Our client is an international financial institution providing investment, advisory and asset-management services in less developed countries to achieve improved operational efficiency and cost savings. They partnered with us to help them leverage Oracle Cloud enterprise resource planning (ERP) and project portfolio management (PPM). The adoption of standard practices in fee accounting and management systems aligned with their strategic goal of eliminating ineffective and unsupported platforms.
The Challenge
Addressing operational complexities
Managing fee accounting and management across multiple lines of business (LOBs) and numerous operational locations presented significant challenges to our client. The task was complex, given the diversity of products and services, varying fee structures and the importance of maintaining accurate financial records and regulatory compliance.
To overcome these challenges, they considered implementing a robust fee accounting and management system integrating data from all LOBs and operational locations.
The Objective
Optimizing global operations with unified fee management solution
Our client needed an end-to-end fee accounting and management solution to accommodate their diverse business processes and requirements. They required a single platform to handle the fee accounting needs of their key LOBs across 184 countries of operation. By implementing an integrated fee accounting and management system, they wanted to streamline operations, enhance accuracy and gain better control over financial data, leading to improved decision-making and overall organizational efficiency.
The Solution
Implementing Oracle Cloud ERP and PPM globally
Our client partnered with us to implement a global solution using Oracle Cloud ERP and PPM:
- Leveraging our industry and process expertise, we designed, built and deployed finance modules and PPM across their locations in North America
- Our solution involved implementing a single integrated platform covering four key LOBs and 184 countries of operations
- By leveraging our expertise with Oracle Cloud ERP products, we streamlined the contract-to-invoice-to-cash process, enhanced automation capabilities and improved system and data security
This implementation aligned with our client's strategic direction of retiring obsolete and unsupported platforms while adopting industry best practices in fee accounting and management solutions.
The Impact
Improved productivity, operational efficiency and revenue growth
The implementation of the integrated fee accounting solution brought about significant positive impacts for our client:
- 30% Reduction in total cost of ownership (TCO) by eliminating legacy systems and increasing productivity through uniform global processes
- 15% increased Revenue Growth for the business unit by applying accurate and current invoices
- Leveraging a single platform (Oracle Cloud) resulted in overall cost savings by consolidating multiple systems, generating economies of scale
- Increased operational efficiency by reducing the time spent on analysis, recategorization and separation of client fee-based and flow-through reimbursable expenses
- Enhanced productivity and minimized manual processes through automated workflow
- Improved workforce productivity and reporting accuracy, relevancy and efficiency
