3M chose SAP Lease Administration by Nakisa to address IFRS 16 and ASC 842 compliance. 3M was looking for an end-to-end solution with management, accounting and reporting capabilities to support compliance with the new lease accounting standards.
Purpose built for the new lease accounting standards, SAP Lease Administration by Nakisa provides visibility into global lease portfolios, a requirement for 3M. The ability to unify data in a central repository and generate necessary disclosure reports outlined by the new standards made SAP Lease Administration by Nakisa the right solution for 3M.
Loath to be stuck on one thing, 3M makes everything from masking tape to asthma inhalers. The diversified company makes products through six operating segments: consumer and office; display and graphics; electro and communications; health care (through 3M Health Care); industrial and transportation; and safety, security, and protection services. Well-known brands include Post-it Notes, Scotch tapes, Scotchgard fabric protectors, Scotch-Brite scouring pads, and Filtrete home air filters. 3M has operations in more than 60 countries. About two-thirds of its sales are made outside of the US. It sells products directly to users and through numerous wholesalers, retailers, distributors, and dealers worldwide.
A global leader in enterprise business solutions for Organization Transformation and Accounting and Compliance, Nakisa delivers innovative, forward-thinking and robust human resource and financial management solutions that advance your business strategies. Available on premise and in the cloud.
Working with a global network of partners and as one of the few Solution Extension (SolEx) partners of SAP® since 2007, Nakisa serves 800+ enterprise customers and over 4 million subscribers in 24 industries. Nakisa is proud to work with some of the world’s most renowned brands.