Oracle EPM Consultant Company Customer Case Study | Circular Edge

Enhancing Financial Consolidation and Reporting through Oracle EPM Cloud Transformation at Top Consultant

Streamlining Financial Consolidation and Close Processes: Leveraging Oracle EPM Cloud for Improved Accuracy, Efficiency, and Reporting at Top Management Consultant

Challenges

  1. Manual Excel-based Process: Top Management Consultant relied on a labor-intensive manual process maintained in MS Excel for financial consolidation and close activities, leading to inefficiencies and error-prone results.
  2. Complex Data Extraction: The use of multiple source systems and data extraction to MS Excel made the consolidation process complex and time-consuming, hindering accurate and timely reporting.
  3. Inaccurate Results: The limitations of the current technology and process complexity resulted in inaccurate financial results, requiring additional effort to resolve issues.
  4. Inefficient Reporting Tool: The existing reporting tool was difficult to use, inefficient, and lacked scalability, hampering effective communication of financial information across the organization.

Solution

  1. Automated Cloud Transformation: The consultant company adopted Oracle EPM Cloud to automate and streamline the financial consolidation and close processes, reducing reliance on manual Excel-based methods.
  2. Data Integration and Consolidation: Oracle EPM Cloud allowed for the seamless integration of data from various source systems, simplifying the consolidation process and improving data accuracy.
  3. Improved Reporting Platform: The implementation of Oracle EPM Cloud introduced Financial Reports, Navigation Flows, and Dashboards, enhancing reporting ease-of-use, efficiency, and scalability.
  4. Real-time Financial Consolidation: The new solution enabled real-time consolidation of financials, providing instant insights and reducing reporting latency.

Results

  1. Time Savings: The periodic consolidation and close process was reduced by 20%, allowing for faster and more efficient financial reporting cycles.
  2. Streamlined Processes: The close process was streamlined, resulting in improved visibility and enhanced controls over financial data.
  3. Real-time Insights: The solution delivered the ability to consolidate financials in real-time, enabling quicker decision-making and response to financial changes.
  4. Enhanced Reporting: Leveraging Financial Reports, Navigation Flows, and Dashboards significantly improved reporting ease-of-use for users, facilitating better communication of financial information.

Key Benefits Achieved

  1. Efficiency Gains: The transition to Oracle EPM Cloud led to substantial time savings, reduced errors, and increased accuracy in the financial consolidation and close processes.
  2. Enhanced Visibility: The streamlined processes provided better visibility into financial data, aiding in more informed strategic decisions.
  3. Real-time Insights: The real-time consolidation capabilities empowered the organization to make informed decisions promptly based on the most up-to-date financial data.
  4. Improved Reporting: The adoption of Oracle EPM Cloud’s reporting tools enhanced user experience and facilitated the sharing of financial insights across the organization.

In choosing Circular Edge, the top management consultant company benefited from their proficiency in finance transformation, Oracle EPM Cloud implementation experience, project management skills, and ability to champion the vision of EPM and Business Analytics. The delivered enterprise-wide EPM solution not only addressed current challenges but also positioned this consultant for future growth and evolving business needs.

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