95%
Decrease in Calculation Time
60%
Reduction in Maintenance and IT Expenses
70%
Improvement in Data Granularity
A large and well-established investment authority and sovereign wealth fund financial organization in the Middle East has taken the lead in driving digital transformation. With a focus on improving its planning, budgeting, and reporting processes, this organization leveraged the power of Oracle Enterprise Performance Management to fuel growth and set a new standard for financial excellence.
![the-challenge-img](https://www.criticalriver.com/wp-content/uploads/2022/02/the-challenge-img.jpg)
The financial organization faced a number of challenges with its current processes, including a heavy reliance on Oracle EBS and on-prem Essbase. The budgeting and forecasting methodology were limited and needed to be improved to meet the changing requirements of the business. A 15-month rolling forecasting methodology was deemed necessary but was hindered by the lack of proper definition of metadata dimensions. Additionally, the team needed to gain a thorough understanding of the existing Excel-based model used by the customer. Time was of the essence, as the project needed to be delivered before the end of the budget cycle.
![criticalriver-solution-img](https://www.criticalriver.com/wp-content/uploads/2022/02/criticalriver-solution-img.jpg)
CriticalRiver executed innovative solutions to overcome the challenges faced by the financial organization. The solutions include:
- Streamlined processes through integration of EBS and ePBCS via EPM Automation
- Enhanced decision making for leadership through informed decision making
- Secured end-to-end data and artifacts for a comprehensive view
- EPM Automation supported dynamic meta data loading within the system, reducing manual processes
- Simple, maintainable calculation rules by stage/business area to simplify processes
- Improved traceability of cost allocations for end-to-end visibility
- Provided training and documentation for Oracle Smart View, ePBCS, and PCMCS to end users
Oracle Enterprise Planning & Budgeting Cloud Service, Oracle Profitability and Cost Management Cloud Service, EPM Integration Agent, EPM Automation, Single sign (SSO)
CriticalRiver’s innovative approach delivered remarkable results for the customer, including:
- Replaced manual spreadsheet process with EPBCS and PCMCS for enhanced efficiency and improved reporting
- Improved calculation speed from 20 minutes to 60 seconds
- Enhanced data granularity for better reporting
- Standardized forecasting with system-controlled cost models
- Improved general ledger visibility
- Significant decrease in maintenance and IT expenses.
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