EPM Cloud platform improves resource planning, budgeting and close process at global Risk Management Insurance firm
Business Challenges
- Excel-Based Manual Processes – Planning and close processes dependent on multiple Excel workbooks
- No Process Integration – Lack of integration between budgeting, consolidations, and reporting processes
- Limited Automation and Standardization – Calculation and allocation reporting inconsistencies led to inaccurate and non-repeatable financial processes
Solution
- Integrated Cloud-Based Solution (Oracle FCCS and EPBCS) – Budgeting, forecasting, and consolidating all supported in a streamlined “future-proof” cloud environment
- Automated Processes – Mapped actuals, budget, and employee data using improved data management mechanism
- Enhanced Data Granularity – Supports accurate and repeatable financial processes by allowing for the ability to plan at the individual employee level
- Robust Reporting – Created new set of analytical monthly financial reports
Impact
- Faster and More Accurate Information – Established a foundation to provide timely and accurate plans, reports, and financial analysis
- Scalable and Extensive – Cloud-based approach delivers scalable system across consolidations and budgeting
- Increased Efficiency – Reduced number of manual steps and reliance on offline Excel models
