Embracing an Enterprise Resource Planning (ERP) system offers an array of invaluable advantages for any organization. By seamlessly integrating and centralizing diverse business functions, an ERP system empowers companies to streamline processes, enhance productivity, and make data-driven decisions. It also fosters collaboration across departments, promoting a cohesive and agile work environment.
The client, a leader in health information management (HIM), transcription, and electronic health record (EHR) services businesses, was carved out from a large multi-national US Healthcare company. The new company sought Aeries’ expertise to conduct due diligence, which unveiled a critical need for an independent ERP system. As a result, the client sought Aeries’ expertise to implement the chosen ERP system, initiating a transformative journey that optimized the new company’s operations and ensured a seamless and efficient integration of the ERP system.
- During due diligence, Aeries found that the new company lacked an independent ERP system, causing operational and bookkeeping limitations. Recognizing the challenges due to the absence of access to the parent company’s business applications, implementing an ERP system from the outset was deemed crucial to addressing limitations and optimizing operations effectively.
- The ERP system would encompass a range of critical tasks crucial for the smooth functioning of the company:
- It would effectively manage and handle day-to-day finance operations, encompassing accounting tasks, financial record keeping, and generating comprehensive financial reports.
- The ERP system would empower the company with robust data analytics capabilities, covering a wide spectrum of areas such as financial information analysis, operational insights, human resources data, and sales and marketing activities.
- It would facilitate seamless integration of data across various systems and tools used within the organization, ensuring efficient data flow, and eliminating potential information silos.
- During the COVID-19 pandemic, every facet of due diligence, planning, and execution pertaining to the stand up of the organization had to be carried out remotely.
Aeries implemented a series of strategic steps to ensure a successful ERP implementation and overcome the identified challenges. These steps were meticulously designed to align with the client’s specific requirements, and effectively mitigate any challenges.
- During the due diligence phase, Aeries conducted a comprehensive analysis of the existing system landscape that formed the foundation of the finance accounting ecosystem. This involved meticulously examining the various tools and technologies currently in place within the organization.
- Aeries conducted a thorough analysis of the critical functions essential to the organization’s operations (see below) as part of their comprehensive solution and presented a meticulously prepared gap assessment report. This report not only emphasized the business impact of these gaps but also established their order of priority. Furthermore, Aeries also presented alternative solutions for consideration in both the short and long term.
- Aeries took the lead in selecting the appropriate ERP package and identifying an implementation partner for the organization. They provided Project Management and subject matter expertise (SME) to ensure a thorough User Acceptance Testing (UAT) phase and successful sign-off, guaranteeing a robust ERP solution within 100 days.
- Throughout the process, Aeries undertook various essential tasks to establish a strong foundation for the organization’s ERP implementation. These tasks included creating a new Chart of Accounts, setting up legal entities, mapping business units and cost centers, creating vendor and customer master records, mapping employees by department, finalizing workflows, and developing comprehensive training documentation.
- Given the complexity of the billing system, Aeries assigned their experienced Accounts Receivable (AR) SMEs to ensure the accurate integration of the billing system with the ERP solution.
Aeries played a pivotal role in helping the client navigate and optimize their ERP implementation, leading to enhanced efficiency and effectiveness across their operations. Through their comprehensive analysis during the due diligence phase, Aeries gained valuable insights into the organization’s system landscape, setting the stage for a tailored and effective solution.