Board helps large industrial distributor consolidate financials across almost 100 divisions
BOSTON–(BUSINESS WIRE)–Board, a leading global provider of Intelligent Planning Solutions which help organizations plan smarter – enabling actionable insights and better outcomes, today announced that OTC Industrial Technologies (OTC), one of the largest industrial distributors and services providers in the United States, has gone live with its new Board Financial Consolidation solution.
OTC has grown rapidly through the acquisition of over 30 companies, which are now referred to as Business Units internally. OTC’s initial strategy was to patch together the business units’ disparate systems to manage their financial processes, the most crucial of these being Financial Consolidation. From multiple General Ledger (GL) systems to detailed financial and sales reports coming from various dimensions across the business, the consolidation process was lengthy and inefficient.
“We are delighted that OTC Industrial Technologies has embarked on their financial transformation journey with Board, starting with their financial consolidation process. An organization undergoing rapid acquisitions and financial growth require accuracy, speed, and autonomy to achieve efficient consolidation of multiple financial reports and systems,” said Marco Limena, CEO of Board.
“We knew we needed an Enterprise Performance Management (EPM) solution that would allow us to check multiple boxes, but we also knew we had to begin with Financial Consolidation to build a solid foundation for everything else,” said Jeremy Hall, Senior Manager of Financial Systems and Reporting at OTC Industrial Technologies. “Board was one of the few comprehensive EPM solutions we considered that checked all the boxes for us.”
Now within Board, OTC has achieved one consolidation point for the 30+ business units over 90+ divisions. Board will also enable OTC to automate their financial close process and build consolidated reporting from data across 10 ERP systems.
“I look at the progress we’ve made and think about all the things we want to do in Board in the future and am amazed at the possibilities. People ask me ‘When will Board be done?’ I always respond, ‘Board will never be done – Board will continue to grow and add value,” continued Jeremy Hall, Senior Manager of Financial Systems and Reporting at OTC Industrial Technologies.
OTC will extend Board into a company-wide planning solution, spanning multiple departments that interact with Finance. The goal is to completely do away with static reports and enable people to interact with data in real-time and drill into data on sales, invoices, orders, commissions, and more. The next phase of the project will be focused on Operational and Sales (Transactional) Reporting. OTC will also be incorporating Board Lease Accounting into their greater Financial Reporting process.
About OTC Industrial Technologies
Established in 1963, OTC Industrial Technologies is one of the largest industrial distributors and service providers in the United States. Its business units include OTP Industrial Solutions, a provider of expert solutions for industrial motion control, factory automation, fluid power, pumping systems, spray finishing, and power transmission, and Air Technologies®, a compressed air system equipment and service provider and the largest distributor of Atlas Copco compressed air equipment in North America. OTC Industrial Technologies maintains locations throughout the South, Midwest, and Northeast regions. OTC’s 1,800+ associates share its founding vision of delivering excellent value through work with integrity.
Board’s Intelligent Planning Platform delivers solutions that help over 2,000 organizations worldwide plan smarter — enabling actionable insights and better outcomes. Board helps leading enterprises discover crucial insights which drive business decisions and unify strategy, finance and operations through more integrated and intelligent planning to achieve full control of performance. Partnering with Board, global enterprises such as H&M, BASF, Burberry, Toyota, Coca-Cola, KPMG, and HSBC have digitally transformed their planning processes.
Founded in 1994, and now with 25 offices worldwide, Board International is recognized by leading analysts including BARC, Gartner, and IDC.
Victoire Depoix, VP Global Communications