LOS ANGELES – Oct. 1, 2014 – Ventana Research has selected The Dow Chemical Company’s (NYSE:DOW) implementation of the BlackLine Finance Controls and Automation Suite for a 2014 Technology Leadership Award, recognizing the chemical giant for “business innovation in the office of the CFO.”
As a Fortune 50 company with more than 53,000 employees worldwide and annual sales of $57 billion, Dow was looking to drive efficiency and reduce the workload and stress in its Accounting and Finance organizations and also to free up resources to work on critical projects that would help impact and drive corporate strategy. The company recognized that account reconciliations were a key control and critical part of the financial closing process, but changes needed to be made to the process which involved more than 1,000 people each quarter in hundreds of legal entities around the world, preparing approximately 250,000 reconciliations in Excel.
Under the direction of Pat Withrow, accounting director, Dow has been using BlackLine’s cloud-based account reconciliation and financial close offering globally now for two years to automate, optimize and standardize these previously manual accounting processes – with users spread across North America, Europe, Latin America and Asia-Pacific.
Ventana Research’s annual awards program is designed to identify “business and IT leaders who are using technologies and applying best practices to provide the best possible outcomes in productivity, performance and support of an organization’s goals and objectives.” In doing so, the awards recognize “pioneering leaders and organizations that embrace technology to drive change and increased value for organizations across the world.”
“The Business Technology Leadership Awards are the most prestigious annual industry awards provided today that honor individuals and organizations for their accomplishments using technology to deliver and achieve specific goals and objectives,” said Mark Smith, CEO and chief research officer of Ventana Research. “Congratulations to all the Business Technology Leadership Award winners – individuals and companies that have gone the extra mile to advance the use of technology through best practices and leadership.”
The Technology Leadership Awards cover 27 categories spanning big data to mobile technology to CIO and CFO awards. Submissions were evaluated by Ventana Research based on an established set of criteria. A complete list of categories, winners and the judging criteria can be found at www.ventanaresearch.com/awards. This year’s award recipients will receive their awards during the Technology Leadership Awards Ceremony at the 2014 Ventana Research Summit on Wednesday, Oct. 22, 2014 in San Francisco.