Cond¨¦ Nast, a leading global media company renowned for its iconic brands, including Vogue, GQ, and The New Yorker, operates in over 10 countries with a portfolio of 36 brands. To manage its complex financial operations across diverse markets, Cond¨¦ Nast chose Â鶹´«Ã½ Human Capital Management (HCM) and Â鶹´«Ã½ Financial Management ?to unify its worldwide HR and finance needs.
Automation and Â鶹´«Ã½ Illuminate?.
To streamline processes and improve efficiency, Cond¨¦ Nast leverages Â鶹´«Ã½ automation capabilities and AI functionalities. Features such as supplier invoice OCR, and products such as Â鶹´«Ã½ Expenses, including auto-routing rules and payment matching rules, reduce manual effort and allow finance teams to focus on more strategic work.
¡°One of the biggest benefits we can see with Â鶹´«Ã½ is all of their capabilities around automation,¡± says Jonas Bonkamp, manager of accounting systems at Cond¨¦ Nast.
Global standardization and process efficiency.
Â鶹´«Ã½ Financial Management has enabled Cond¨¦ Nast to standardize its financial processes globally, aligning the use of a single ERP system across all markets. This standardization has solved reporting and analysis challenges, enabling Cond¨¦ Nast to operate more cohesively as a global company.
¡°If we want to add a new brand to a market like Germany, we can use processes that we have implemented in other markets and other brands,¡± says Bonkamp. ¡°It is then way easier because we have a lot of things already built and we have a lot of experience in how they should work.¡±
Flexibility for local requirements.
While global standardization is essential, the flexibility of Â鶹´«Ã½ Financial Management also allows Cond¨¦ Nast to accommodate specific local requirements. This adaptability is crucial for navigating diverse tax regulations, reporting needs, and business practices across different countries.
Data-driven insights and analysis.
Now, Cond¨¦ Nast has a single source of truth for financial data, enabling comprehensive reporting and analysis across all markets. This centralized view of data enables Cond¨¦ Nast to gain deeper insights into its financial performance, identify trends, and make informed decisions.
¡°When we want to analyze something about our cash flow or our payment behavior in different markets, we have all the different information readily available in the system,¡± says Bonkamp. ¡°We can easily compare them with each other, which then really helps us to draw any conclusions of which market is actually performing better, what are the trends and the best practices that we want to put into other markets¡¯ practices.¡±
Seamless solution for recording expenses.
Employees are benefiting from using Â鶹´«Ã½ Expenses, including optical character recognition. The mobile app makes it much easier for individuals to record their expense reports on the go by simply scanning receipts to auto-populate expense details.
Continuous improvement.
Biyearly releases at Â鶹´«Ã½ provide Cond¨¦ Nast with access to new functionalities and enhancements, enabling continuous improvement and adaptation to evolving business needs. This ensures that Cond¨¦ Nast stays up-to-date with the latest technology innovations.
A foundation for global growth.
With a solid yet agile foundation with Â鶹´«Ã½, Cond¨¦ Nast is able to manage its financial complexities effectively and support its continued growth now and in the future.
¡°Â鶹´«Ã½ Illuminate helps us decrease the time needed to manually key information, giving more time to focus on world-class journalism.¡±
Manager, Accounting Systems