Business Challenge
- Limited Flexibility and Antiquated Process – Outdated Budget process based in Excel led to corrupted files and lack of knowledge transfer
- Labor Intensive Offline Planning Process – 40+ managers involved in the budgeting process led to long lead time and inconsistency in data collection
- Siloed Processes – Lack of integration between departments, data sources, and technology increased the manual effort in yearly budget cycles
Solution
- Enterprise Planning and Budgeting Cloud Service (EPBCS) – Financials Module replaced an Excel-based process and served as an integrated solution to meet all analyzation, trending, and spreading methodologies for the Forecasting and Budgeting processes
- Driver-Based Revenue Planning – Provided the ability for Finance to create the Budget and Forecast in an expedited manner using a set of common drivers, calculations and forms
- Seamless Connectivity of Oracle Cloud Platforms – Direct integration of ERP Financials to Planning for bi-directional sourcing, seeding plan actuals, and writing-back the final Budget to ERP Financials
- Collaborative Process – Configured and built the application with a collaborative client and development team to increase adoption of the solution
Impact
- Reduced Budget Cycle by 40% – Eliminated Excel-based processes, automated data integrations, and centralized business process resulted in a 6 week reduction in Budget process
- Instant Consolidation – End-to-end annual Forecast and Budget calculates in 4 minutes
- Enhanced Analytic Capabilities – Shorter Budget and Forecast cycles create more time for value-add analysis
