Business Context
Finance teams are enabled to improve their accuracy and efficiency when businesses move away from manual processes. Creating and maintaining a single source of data enables enterprises to enable faster and better decision-making and improve customer confidence. Oracle Financial Cloud empowers businesses to automate more than 80 percent of their financial processes, create accurate data reports and close books faster. An experienced Oracle Cloud implementation partner can help companies unify disparate financial processes and provide a clearer picture of their ‘financial health’.
Mastek leveraged its expertise in Oracle Finance Cloud implementation to enable a leading USA-based sales, marketing and services company to decomplex digital and help them consolidate and standardize their financial processes.
The Client
Headquartered in the USA, our client is known for being the ‘mastermind’ behind some of the country’s most viral marketing campaigns for leading retailers They have proven expertise in creating data-driven strategies that deliver optimal results for their customers.
The Challenge
Need to automate manual entries and accelerate financial transformation
The marketing, sales and services company wanted to shift away from its legacy system and the complexities associated with the system’s financial processes. This included
- Absence of a standardized process to reclassify CAPEX project expenditures
- Absence of a system to track corporate projects’ general and administrative expense
- Limited budget visibility and insufficient data to draw comparisons between actual and forecasted spending
- Errors arising from manual entries during capital expenditure reconciliation
- Absence of a standardized process to reclassify CAPEX project expenditures
- Absence of a system to track corporate projects’ general and administrative expense
- Limited budget visibility and insufficient data to draw comparisons between actual and forecasted spending
- Errors arising from manual entries during capital expenditure reconciliation
The Solution
Implementing an end-to-end Oracle Financial Cloud
Mastek empowered the marketing company to replace its legacy SAP system with the proven and scalable Oracle Financial Cloud solution. With Oracle Project Financials Cloud Services, our client was able to efficiently and effectively manage several programs and make smarter decisions using a single source of truth. This includes:
- Automation of the accounting process based on the nature of expenses charged to the project thanks to the use of advanced algorithms
- The ability to combine OPEX and CAPEX data, and compare it with budgeted costs in real time for comprehensive financial assessment
- Integration of third-party solutions with Oracle Financials Cloud that helps pull data directly to the project application and thereby improve reporting capabilities
- Capability to define steps to formalize project closure process to guarantee that outcomes align with initial objectives
The Solution
Implementing an end-to-end Oracle Financial Cloud
Mastek empowered the marketing company to replace its legacy SAP system with the proven and scalable Oracle Financial Cloud solution. With Oracle Project Financials Cloud Services, our client was able to efficiently and effectively manage several programs and make smarter decisions using a single source of truth. This includes:
- Automation of the accounting process based on the nature of expenses charged to the project thanks to the use of advanced algorithms
- The ability to combine OPEX and CAPEX data, and compare it with budgeted costs in real time for comprehensive financial assessment
- Integration of third-party solutions with Oracle Financials Cloud that helps pull data directly to the project application and thereby improve reporting capabilities
- Capability to define steps to formalize project closure process to guarantee that outcomes align with initial objectives
MST took the time to truly understand our needs, and now we’ve been able to provide our company with a customized solution that’s built for Liveops, not just for any call center.
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Client, XYZ Company
The Outcome
“We were in desperate need of a single source of truth for many years, and it’s finally here,” said Ortiz. “MST took the time to truly understand our needs, and now we’ve been able to provide our company with a customized solution that’s built for Liveops, not just for any call center.”
Ortiz and her team are now working with MST to create an agent service desk in Salesforce. “My company has no concerns because as soon as I said, ‘Oh yeah, my team from MST is going to build this,’ there was a sigh of relief,” concluded Ortiz. “I want MST around forever. They’ve given me the biggest feather in my cap because this has been a painful problem for many years. I can say with confidence that this has made me and my team a lot more important and influential at Liveops because we provided a solution that works, something that improves people’s experiences.”
The Outcome
A streamlined and formalized financial process that enables the marketing company to have complete enterprise visibility
We guided our client on every step of their journey of migrating from SAP to the Oracle Cloud Financial solution. By leveraging the highly precise capabilities of Oracle Financial Services Cloud, the client was able to achieve the following results:
- A comprehensive record of project costs and capital expenditure
- Accurate financial monitoring with thorough tracking of hours and amount changes, entered by employees
- Improved accuracy and efficiency in financial tracking and reporting with removal of manual intervention from the Fundamental Analysis (FA) and General Ledger (GL) process
- Proper documentation and streamlined project lifecycles thanks to formalized project closure processes
- A comprehensive record of project costs and capital expenditure
- Accurate financial monitoring with thorough tracking of hours and amount changes, entered by employees
- Improved accuracy and efficiency in financial tracking and reporting with removal of manual intervention from the Fundamental Analysis (FA) and General Ledger (GL) process
- Proper documentation and streamlined project lifecycles thanks to formalized project closure processes
“We can now deliver value as fast as the business needs it. As a result of the continuous improvement steps, we have really leaned into transitioning existing processes into Salesforce,” said Spratling. “Salesforce really shines when it comes to adding bells and whistles. Just a few examples include help desk tickets, purchase orders, and billing.”
The project, which was completed in several phases, helped ASLD optimize and strengthen their service delivery capabilities on one of their core processes that directly supports their mission. The agency is better connected to their customers, which allows employees to more easily service and respond to customers’ needs. Since the launch of the system, paper applications have been reduced by 95% and end-user adoption rates have increased to 98%.
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