Oracle EPM Cloud delivers real-time actuals for budgeting, forecasting, and long-range planning at Life Sciences company

Business Challenges

  • Limited Analytical Capabilities – Heavy reliance on Excel workbooks to Budget, Forecast, and create Long Range Plans within the organization due to limited analytical and automation capabilities
  • Manual and Time Consuming - Planning and Analysis processes were manually intensive and significant effort was required to maintain offline Excel models; information was not readily available
  • Lack of Integration – Non-systematic integration of Actuals caused extended Forecasting timelines

Solution

  • Enhanced Capabilities – Implemented PBCS application for financial planning and workforce
  • System Integration – Developed automation to seamlessly integrate actuals into system daily, allowing for real time seeding of actuals into forecasts, eliminating the need for departments to coordinate offline
  • Increased Analytic Capabilities – Developed a highly scalable data architecture to support enhanced analytic capabilities by employee, phase, trial, et cetera
  • Process Automation – Implemented processes to automate the calculation of headcount, as well as prorated employee salaries & bonuses based on start month for employee analysis
  • Streamlined Long Range Planning – Updated scenario and version management process to improve efficiency and multi-year planning

Impact

  • Greater Efficiency – Real time access to actuals for Budgeting, Forecasting, and Long Range Planning with the most up-to-date information available at the beginning of each workday
  • Faster, Consistent Results – Automated, real-time, structured data and report delivery constantly in sync with the ERP system
  • Scalability – Cloud-based approach delivered seamless expansion of enhanced analysis and reporting needs as the company grows
  • Cost Savings – Streamlined processes lead to over 15 hours in time savings per month
  • Complete Adoption – Solution was immediately adopted by 100% of users