Proximus wanted to transform legacy systems to ensure timely IFRS 15 compliance.
The Belgian telecom major had about 11 months to meet the IFRS 15 compliance deadline of January 1, 2018. Given the inadequacy of the existing applications and the fact that Proximus’ product model is subject to frequent changes, implementing a new revenue recognition system was an imperative for the company. Proximus engaged TCS to align its accounting processes and data management models with the IFRS 15 guidelines.
TCS implements SAP and Informatica based revenue recognition and reporting system
Drawing from its 18-year association with Proximus, TCS worked closely with the business and IT teams at Proximus and planned a two-stage implementation of the solution. To begin with, TCS provided requirement validation, consulting, and analysis services, while the second stage involved design and execution. Leveraging its proficiency in IFRS15 and SAP Revenue Recognition and Reporting (RAR), TCS customized the tool to meet Proximus’ requirements, and merge 10 source systems with a central data hub.
Informatica tools were used to clean data and load it into the IFRS data bank. The end-to-end solution provided seamless integration of three revenue streams with the source systems, SAP ECC, and other applications. The new system enabled hassle-free data migration through the development of a RAR data model for revenue recognition.
“TCS’ domain expertise and collaborative approach helped us achieve timely IFRS 15 compliance .”
Georges Geerkens, Head of Finance Business Operations, Proximus
Proximus achieves IFRS 15 compliance, deploys audit-ready system in record time.
The SAP and Informatica based system deployed by TCS has enabled Proximus to achieve IFRS 15 compliance within the stringent timeline and allotted budget. The new system has helped the Belgian telecom major transform prevailing processes to simplify management reporting and prepare for the upcoming calendar year.