Use of cloud services shortens consolidation process from half-a-day to five minutes at $700M global mining corporation

Business Challenges

  • Complex Intercompany Eliminations – Intercompany elimination process was complex and highly manual
  • Cash Flow Challenges – Calculating cash flow took considerable preparation with limited final reporting
  • Inefficient Consolidation Process – Consolidation process took four hours to run, which occurred four to five times per month

Solution

  • Enhanced Capabilities – Support generation of income statement, balance sheet, cash flow and supplemental reporting through Financial Consolidation and Close Cloud Service (FCCS)
  • Integrated Data – Enabled “lights out” integrations between Oracle E-Business Suite (EBS) and FCCS
  • Standardized Process – Provided model for re-casting financials to address emerging accounting standards
  • Streamlined Cash Flow Process – Leveraged data management mappings and Smart View adjustment templates to streamline cash flow process
  • Robust and Efficient Reporting – Deployed reporting package to support validation and analytical review of financials

Impact

  • Reduced Consolidation Process and Close Times – Technical consolidation process reduced from four hours to five minutes, while close activities shortened by two business days, allowing more time for analysis before final reporting
  • Automated Intercompany Eliminations – Fully automated intercompany elimination process while providing robust matching and monitoring tools
  • Scalable for Future Growth – Automated 90% of cash flow reporting activities, while also providing new reporting capabilities such as multi-currency support, comparative views, new measures (e.g. month-to-date), and waterfall reports
  • Centralized Data Repository – Enhanced data integrity and auditability