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Asset management firm positions for growth and visibility

RFP
CASE STUDY
Sector
Private equity

Client challenge
Reporting

Services provided

Oracle Cloud
THE SITUATION
Our client is a leading alternative asset management firm with $2.3 billion in regulatory assets under management across complementary private equity (PE) and credit businesses, with portfolio companies that include several well-known snack brands. The client had outgrown its existing tool set, a QuickBooks-based finance solution that was no longer able to run consistently, support the firm’s reporting needs, or provide easy, integrated access to those who needed financial data.

Services provided
The client considered different options, ultimately selected Oracle ERP Cloud and engaged Grant Thornton LLP to implement it. Our team guided the client through the full life cycle of implementation and support services. This included everything from defining the scope of the project to establishing project management capabilities and leading their team through the design, testing and rollout phases.

THE CHALLENGE
The client had been relying on QuickBooks to manage its finances, but had long since out-grown the software program. Reporting was a big challenge, and required the finance team to pull data into Excel spreadsheets to do calculations and analysis. The PE firm needed to apply complex allocations, which its existing software couldn’t efficiently accommodate. They required a more robust, automated platform that could provide visibility into performance, and could reassign revenue or transactions to different departments or portfolio companies. As a relatively small organization, the client didn’t have any internal IT support, so they were a great fit for the cloud. After considering a number of options, the firm selected Oracle ERP Cloud.

In addition, the company faced a major challenge in the scale of change. The client was moving from a very simple solution, Quick-Books, to a Tier 1 ERP platform, Oracle Cloud. The two solutions were the inverse of each other. QuickBooks is a basic application, whereas Oracle Cloud is very feature-rich, which made adoption complicated. The client needed to understand what the new platform could do and buy into the significant change.

WHAT THE TEAM DID
Our team led the client through the planning, design and implementation of its new Oracle platform. This included:

  • Helping the client through the design of the new solution for its business — we guided the firm as it conducted future-state process workshops and application design sessions, defined a reporting strategy, developed a security design, and conducted iterative conference room pilots.
  • Assisting with configuring and building the solution — we performed a full application configuration (e.g., chart of account setup, security, etc.), set up more conference room pilots, prepared data conversion files and developed extracts, and initiated test and training planning.
  • Leading the finalization of the validation strategy and plan — this included developing validation scripts, executing the data conversion run and validation plan, validating data conversions, finalizing training strategy, and initiating the cutover planning.
  • Advising on the transition to the new system — this included preparing and developing training materials, conducting end-user training, finalizing cutover plans, communicating post-go live support expectations and executing the cutover plan.

OUTCOMES

With the support of our team, the client’s team members didn’t miss a beat in terms of their close cycle. Moreover, the new platform re-solved all of the former issues the client had with QuickBooks. With its new Oracle ERP Cloud, the company has robust reporting, and a stable and automated solution that is widely accessible. With a new set of tools, the company can have greater visibility into performance, act more nimbly and make faster decisions. In addition, our client can effectively coach its portfolio companies on how to address similar challenges, as some of them are using antiquated finance solutions. Moving to the cloud positions our client for transactional growth and allows it to buy and sell companies easily, as well as seamlessly integrate future acquisitions.

Contact
Bill Behen
Principal
+1 402 513 5912