Key Challenges
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- The client was using the on-premises Oracle HFM application to manage its end-to-end financial processes
- They were looking to move to a cloud-based solution to address the below issues:
- Data load and consolidation delays
- Redundant calculations in the existing application
- Delayed financial close cycles
Solution
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- We helped them create a centralized financial system to overcome the existing challenges using Oracle EPM Cloud
- We identified multiple areas of improvement in their current financial process and suggested the right strategy to ensure data security
- Implemented best practices for the migration to Oracle EPM cloud, to speed up their financial consolidation and close cycles
- We automated the complete financial process using Oracle Financial Consolidation and Close Cloud Service (Oracle FCCS)
- Developed a reporting system and created custom dashboards for consolidated view of business metrics
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Benefits
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- Improved operational efficiency by 25% with Oracle EPM Cloud implementation as this helped budget teams and finance officers coordinate better during the budget creation process
- Reduced the consolidation run cycle duration from around 4 hours to 2 hours
- The newly developed financial system enabled easy workflow of the processes
- Post migration, reporting capabilities of the clients’ system improved, helping them with quick forecasts
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