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Advice and Information for Finance Professionals

POET Unleashes the True Power of Enterprise Planning

Guest Author

By Ryan Meester, Managing Director, Edgewater Ranzal

A privately held corporation headquartered in Sioux Falls, South Dakota, POET LLC is a U.S. biofuel company that specializes in the creation of bioethanol. The 1,900-employee company produces 1.8 billion gallons of ethanol annually and has been granted 90 patents in the U.S. and abroad.

POET needed a system to support its performance management initiatives and, ultimately, its company mission. This required generating fully integrated income statements, balance sheets, and cash flow projections over a five-year planning horizon. POET needed a system that could provide detailed, short-term operational budgeting capabilities for various aspects of the business (i.e. SG&A, capital planning, project planning) as well as higher level long-range planning.

“If you are going to change the world, you need a system to help get you there,” said Lezlee Herdina, Director of FP&APOET. “For us, it was… about strategic opportunities. POET was at a crossroads. We needed a system that we could grow with and that could grow with us.”

The Right Tool for the Right Job

While Herdina and the POET team were open to the insights and recommendations generated by their Ranzal analysts, they also had some specific goals in mind from the outset:

  • Provide seamless integration of financial and operational data
  • Create a platform for process improvement—implementing greater automation in monthly processes, improving efficiency, and increasing time for value-add analysis
  • Achieve better communication, including ease of reporting
  • Reduce reliance on spreadsheet models and associated version control issues
  • Improve data governance and clarity of data model, with common definitions to facilitate planning and reporting processes
  • Integrate operational and financial dashboards for performance measurement
  • Use scenario analysis to drive M&A and strategic business decisions
  • Increase emphasis on cash perspective
  • Recognize the important nature of the user experience, ensuring that data integrations are seamless for the end user

In search of more efficient and effective budgeting and long-range planning, POET turned to Oracle and Ranzal to deliver a best in-class solution using Oracle EPM Cloud.

We recently spoke with Herdina to give us a behind-the-scenes look into POET’s journey. Watch the webinar to learn more about their story.

Register now to watch the webcast, “The True Power of Oracle’s Enterprise Planning Suite Unleashed at POET.” 

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