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
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 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
