Custom Solutions
Key Improvements
Achieved global compliance with ASC 606 standards.
Project success was driven by a fully collaborative approach across cross-functional teams.
Improved overall business efficiency and enhanced revenue forecasting capabilities through increased data validation.
Completed on time and within budget, a notable achievement for projects of this scale.
The collaboration between Diabsolut and this global safety company continues to thrive, with successful project completions paving the way for ongoing partnerships. As a trusted advisor, Diabsolut helps prioritize key roadmap initiatives and fosters a culture of continuous improvement, driving future successes and laying the foundation for future projects.
The Challenge
A global leader in safety science, this company specializes in transforming challenges in safety, security, and sustainability into growth opportunities for customers in over 100 countries. They offer a comprehensive suite of services, including testing, inspection, and certification, alongside software products and advisory services that foster product innovation and business growth. Their continuous evolution—driven by the development of new services and strategic mergers and acquisitions—creates a dynamic business environment with ever-evolving requirements.
Having successfully collaborated with Diabsolut on Mergers and Acquisitions (M&A) onboarding, and benefiting from their expertise in M&A advisory services (link to Part 1), the company turned to Diabsolut again as an implementation partner. With specialized knowledge in industry-specific professional services automation (PSA) solutions, Diabsolut helped deliver a comprehensive Revenue Recognition and Forecasting solution through both advisory and managed services, ensuring seamless integration and alignment with the company’s evolving business needs.
Pain Points
- Heavy reliance on manual accrual processes
- Integration challenges with Oracle
- Split billing and cancellations
- Not ASC 606 Compliant
- Process was Division focused, not Global
- Complicated Cross-functional collaboration
Requirements
- Automated Revenue Recognition while ensuring ASC 606 compliance
- Seamless integration w/ Oracle for data flow and Rev Rec
- A global solution that can be adopted across different business units
- Enhanced reporting and forecasting
- Streamlined process for both PS users and finance teams
The Solution
Automated revenue recognition for Enterprise Professional Service organizations eliminates the inefficiency of manual accruals and can be utilized to ensure compliance with ASC 606. The solution includes a robust architectural design to support the integration of multiple project types and enhanced reporting capabilities.
Products Implemented
Additional Integrations
The Results
By implementing percent-complete revenue recognition and enhanced forecasting, this global organization has achieved consistency month over month while reducing manual effort and increasing accuracy. Diabsolut’s solution blended out-of-the-box functionality with custom enhancements, creating an optimized framework for data management, forecasting, and compliance across all regions.
Key Results
- Reduced manual effort during month-end close and forecasting cycles
- Automated end-to-end revenue recognition and forecasting processes
- Ensured global compliance with ASC 606 standards
- Introduced new data validation protocols for accurate project setup and management
- Improved consistency in revenue recognition and forecasting across all regions
- Enhanced time-and-materials forecasting for greater control
- Expanded catalog of products leveraging percent-complete recognition
- Strengthened audit reporting and governance processes
- Improved scheduling accuracy, driving stronger business incentives
- Enabled real-time revenue forecasting for better visibility and planning
- Built a scalable, compliant, and efficient revenue management framework