About Hillrom
Hill-Rom Holdings, Inc., known as Hillrom, is a leading American medical technology provider based in Chicago, Illinois. As a subsidiary of Baxter International, Hillrom specializes in devices and digital health solutions, generating around $3 billion in annual revenue.
Situation
Hillrom was faced with limitations in their JD Edwards On-Premise ERP system. These included inadequate reconciliation capabilities, over-reliance on manual document storage, limited visibility into crucial source data systems, inaccurate risk ratings due to obsolete data, and inconsistent nomenclature across vital reconciliation categories (AR, AP, Intercompany).
Action
To streamline financial operations and overcome these hurdles, Hillrom adopted Oracle Account Reconciliation, a specialized solution integrated within the Hyperion framework. This strategic decision aimed to eliminate manual reconciliation processes prone to errors, thereby enhancing financial accuracy and operational efficiency across their enterprise.
Impact
Centroid guided Hillrom through a successful 12-week implementation of Oracle Account Reconciliation, which centralized account reconciliation reports and data management. This centralized approach improved data integrity and accessibility, significantly reducing the monthly reconciliation workload. Enhanced collaboration between Hillrom’s shared service center and corporate accounting departments streamlined processes, fostering a cohesive financial management approach.
Key achievements included a 75% auto-match rate for intercompany reconciliations and a notable 40% reduction in reconciliation account volume. These outcomes strengthened financial controls organization-wide, ensuring sustained efficiency and accuracy in Hillrom’s financial operations.