Why Smart Close
Realizing that their financial processes needed improvement, Philips chose to implement Smart Close. “Philips has a long history of leadership that has helped create its well-respected name. One of the responsibilities of being a global business leader is having a strong financial reporting system and for that, we rely on Smart Close,” says Segers.
Reflecting on their original Excel-based process, Segers cites a lack of global visibility, ownership, and accountability as the largest challenges they faced. “Our monthly balancing procedure involves a lot of functions such as finance, logistics, and our project office. Before Smart Close, only the controller kept track of information,” he explains. “Today, everyone can see for themselves what they need to deliver by what deadline and view the result when the task is complete. By including all the closing steps, end users have to complete tasks in the proper order. This new procedure has made it a lot easier to hold the right people accountable.”
Implementing the user-driven, user-friendly Smart Close system has created a culture of ownership at Philips while greatly reducing task completion time and errors. It sets clear expectations and arms users with convenient tools to eliminate paperwork and needless end-of-month struggles. Their users are positively impacted by the automated financial software as well, and enjoying the benefits of fast reporting, clear processes, and reduced cost.