Outdated financial consolidation system
Oracle’s Financial Consolidation and Close Cloud solution (FCCC)
The client, a private nonprofit, manages a multitude of health care facilities, such as hospitals and clinics. The client’s financial consolidation tool was nearing the end of its term, and it was time to replace it with an updated and reliable platform.
The client’s existing consolidation and closing system, Hyperion Enterprise, was insufficient; it lacked reliability, had slow response times and frequently crashed, causing delays and burdening the staff during the close process. Hyperion Enterprise’s Chart of Accounts did not align with the client’s General Ledger (GL) or its budgeting tool, and trying to reconcile the two wasted significant time and effort. The client needed an application that could fulfill its time constraints, become functional quickly and not require a steep learning curve for its users.
WHAT THE TEAM DID
After carefully reviewing several options, the client chose to implement Oracle’s Financial Consolidation and Close Cloud Service (FCCS). Built on the Essbase platform, FCCS is the go-forward strategy for Oracle in the financial consolidation market. It provided the most modern and up-to-date consolidation tool while allowing the client to maintain PeopleSoft as its Enterprise Resource Planning platform. FCCS offered a short implementation timeframe and didn’t require a high level of technical proficiency from its users. Moving to a cloud solution eliminated upfront licenses and infrastructure investments, allowing the company to focus on a measured approach to implementation.
The client engaged Grant Thornton LLP to assist with the implementation of FCCS and to bring their financial processes onto a stable, modern platform. We began by understanding the needs of the client. Then, relying heavily on our strong Hyperion Financial Management experience and financial backgrounds, we applied an Agile approach to the implementation. After establishing a base application and core dimensionality to serve as the backbone of support, our team worked with the client to determine additional reporting metrics and custom dimensions, including an application that mirrors their GL accounts, making it easy to research any variances. We then mapped FCCS’s new movement dimension feature to the client’s chart of accounts to create a cash flow statement; then configured Data Management to extract data from FCCS so it could be loaded into the external budget tool, replacing a manual process that required v-lookups. Finally, the Grant Thornton team trained the end users on capabilities and efficient use of FCCS, while ensuring they were comfortable with the changes in loading, extracting and consolidating data.
Implementation of the FCCS tool provides a stable, streamlined solution for the client’s consolidation needs and brings an array of benefits, including:
- Efficiencies in exporting data and building dynamic reporting that were not available with the legacy platform
- Application updates handled by Oracle, enabling the users to focus on business decisions
- Reduced upfront financial investment — inherent in a cloud deployment — allowed the client to update to a modern platform on a limited financial budget, allowing for quicker realization of ROI