Close process reduced by 50% at Packaging Manufacturer with Oracle EPM Cloud Financial Consolidation & Close

Business Challenges

Unable to Scale – The organization recently acquired another firm, adding yet another disparate and manual system to the global consolidation process
Global Presence – The various Excel models were processing 25 currency conversions with reporting in Euro and USD, contributing to a 13 business day close process
Future State Goals – Aiming to leverage a global system to facilitate the Initial Public Offering (IPO) filing in early FY19

One Technology – Oracle EPM Cloud – Financial Close & Consolidation Cloud (FCC) provides a scalable platform that supports the individual business units and corporate teams for a global close
Streamlining – Automation, controls, and a global chart of accounts reduced risk on a global scale while positioning the organization for future growth and business transformations
Visibility – Improved reporting and analytic capabilities of the information enabled better management of the business and informed decision making

50% Reduction in Processing Time – Streamlined consolidation & reporting to reduce the close process to 7 business days
Compliance Reporting – Implementation of a SOX compliant application for all IPO / SEC reporting with accountability
Scalability – Cloud solution prepared for additional future acquisitions with accurate reporting processes