Our client is a leading American technology service provider headquartered in San Francisco, California. As a major player in the technology sector, the company boasts a workforce of nearly 3,000 employees and generates an annual revenue of close to $3B. Facing challenges in their financial operations, the company sought HCLTech's expertise to streamline processes, enhance integration and improve overall efficiency.
The Challenge
Inefficiencies and complexities in existing systems
The client faced several operational challenges that resulted in inefficiencies, increased manual work and potential compliance risks, hindering the company's ability to scale its financial operations effectively.
- Difficulties and inefficiency due to uneven integration with third-party systems
- Lack of standardization in bank formats leading to complications in integration
- Multiple formats for Accounts Receivable (AR) receipts from third parties made processing difficult
- Data inconsistency between source and target systems, causing errors
- Time-consuming processes in generating reports
- Issues with automatically matching transactions, leading to delayed month-end processes
- Lack of clear criteria or standardized processes for assessing suppliers during the onboarding process
The Objective
Modernized financial operations for enhanced efficiency
The primary objective was to create a streamlined, efficient financial environment to boost performance. This involved standardizing and improving integrations with third-party systems to make sure all systems work together smoothly. The focus was on simplifying AR processes and reconciliations, saving time and effort through automating complex processes and enhancing reporting capabilities and performance. Besides these, it was imperative to improve supplier onboarding and assessment processes and ensure compliance with the latest Sarbanes-Oxley Act (SOX) standards.
The Solution
Targeted solutions to create an integrated financial ecosystem
HCLTech implemented solutions that leveraged various Oracle technologies, including Oracle Fusion Finance, supply chain management (SCM), human capital management (HCM) and enterprise product management (EPM) modules, to create a comprehensive and integrated financial ecosystem.
- Unified third-party system billing invoices for into a single, efficient process
- Integrated Oracle Solutions (IOS) receipts and Receipts adjustments to eliminate complex processes
- Optimized the internal chatbot to handle more tasks through targeted automation
- Implemented Auto Reconciliation Cloud Systems (ARCS) for automated transaction matching processes to improve accuracy
- Deployed advanced reporting tools like Oracle Analytics Cloud (OAX) reports for better insights, improved visibility and performance
- Streamlined the process of receiving and processing payments through automation
- Scheduled automated checks for efficient issue tracking and resolution
- Enhanced the Change Management process in collaboration with the client
- Defined clear expectations and requirements for new suppliers
The Impact
Greater efficiency, standardization and 20% cost savings
By collaborating with HCLTech, the client not only addressed their immediate challenges but also positioned them for improved operational efficiency and future growth in the competitive technology sector.
- Nearly 30% of recurring technical issues were eliminated through Root-Cause Analysis
- 20% cost savings achieved through implementation of a more standardized and modernized system
- Significant reduction in costs and overhead expenses by leveraging skilled offshore personnel
- 1,000 man-hours and repeated manual effort saved through chatbot automation
- Ensured full-time service availability for business-critical operations through the offshore model
- Improved compliance with the latest SOX standards along with enhanced visibility and performance in financial reporting
- Easier supplier onboarding processes and faster month-end closing processes due to improved auto-reconciliation
