Enhancing Enterprise Performance Management at Industrial Sand Mining Company Through Oracle Enterprise EPM: Challenges, Solutions, Results, and Key Benefits Achieved
Leading Industrial Sand Mining Company, a leading organization in the industry, confronted several challenges prior to the implementation of Oracle Enterprise EPM:
- Manual Reporting Structure: The existing reporting process heavily relied on manual tasks to generate consolidated results, which were distributed to senior management using Excel.
- Inaccuracy and Inefficiency: The organization’s accounting and finance processes were marred by inaccuracies, resulting in valuable time being consumed to resolve issues.
- Time-Consuming Reconciliation: The account reconciliation process was cumbersome and required the involvement of multiple users, leading to delays and inefficiencies.
- Inadequate Reporting Tool: The current reporting tool was difficult to use, inefficient, and lacked scalability across the organization, hampering effective decision-making.
Circular Edge, in collaboration with Oracle, devised comprehensive solutions to address these challenges:
- Streamlined Consolidation: Circular Edge and Oracle crafted a unified Consolidation & Close and Account Reconciliation solution, reducing the periodic consolidation and close process by an impressive 35%.
- Improved Processes: The collaborative solution streamlined the close and account reconciliation processes, offering enhanced visibility and control over financial operations.
- Real-Time Financial Consolidation: The new solution facilitated the real-time consolidation of financial data, empowering users with accurate and up-to-date insights.
- Enhanced Reporting: By leveraging Financial Reports, Navigation Flows, and Dashboards, reporting became more user-friendly, easing the reporting process for users across the organization.
The collaboration between Oracle and Circular Edge yielded remarkable results:
- Periodic consolidation and close processes were reduced by 35%, significantly improving efficiency.
- Streamlined close and account reconciliation processes led to enhanced visibility and better controls, ensuring more accurate financial results.
- Real-time financial consolidation empowered users with immediate access to consolidated financial data.
- The utilization of Financial Reports, Navigation Flows, and Dashboards greatly improved the ease-of-use for reporting, benefiting users at all levels.
The successful implementation brought forth several key benefits for this Industrial Sand Mining Company:
- Efficiency Gains: Drastic reduction in consolidation and close processes led to substantial time and resource savings.
- Enhanced Control: Streamlined processes provided better control and visibility, minimizing errors and discrepancies.
- Real-Time Insights: Real-time financial consolidation enabled quicker decision-making based on up-to-date information.
- User-Friendly Reporting: Improved reporting tools made it easier for users to access and understand critical financial information.
- Scalable Solutions: The enterprise-wide Consolidation & Close and Account Reconciliation solutions were designed to evolve alongside the company’s growth.
Circular Edge was the natural choice due to:
- Proficiency in finance transformation engagements.
- Extensive experience in Oracle EPM Cloud implementation.
- Competence in project and change management.
- Trusted advisor status, championing the vision of EPM and Business Analytics.
This collaboration brought about a transformative change in industrial sand mining company enterprise performance management, enhancing efficiency, accuracy, and decision-making capabilities.