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Future State - The Oracle Consulting Blog

International Marketing Services Leader Modernizes their Finance Consolidation and Reporting Solution with EPM FCCS

Louise Tegner
Social Communications Manager

Author Laura-Ann Stutz,  Sales Communications Consultant at Oracle

 

The marketing game is agile as businesses always need to have the best technology in order to ensure they target their customers in the most efficient way. This time, one of the leading companies in the Information Technology and Marketing Service Industry was a witness of this need. This client is a growing international organization who has been established for over 100 years within the industry. They have also achieved high global sales and operate with over 5,000 employees world-wide.

 

Business Challenge:

Our customer’s main focus and business outcomes were for continued reliability in their new consolidation and reporting tool, but also the ability to quickly adapt with all of the accounting and data changes with their many ERP GL’s inherited through acquisition. This not only would improve reporting performance but also optimize their systems. The reason behind thus was that their Group Reporting system had one loading instance issues. This was problematic as it meant that the data from subsidiaries had to be loaded centrally by Group, resulting in a manual, fragmented, and very lengthy Group Reporting process.

Oracle Hyperion Enterprise has been vital for our customer’s finance and accounting teams for their consolidations and reporting needs over the past 20 years. This customer worked together with Oracle Consulting to understand how the next generation in Financial Consolidation & Close Service (FCS) could meet their ever-growing complexity in reporting.

 

Oracle Consulting Approach:

Consulting worked with this client to develop a project plan that included knowledge transfer and ownership of their cloud based solution to meet challenges around timelines and resources. Using True Cloud Methodology (TCM), Consulting proposed a phased integration approach to demonstrate success in the build and confidence in the customer’s ability to manage through playbacks.

 

The project was delivered in 19 weeks which included:

  • A fully enabled Data Management (DM) solution for mapping data from their various (+15) ERP source systems into the Oracle Financial Consolidation Cloud solution. The managed data mapping and audit capability in DM meant greater data quality and less time reworking poor data loads;
  • Fully automated Management and Statutory Cash Flow Statements;
  • A complete solution for entering and reporting Year End Disclosures;
  • A complete reporting suite of Reports on Excel SmartView

 

Reasons for success:

Our customers business outcomes were met by achieving efficiency and productivity quickly. Oracle Consulting did this by partnering with the customer to guide key users through the application configuration during Familiarization, several process playbacks, testing, and training sessions as part of the best-in-class cloud solution in a complete, secure, and connected cloud suit.

 

What’s next?

A Phase 2, our customer will deploy and build a Daily Cash Flow solution built on Oracle Planning & Budgeting Cloud (PBCS), and subsequently a full Budgeting and Forecasting solution on PBCS.

One of the key goals for our client was having a planning and budgeting solution that linked seamlessly with their consolidation and reporting solution. Given the success of the Financial Consolidation and Close Cloud (FCCS) project, or client is looking forward to expanding their financial planning system quickly.

 

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