|By Business Wire||
|July 8, 2014 08:10 AM EDT||
Trintech, a leading global provider of integrated software solutions for the Last Mile of Finance™, announced today that its customer AstraZeneca received an Alsbridge Innovation Award for its balance sheet reconciliation transformation project. In collaboration with AstraZeneca and Genpact, the company’s business process outsourcing partner, Trintech implemented its Certification solution to manage reconciliations of AstraZeneca’s multibillion-dollar balance sheet. The Alsbridge Innovation Awards honors innovative practices of an outsourcing relationship and acknowledge the technology and techniques that enable successful initiatives.
“This award recognizes the tremendous teamwork and collaboration on the part of AstraZeneca, Genpact and Trintech to transform our balance sheet reconciliation process around the world,” said Natalie Childs, Global Process Owner of Record to Report and Fixed Assets at AstraZeneca. “We didn’t want to move the needle a little bit, we wanted to do much more than that – we wanted to innovate and create a world-class reconciliation platform. And we did just that: the team delivered the project on time and under budget, and more importantly, improved the day-to-day operations of our finance organization.”
Through the project, AstraZeneca, Genpact and Trintech designed, configured and implemented a new global approach to balance sheet reconciliation that delivered measurable results:
- Improved productivity for 300 users
- Increased compliance across 26,000 accounts
- Improved balance sheet integrity
- Eliminated Excel, paper and human intervention in reconciliation process
- Reduced cost of service
- Accelerated the period-close process
“The improvement in AstraZeneca’s finance processes underscores the benefits of effective collaboration between global companies, business process outsourcing providers and technology companies,” said Roy Rajarshi, who led the project for Genpact.
Trintech CEO Paul Byrne commented on the award, “It has been an honor to work alongside AstraZeneca and Genpact on this global initiative. We are most proud of our work at Trintech when our customers are recognized for the advancements they make with the help of Trintech’s technology.”
Certification is a module of Trintech’s Cadency solution, which automates the Last Mile of Finance to increase efficiency, improve visibility, shorten cycle times, lower costs and reduce risk. This SaaS-based tool serves as a global policy and platform that monitors activity on every account and automatically assigns risk and approvals. The workflow systematically guides monthly compliance tasks, and it acts as a single system of record accessible from anywhere to enable real-time analysis and collaboration.
“In an era when business process outsourcers play a growing role in international finance, this project demonstrates that automation and real-time access are increasingly important to the collaboration and success of global finance teams,” Byrne added.
Trintech is the leading provider of financial software solutions for the Record-to-Report process. Over 800 clients in 100 countries – including half of the Fortune 50 and the FTSE 100 – rely on our solutions to optimize resources, reduce costs, manage risk and monitor activities across the entire finance organization worldwide. Trintech’s Cloud-based Cadency™ software manages all aspects of the financial close – from automating and managing balance sheet reconciliation, journal entries, to governance, risk and compliance, and financial reporting. ReconNET™ streamlines daily operational reconciliations such as bank and credit card transactions. Trintech has offices located across the US, UK, Australia, France, Ireland, the Netherlands and the Nordics, with partners in South Africa, Latin America and across the Asia Pacific region. www.trintech.com.
AstraZeneca is a global, innovation-driven biopharmaceutical business that focuses on the discovery, development and commercialization of prescription medicines, primarily for the treatment of cardiovascular, metabolic, respiratory, inflammation, autoimmune, oncology, infection and neuroscience diseases. AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide. For more information please visit: www.astrazeneca.com
Genpact Limited is a global leader in transforming and running business processes and operations, including those that are complex and industry-specific. Their mission is to help clients become more competitive by making their enterprises more intelligent through becoming more adaptive, innovative, globally effective and connected to their own clients. Genpact stands for Generating Impact – visible in tighter cost management as well as better management of risk, regulations and growth for hundreds of long-term clients including more than 100 of the Fortune Global 500. They have global presence – 64,000+ employees in 24 countries with key management and corporate offices in New York City.
Alsbridge is a management consulting firm that helps companies reduce costs and enable their businesses by optimizing the way they work with their vendors. With over 200 consultants on four continents, Alsbridge has been a trusted advisor to over 40% of the Fortune 500 and currently advise over 200 clients a year on over $11b in spend. This gives us tremendous market insight and deep benchmarking databases that our experienced consultants use to help clients engage the optimal vendors for their situation, negotiate best practice terms at fair market prices, and improve the way they govern vendor relationships. Alsbridge clients utilize the most cost effective and value added sources globally for IT infrastructure services, network carrier services, hardware and software, application support and development, business processes and cloud services.
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