Client is a specialty retailer offering apparel, shoes, cosmetics, and other accessories for men and women in the United States. They partnered with us to modernize their current financial process with industry best practises as they had lots of gaps in it.
Client: Retail
Services: Oracle EPM, Cloud
Year: 2022
Contents
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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