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&A, POET. “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.”
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:
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.