© 2019 CRI Solutions Group a division of Carr, Riggs & Ingram Capital, LLC

CASE STUDY: VISITFLORIDA 

Client Profile: State Marketing and Tourism Agency

Services: Finance Transformation, Finance Operating Model, Procure to Pay

 

 

Client Challenge:

The agency’s mission is to promote tourism and visits to the state in order to maximize tax revenues. In working with the client, we quickly identified the opportunity and need to enhance and reengineer month-end close, financial planning, and procure to pay business processes. It took the organization 28 days to close its books and some vendor payments took over 60 days to process. Outdated technology and inefficient checks and balances within the business process were a root cause of the issues. The CFO and leadership team were willing to make an investment to perform a process, technology, and people assessment with CRI Solutions Group, LLC. 

 

 

Approach and Solution:

CRI Solutions Group performed a four week assessment to develop a list of improvements in month-end close, planning, and procure to pay processes. The team followed a well-defined process which included the following elements:

  • One on one interviews with key personnel

  • Leadership alignment sessions

  • Process walkthroughs and process modeling

  • Team building and brainstorming sessions

  • AP data analysis and analytics

  • Prioritization of improvement initiatives and
    development of the implementation strategy

 

 

Impact:

The team identified 12 major opportunities for improvement in the month-end close process and nine initiatives in the procure and pay business cycle. The client aligned around the strategic roadmap for implementation with a target of month-end close improvement by 10 days. The team was able to identify quick wins and inefficiencies in the process which were rapidly eliminated. The Finance organization became a true strategic partner to operations.

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Email: info@CRIsolutionsgroup.com

Tel:  1.800.274.6533