Successfully manage all the Group’s rental and leasing contracts on a global scale

How Prada was able to cut management times by 50% and to reduce manual processing of financial statements to 0

THE CHALLENGE

With 641 directly managed stores in over 40 countries around the world, Prada Group needed to structure a unified process to manage all rental contracts, with the ultimate goal to transform the new regulatory obligation of IFRS 16 into a chance to grow and innovate in terms of technologies as well as processes.

Therefore, the solution had to standardize the management of contractual information on a global scale as well as to provide a flow of accounting information for the month-end closing of the financial statements at
subsidiaries and groups level.

Considering the deadline of the new IFRS 16 accounting standard, the solution had to be launched also
in a short time as well as to guarantee, since the very beginning, the proper integration with the SAP ERP
system already in use in the group.

In this new scenario, the existing platform readily proved itself to be inadequate.