Enhancing Enterprise Planning and Reporting at Top Data Analytics Company through Oracle Enterprise Planning & Budgeting: Challenges, Solutions, Results, and Key Benefits Achieved
Top Data Analytics company faced a series of challenges prior to implementing Oracle Enterprise Planning & Budgeting:
- Aligning with Acquisitions: The need to align the planning process with the requirements arising from recent business acquisitions.
- Multi-Currency Support: Providing support for multi-currency planning and constant currency analysis to accommodate the evolving business landscape.
- Capital Expense Planning: Establishing robust capital expense planning capabilities that are interconnected with consolidated financials.
- Enhancing Planning Techniques: Introducing driver-based planning techniques to simplify and optimize the planning process.
- Detailed Forecasting: Delivering detailed forecasting with improved frequency for more accurate insights.
The Top Data Analytics Company, in partnership with Circular Edge, devised comprehensive solutions to tackle these challenges:
- Business Alignment: Oracle Enterprise Planning & Budgeting was chosen to seamlessly align the planning process with the evolving business landscape due to acquisitions.
- Multi-Currency Support: The new solution facilitated multi-currency planning and constant currency analysis for better financial insights.
- Capital Expense Planning: The implemented system provided integrated capital expense planning capabilities connected to consolidated financials.
- Driver-Based Planning: Driver-based planning techniques were introduced, streamlining and simplifying the planning process.
- Enhanced Reporting: A drill-through report to journal-level detail in the source system was built, improving reporting accuracy.
- Improved Forecasting: The solution offered detailed forecasting with enhanced frequency, providing more accurate future predictions.
The collaboration between Top Data Analytics Company, Circular Edge, and Oracle yielded significant results:
- Faster Planning Cycle: The annual planning cycle time was reduced by 20%, boosting operational efficiency.
- Enhanced Forecasting: Forecasting capabilities were made available for the first time, enabling better strategic decision-making.
- Real-Time Consolidation: A real-time process to consolidate plans was delivered to users, ensuring up-to-date insights.
- Optimized Planning: Driver-based planning and standardized calculations resulted in a structured approach that consistently delivered expected results.
- Flexible Planning Techniques: Users were equipped with flexible planning techniques, including driver-based or direct input planning.
The Top Data Analytics Company reaped several key benefits from the implementation:
- Reduced Planning Time: A significant reduction in the time required to create and publish the annual plan.
- Enhanced Transparency: Improved transparency in planning results through the utilization of driver-based techniques.
- Detailed Insights: The drill-through capabilities back to the source system enhanced the depth of analytical insights.
The successful implementation empowered Verisk Analytics with a sophisticated planning and reporting solution that aligned with its evolving business needs, ensuring accuracy, efficiency, and transparency in its financial processes.