Size: 1,000 employees
Industry: Financial Services
About Small World:
Europe’s leading trusted payments services provider. With headquarters in London and a financial hub in Madrid, Small World operates in 21 countries across the EU, North America, Africa and Asia, offering a secure, fast and inexpensive way to send and receive money anywhere in the world.
Extended CPM Team:
The demand for cross-border payments, closely linked to the macro-demographic shift towards a more globalized society, continues to grow annually. Through investment funds and acquisitions, Small World has built an extensive network of 100 offices and five thousand agents around the world. The company carries out an average of one million transactions each month in its 250,000 locations spread across 196 countries. At Small World, borders don’t mean barriers: transfers take place in seconds and can be collected in minutes, with services available in-store, online, and on mobile devices. In order to keep pace with the rapid demand growth and be able to offer their services to even more people, Small World embarked on a journey of digital transformation, a big part of which was the implementation of OneStream at the hands of CIS Consulting.
Previously, Small World relied on the combination of PeopleSoft and Excel to carry out all their Financial Planning and Reporting processes. The company had neither direct integration to databases, nor a single version of the truth. The manual processes were lengthy and prone to errors. Due to the lack of visibility and agility, the finance team dedicated more time and resources to manually introducing and updating data instead of reviewing or analyzing it. To solve such issues, Small World required a CPM that would provide them with a direct PeopleSoft integration, unified database, and bullet-proof processes. They evaluated leading solutions from Gartner Magic Quadrant and chose OneStream as the only tool capable of addressing all their current FP&A needs and future developments within a single platform.
Maximum value with minimum effort in 3 steps
CIS Consulting proposed an implementation plan divided into three stages (Financial Reporting, FP&A, Account Reconciliation) that would allow Small World to obtain maximum value spending minimum effort in costs and time. The first phase focused on building a solid and scalable base. In five months, we were able to automate Reporting and Budgeting; democratize data and speed up reviewing; in addition to eliminating any bottlenecks and streamlining key processes in a centralized system. Reporting times got reduced from 2 weeks to a couple of days, enabling the company to make data-driven decisions promptly. Thanks to Guided Reporting, the stakeholders can use the platform independently, without the need for any advanced technical skills nor help from the finance department.
The second phase focused on Financial Planning and developing a self-service model where decision makers can generate their own reports with enhanced budgeting capabilities, while maintaining traceability to the origin of data. The third phase will focus on Account Reconciliation, a critical activity for this type of company. Small World currently allocates too much time and resources to comparing bank statements with their transactional records. With OneStream, we can automate these processes and create a flexible model that continues to scale as the business grows.
“We wanted to have a single platform that would meet all our business requirements, integrate seamlessly with back-office systems, and reduce maintenance costs. CIS Consulting made our vision come true”
Antonio Iñesta, EMEA Chief Financial Officer, Small World