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Future State - The Oracle Consulting Blog

Eastern Pacific Shipping embarks on transformational Finance Cloud project

Jacey Allan
APAC MARKETING AND COMMUNICATIONS MANAGER

Oracle Consulting helps EPS chart new ground with Oracle ERP and EPM

With a history spanning 60 years, Eastern Pacific Shipping Pte. Ltd. (EPS) is a leading shipping company that is committed to the green and technology-driven growth of the industry.

Headquartered in Singapore for the last 30 years, EPS is driven by its mission to be the safe and efficient transportation provider of choice to the shipping industry.

Empowering that mission are 5,000 skilled and dedicated sea and shore staff that oversee a versatile fleet of 15 million deadweight-tonnes  across three core segments of containership, dry bulk, and tanker vessels.

EPS' shore team is fully integrated with in-house commercial, finance, innovation, IT, legal, manning, operations, and technical departments.  

 

Why Oracle and Oracle Consulting

EPS was looking for a solution that could deliver results and adhere to operational compliance for its finance department. Having to manage hundreds of systems globally, having one source of truth was critical. The processes were also not fully integrated with steps and activities done manually by the finance team. It was deemed to be the largest ever Finance Cloud transformation project that EPS would embark on.

Oracle ERP and EPM became the obvious choice. Oracle ERP allows business models to adapt quickly and more easily, making processes faster. Oracle ERP integrates with EPS operational systems eliminating manual touch-points and transaction processing. Oracle EPM helps streamline financial close processes, financial and management reporting driving better decisions. Having both simultaneously ensures standardised and automated business processes, thereby driving business excellence. 

Oracle Consulting partnered with EPS to standardise the finance processes, implement them in Oracle ERP cloud, roll out integrations to an in-house procurement system, maritime operations system, crew management system, and banks. An extension was also developed to manage EPS’ complex lease solutions.

 

Charting New Ways of Working

Oracle Consulting drove the Finance Cloud transformation project over 9 months. It was a challenge to create a new platform that could serve many entities, especially with the ongoing pandemic situation. Despite so, the project was implemented on time through remote delivery without any impact on project quality. 

On 1st February 2021, EPS went live and has observed marked enhancements in its financial system and processes. Tangible improvements include faster reporting, less reformatting of data into reports, elimination of “source data” worksheets and creation of financial dashboards. 

  • Improve efficiency and data integrity across processes to release resources for value added analysis and business improvement
  • Decision making for management is made easier through better and quicker data analysis
  • Strengthened internal controls, such as automating approval workflows for expenditure
  • Maintain reporting compliance to both local and international FRS
  • A new platform for future strategic initiatives

 

Looking Ahead

This is the start of a partnership between EPS and Oracle Consulting, setting the foundation for future releases in automating generation of management reports and company annual financial statements. Adopting Cloud Solutions is the single most important driver for attaining business excellence. 

 

To learn more about Oracle Consulting, please visit our official page – here.

If you would like to know more about Oracle's ERP solutions and how we can make cloud happen for you, please get in touch with Daniel Hadi.

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