With a growing and dynamic company as NOV, constant changes to their current financial reporting structure was inevitable. As NOV continued to acquire other companies, and selling off assets, a restructure of the organization was needed. NOV required the historical reporting structure intact as well as show the future state of NOV.
In order to visualize the historical NOV reporting structure against the newly reorganized NOV, archiving their current consolidation application was necessary and a creation of a new consolidation application was required. This enabled NOV to reduce the number of historical data in their new application, increasing consolidation performance during crucial times during their month end close process. Financial reporting against the archived application provided users the snap shot required for any historical reporting purposes. This solution provided NOV a seamless environment with little maintenance needed to be done by their business users.
- Removed more than 7,000 inactive business cost centers to reduce consolidation time
- Updated account mappings via a customized solution that was automated
- Migrated over 200 financial reports to reflect the new organization hierarchies