L&T R2R

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L&T strengthens Finance Digitalization journey with iFIX for Record-to-Report(R2R) services across the group companies.

About the customers

For over eight decades, Larsen & Toubro (L&T) remained leading Indian multinational conglomerate engaged in EPC projects, Hi-Tech Manufacturing and Services. Operating over 50 countries worldwide, it remained focused on customer satisfaction, maintaining highest quality standards and ESG compliance.

It is this legacy that L&T thrives on with their management’s continuous pursuit on innovation and process improvement for all their business across every group company, that made them one of India’s most prestigious brand of the century.

"We are in the process of setting up R2R CoE (Centre of Excellence) with an objective to consolidate all Finance and Accounts Services expertise under one umbrella, which is then made available to all L&T group companies. This way, we want to ensure a consistent process compliance across all of our companies. We are implementing iFIX as the tool for monitoring deliverables, query management and information flow between various stake holders (SSC, Business F&A and Auditors), which will help in delivering these services with accountability, visibility and productivity."

- R Balaji

Head of Shared Services Centre

L&T wanted to improve R2R services across all its Group companies through a unified technology platform to deliver an exceptional experience to all stakeholders.

Those R2R services includes various finance and accounting functions such as asset accounting, audit support, inter-unit allocations and reconciliations and all the financial process like, bank transaction accounting, customer and project accounting, financial statement preparations, reporting etc. And iFIX. Enterprise Digital Care platform is seen as a key to driving that experience.

Business Challenge

The company performs the R2R services in discrete ways through multiple mediums and multiple departments across the independent companies. Lack of an integrated & intelligent collaborative platform led to long service delivery lead time across the units. Such manual, E-mail, excel activity tracker and phone call based ad hoc approach leads to long lead time and limited visibility over the status of pending queries / deliverables.

Solution

The Approach needed is to have a consistent innovative system to R2R function– complete traceability to service execution end-to-end, greater transparency to service rendering process, harmonize and unify the delivery capability spread across with optimum lead time, to reduce reporting time, attain greater accuracy and provide insightful analytics and Real – Sensitivity: L&T Construction Internal Use time collaboration amongst all stake holders. Above all, build a scalable model that is least dependent on human but addresses the growing need of the organization. We identified new age AI/ML driven Enterprise Digital Care (EDC) Cloud Platform as one of the solutions and implementing the same for query management and activity scheduling / monitoring:

iFIX EDC Cloud Solution

>> As the backbone of R2R operation connecting to business stakeholders across the units, for delivering 100% of R2R services.

>> Escalation Management, Realtime Service Analytics.

>> Automation driven service initiation to service closure with complete traceability and transparency.

>> 100% Service automation of planned R2R activities with Real-Time Notifications.

>> SLA (Service Level Agreement) and XLA (Experience Level Agreement) management.

Benefits

Deliver R2R services with speed, accuracy and traceability across the organization, Faster decision making and course correction– are the key benefits. iFIX pioneered Real-time Responsive KPIs help to leverage strategic and operational insights and mitigate risks. Our R2R service automation solution, reduces transaction time considerably through automated collaboration, especially when processing routine transactions, beside delivering the following early benefits:

1.Visibility across all stakeholders.

2. Accountability of all R2R data junctions.

3. Resources and Facility optimization.

4. SLA & XLA driven service delivery.

5. Evidence for audit and compliances.

Summary

R2R services function is the single version of truth on business performance. Accurate and real-time finance and accounting services provides an enterprise competitive advantage and support business heads to take better decisions. Today, CFOs are under increasing pressure from internal stakeholders, investors, and regulators to report numbers faster and more accurately, while providing deeper insight into business performance.

With iFIX Enterprise Digital Care platform, organizations can significantly improve lead time to R2R service execution process, increase visibility, and reduce cost through intelligent automation.