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Financial Information Technology Requirements Definition
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The pending Initial Public Offering (IPO) of CMK Enterprises, Inc. has caused the initiation of its Enterprise Resource Planning (ERP) solution development and implementation. The solution will be deployed in stages based on the priorities developed during pre-IPO business planning. Initial priorities will include the finance and controller business processes. These priorities are based on analyst estimates showing that more efficient financial supply chain management could reduce working capital tied up in a company by 20% to 25%. Because of several factors tending to disrupt cash flow in the customer-supplier relationship, such as price variance or incomplete or inadequate delivery, payments are often delayed or reduced. U.S. research shows more than 61% of all customer line items remain open for more than 50 days (SAP Info). CMK Industries will therefore make it a requirement to focus on electronic bill presentation and payment, dispute management, and credit management Heightened awareness brought about by recent industry accounting scandals toppling high flying companies like Enron and WorldCom have brought about increased regulation, controls and procedures.
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