November 19, 2022
Overview: Transition accounting and financial reporting requirements of one of the largest financial services companies from their legacy global ERP system to IDOS.
Challenges: The company, a listed entity, was keen to replace its existing ERP owing to difficulties in the implementation and revision of internal financial controls on the ERP. Further, it was cost-prohibitive to upgrade and simultaneous compliance with regulatory changes was a challenge, given the lack of trained resources to maintain the ERP architecture. The client needed an easy-to-deploy, customized product that could adapt to changes that would be encountered upon ERP transition.
IDOS Solution: IDOS customized its platform to ensure that the capabilities correlate to the requirements of the company and deployed the solution in advance i.e. 2 weeks before the scheduled date.
Results: The customer was able to go live in a smooth, hassle-free manner. IDOS helped in the migration of data from the legacy ERP to ensure that the transaction history was readily available. The company deployed IDOS across multiple branches in a seamless manner. This was achieved with consistency in transaction processing, effective compliance across multiple locations, absence of additional costs from manual supervision and control. With a future-ready software system, the ERP for financial services companies is well-poised to meet all future demands, irrespective of size, scale, and scope of operations.
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