Documents approved per person per day
Invoices processed per year
Documents processed per month
China Vanke Co., Ltd. was established in 1984 and made its first foray into the real estate industry in 1988. After 30+ years of development, it has become a leading developer of properties in China. The company first appeared in the Fortune Global 500 list in 2016, ranking 356th. Vanke envisages itself as a city supporting service provider and is dedicated to building quality homes for the general public and homes that are habitable. It has been pursuing two main development routes, namely, to grow with cities and grow with clients. Its core business is property development and services. In recent years, Vanke has been expanding its business footprint centered on its positioning as a city supporting service provider, while consolidating its core business strength. The company focuses on the metropolitan circle/belt development strategy. As of the end of 2016, Vanke had expanded market presence to 65 cities in mainland China, widely distributed across the core area of the Pearl River Delta, Guangzhou and Shenzhen, the core area of the Yangtze River Delta, Shanghai, the core area of the Beijing-Tianjin-Hebei region, Beijing, and central cities in Central and West China.
As a giant in the real estate industry, Vanke needs massive capital that is tied up for a long period of time and has numerous expenses items the payment of which is frequent and complicated, some of the attributes of the traditional real estate industry. Vanke has projects in 60 cities across the country, with gross sales of more than RMB 200 billion and a headcount of more than 30,000 persons. The key to its financial transformation is how to build a management platform that serves business and management, prevents risks and improves operational efficiency effectively, and supports the vision to become a “Trillion Worth Vanke”.
Vanke Financial Sharing Service Center begins with shared services in employee expense reimbursement. Contract management expenses and all marketing expenses are incorporated into the shared process at Phase II, followed by costs and income processes at Phase III. In the future, Vanke Financial Sharing Center will mature progressively and offer professional services to both internal and external clients.
Go live at one company within 3 to 4 days, and copy the financial management processes, rules and standards quickly
The Financial Sharing Service Center has been built to offer intensive financial assurance for quick development of residence, properties and commerce. The Financial Sharing Service Center, thanks to replicable management standards, went live at one company within 3 to 4 days and increased the number of documents approved per month to more than 30000. Built on Kingdee EAS Financial Sharing Service Platform, Vanke Financial Sharing Service Center perpetuates all financial rules it has defined in a unified database. All rules including financial operation procedures are set in the information system and cannot be edited by any member without authorization, so as to assure effective implementation and enforcement of the strategy mapped out by the headquarters.
Tighten control and avoid deviation in enforcement of standards at first-line companies and loopholes in internal management
When financial sharing went live, Vanke revamped its financial processes with the process reengineering philosophy in mind and realized integration of business and data into the Financial Sharing Service Center. Under the financial sharing mode, staff centralization, process centralization and data centralization come true. Vanke Group built a Financial Sharing Center in Wuhan to centralize management, and allow the financial staff, free from the influence of local leaders, to enforce financial standards. Meanwhile, Vanke incorporated the approval of 18 business processes, including expense reimbursement and contract payment, into the Financial Sharing Center and realized centralized financial control across the group. Since go-live, the Financial Sharing Center has discovered some payments in breach of the rules that were covered up in daily approval every month.
Employee credit management and smart approval result in more efficient shared operations
Vanke Financial Sharing Center is overloaded with orders daily, but shared approval resources are limited, causing a delay in the reimbursement process. The staff at the center is under huge stress, but first-line employees are complaining about the speed of reimbursement. To speed up the expense payment process, an applicant credit mechanism is created in the Kingdee EAS information system. Those applicants of high credit rating are entitled to smart approval by the system instead of manual approval. As a result, the Sharing Center is able to work more efficiently and the staff is better satisfied.
Deep mining and utilization of financial data help the company make informed decisions
Vanke has built a Financial Sharing Center with data sharing at the core. Thanks to the data built up over these years, it has now become a big data center in the real sense, in which it is possible to run efficient analysis of both structured and non-structured data gathered from financial and business documents. With preset models, valuable information can be obtained to provide effective support to decision-making and analysis by the group.
Vanke Financial Sharing Center built with Kingdee EAS supports Vanke’s strategic goal to grow into a “Trillion Worth Property Developer” from a “100 Billion Worth Property Developer”. The system can minimize manual intervention with automated and integrated operations, enhance capital safety, prevent frauds effectively and improve operational efficiency and employee satisfaction. Compliance of operational procedures, consistency of financial approval standards and quick replication of financial management modes are realized. After more than four years, it has amounted to the group’s financial data center and can create greater value for the company with data analysis in all dimensions.
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