Financial Process Transformation at OTC Industrial Technologies through IoT

OTC Industrial Technologies, a rapidly growing industrial solutions provider, faced significant challenges in managing its financial processes across 65 branches and 54 service/repair locations. The company had grown through the acquisition of 30 companies, each with its own ERP system. OTC's initial strategy was to patch together these disparate ERP systems to manage their financial processes, particularly financial consolidation. However, this approach resulted in a lengthy and inefficient consolidation process. The company had to deal with multiple General Ledger (GL) systems and detailed financial and sales reports coming from various dimensions across the business. The consolidation process was not only time-consuming but also lacked the efficiency and accuracy required for effective financial management.

OTC Industrial Technologies is a leading provider of industrial solutions. The company has experienced rapid growth through the acquisition of 30 companies, referred to internally as business units. These acquisitions have expanded OTC's presence to 65 branches and 54 service/repair locations. The company operates in the manufacturing industry and has a revenue of approximately $1 billion. OTC's financial processes, particularly financial consolidation, are crucial to its operations. The company's growth strategy and diverse business units necessitate a robust and efficient financial consolidation process.