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Columbia Asia - Case Study


Brief Profile of the Customer

International private healthcare company, Columbia Asia is owned by a US-based investment fund : International Columbia USA LLC (ICU).

Columbia Asia started operations in 1996. Currently it has 29 medical facilities across Asia; 12 in Malaysia, 11 in India, 3 in Vietnam and 3 in Indonesia. The company believes in setting up mid-size hospitals built in residential areas for accessibility and efficiency, and to better serve the respective communities. This also helps keep costs down for consumers with no compromise on healthcare quality, modern amenities and highly-trained teams of specialists and nurses.

  • Industry: Health-care
  • Countries: 4
  • Hospitals: 29
  • Regions: Malaysia, India, Vietnam & Indonesia
Project Overview
  • Division: Finance & Accounts
  • Implemented solution: FinAlyzer
  • Project scope: Financial consolidation, Management reporting & dashboards, Statutory reporting & Investor reporting
  • User types: CFO, Executive Management, Investors, Financial Analysts, Accountants
Project Scope
  • Monthly close, consolidation & management reporting
  • Statutory financial reporting for four countries
  • Quarterly IFRS investor reporting
  • Key risk indicator reporting
Key Challenges faced

With Finance & Accounts team geographically distributed across countries, management offices & hospitals, Columbia Asia was finding it difficult difficult to get monthly management reporting and statutory reporting out on time. Usage of their existing BI solution was only partly solving the problem, and at the same time ongoing licensing and maintenance costs where prohibitive. There was lot of manual intervention in the reporting process. With a complicated consolidation structure, business & time critical reporting requirements delays or mistakes were extremely costly.

  • Unfulfilled Business Requirements: Only part of the business requirement could be automated using existing BI solution. MIS consolidation, statutory reporting & statutory consolidation, which were all significant reporting requirements, had to be managed manually
  • High dependancy on IT teams: Dedicated IT resources with strong skills in enterpise BI were required to support business users on an ongoing basis
  • Long change cycles: Any changes in the tool requested by users took too long to implement
  • Prohibitive Pricing: The cost of ongoing maintenance & renewal of existing BI licenses was proving to be too high

 

The "Transformation" Solution: FinAlyzer

FinAlyzer was implemented at Columbia Asia to automate the entire management & statutory consolidation process. FinAlyzer was configured to generate the entire monthly MIS reporting across 29 hospitals, quarterly IFRS investor reporting, Local statutory reporting in four countries, & Key risk indicator reporting.

All in one: FinAlyzer comprehensively addressed all the financial reporting requirements of the F&A teams globally: MIS reporting, MIS consolidation, IndAS, IFRS, CXO dashboards, Investor reporting, statutory consolidation, etc

For the accountant: FinAlyzer allowed  users the ability to manage reporting requirements of different stakeholders using proper accounting treatment, journal entries, cost allocation, cost-center reporting etc

Business friendly: Being simple to use and simple to setup, most user requirements could be easily configured by the business users themselves

Flexible: FinAlyzer has a low learning curve, thus it eliminated the need for costly IT resources providing ongoing support to business users

Easy on the pocket: FinAlyzer is an affordable consolidation & reporting solution, and helped the client save significant licensing and ongoing maintenance costs




FinAlyzer helps Columbia Asia reduces consolidation & reporting time by four weeks for their 29 hospitals
With Finance & Accounts team geographically distributed across countries, management offices & hospitals, Columbia Asia was finding it difficult difficult to get monthly management reporting and statutory reporting out on time. Usage of their existing BI solution was only partly solving the problem, and at the same time ongoing licensing and maintenance costs where prohibitive. There was lot of manual intervention in the reporting process. With a complicated consolidation structure, business & time critical reporting requirements delays or mistakes were extremely costly. FinAlyzer was implemented to automate the entire management & statutory consolidation process. FinAlyzer was configured to generate the entire monthly MIS reporting across 29 hospitals, quarterly IFRS investor reporting, Local statutory reporting in four countries, & Key risk indicator reporting.