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Global investment manager

Gaining control of global entities with Oracle Financials Cloud Service

Customer profile

Our customer is a global investment manager headquartered in the United States, with offices in the United States, Canada, The United Kingdom, Germany, The Netherlands, Australia, Singapore and Japan. The company offers a wide range of equity and fixed income funds and has over $400 billion in assets under management.

The challenge

Our customer’s existing on-premises financial application did not offer the scalability and flexibility required to manage its fast pace of growth and complex accounts structure. The Annual and Quarterly close cycles had become very lengthy, often taking many weeks to complete. Upgrades and patches had become very time consuming and disruptive to maintain. Additionally, many of the company’s planning and budgeting activities were carried out in Excel spreadsheets leaving open the risk of errors and data corruption.

The business decided that it needed a modern, integrated finance and planning solution, which could quickly and easily adapt to its evolving needs.

The Finance and IT teams evaluated several ERP vendors, including SAP, Workday and Microsoft Dynamics. Key stakeholders within the business selected Oracle Financials and Oracle Planning & Budgeting Cloud Service (PBCS) as both the most flexible and most suited for their Investment Management firm

The solution

Our customer purchased an eight-year agreement for Cloud Financials, Procurement, Expenses and PBCS. The project is set to go live in May 2017.

They selected this solution as it meets their financial and reporting requirements; including the ability to manage intercompany transactions, utilize multiple currencies and manage a complex legal entity structure. The reports available will give the business full financial visibility of its multi-layered organization, eliminating many manual steps, as well as provide comprehensive planning and budgeting functionality - with common tools for transactional as well as forecast data. Drilldown allows for detailed planning, reporting and analysis of data and because the PBCS solution requires limited IT resource the Finance team can slice and dice the data on an ad hoc basis to get access to information when it is needed. We have removed the 'spreadsheet chaos' linked to gathering and analyzing data, which has streamlined the planning and budgeting process and improved the
accuracy of results.

The solution offered by Inoapps and Oracle will enable our customer to adopt practices to improve the speed of the quarterly close. Inoapps’ extensive multi-pillar Cloud implementation experience means it offers solutions for seamlessly integrating Cloud applications with the client’s legacy Workday HCM solution, ensuring quick time-to-value from the implementation and preserving the value of our customer’s existing IT investments.

The solutions are user-friendly and easy to navigate so that all staff, irrespective of their level of accounting and IT knowledge, will be able to quickly get up to speed; meeting another important criterion in the selection process.

The benefits

  • Single source for all financial data
  • Improved decision-making
  • Streamlined Planning & Budgeting process
  • Improved planning accuracy
  • Reduction in IT support time & Spend
  • Immediate consumption of innovation and best practices through software updates
  • Quick integration with legacy solutions, including Workday, for maximum ROI