strategies before integrating new technology. Their primary question was how to fundamentally rethink the finance function's support for the business, particularly across eight distinct finance processes, including financial accounting and book closing. To address these challenges, EY established a Finance Innovation Lab utilizing its wavespace network. This initiative aimed to foster collaboration among stakeholders, who were often geographically dispersed and operating in silos. Over an eight-week program, the wavespace hosted over 150 meetings with key stakeholders, enabling them to engage in meaningful conversations transforming their finance operations. The collaborative environment allowed participants to challenge assumptions and explore how technology, particularly cloud solutions, could enhance their processes. Through this creative collaboration, the client developed a cloud-based transformation strategy that included 20 distinct ideas for finance operations. Notable outcomes included the creation of a unified data model for the finance function, real-time data quality visualization, detailed reporting tools, and continuous automated control monitoring. These innovations led to a 300% increase in data processing capacity, a 25% reduction in processing time, and a 30-50% decrease in costs. Additionally, the time required to close accounting books was reduced from up to 20 days to just four days, significantly freeing up resources for more value-added tasks. The client expressed enthusiasm the transformation, noting that the collaborative environment helped them move from skepticism technology to generating actionable ideas that improved finance operations. This case illustrates the importance of grounding technological initiatives in real-world experiences and fostering open dialogue to achieve effective and valuable outcomes in financial .
Qualifications & Expertise
Leading international law firm with verified case studies