ERP Remediation + Compliance: Stabilizing a Global Enterprise
THE CLIENT
A multi-billion dollar publicly traded life sciences company with global operations. The organization was undertaking a large-scale enterprise system transformation and compliance initiative during a critical growth period.
THE CHALLENGE
The company implemented a new SAP ERP system but experienced major setbacks. Data migration issues resulted in the loss of visibility into its global inventory, creating significant challenges in preparing accurate external financial reports, including 10-K and 10-Q filings.
Critical issues included:
- Lack of an internal project management function to oversee the SAP systems integrator, and bridge gaps between the external implementation team and internal stakeholders.
- Internal controls redesign and process improvements were needed to take full advantage of SAP’s enhanced functionality, and to ensure alignment with SOX reporting requirements.
- Data mapping failures during the SAP implementation resulted in lost visibility of global inventory, leaving the company without reliable reporting for several months.
Leadership needed an experienced partner to stabilize operations, ensure compliance, and restore control of global financial data.
THE SOLUTION
Sayva partnered with the client to address immediate risks and establish sustainable solutions across finance, accounting, and internal audit, restoring inventory visibility, and ensuring the company could meet its regulatory reporting obligations.
Key areas of impact included:
- Global Inventory Recovery: Conducted extensive data mapping and remediation to reestablish accurate visibility into worldwide inventory balances.
- Cost Accounting Support: Partnered with the cost accounting team to rebuild processes, reconcile transactions, and ensure reliable financial reporting.
- SOX Compliance Readiness: Redefined internal controls and processes to align with SOX requirements, strengthening compliance and reducing risk.
- Internal Audit Support: Deployed specialized expertise to reinforce the company’s audit function and manage ongoing compliance needs.
- ERP Stabilization: Helped recover from SAP implementation failures by addressing gaps left by the external systems integrator and ensured continuity in critical reporting.
RESULTS AND BUSINESS IMPACT
By engaging Sayva, the company was able to stabilize its financial operations during a period of high risk and uncertainty.
Business outcomes included:
- Restored Financial Visibility: Recovered reliable global inventory data and ensured accuracy for external reporting.
- Regulatory Compliance Achieved: Strengthened internal controls and supported SOX compliance initiatives to meet regulatory obligations.
- Improved Audit Readiness: Built improved, sustainable processes and controls that positioned the company for successful audits and SEC filings.
- ERP Remediation: Stabilized the SAP environment and introduced stronger oversight practices to prevent future system-related disruptions.
CLIENT TESTIMONIAL
“Sayva provided the expertise we needed to restore visibility into our global operations and ensure compliance at a time when our business was vulnerable. Their partnership allowed us to stabilize quickly and build a strong foundation for the future.” – Vice President, Finance
