Outdated financial reporting
Oracle systems implementationTHE SITUATION
The Rogers Corporation, founded in 1832, is a global technology leader in innovative solutions for power electronics, advanced foams for cushioning and protective sealing, and high-frequency printed circuit materials. Rogers was looking to accelerate growth, but was finding its existing PeopleSoft financial and budgeting system lacking. The system offered limited visibility into what was happening across a vast, global business. After considering a range of budgeting and forecasting solutions, the company decided it needed a platform that could provide financial insight to manage its expanding business with all of its variables and projections. Instead of simply replacing its budgeting tool alone, the organization sought to realign its financial reporting processes to support the growth of the business.
Grant Thornton LLP’s Technology Solutions team implemented the following systems:
- Oracle Hyperion Financial Management (HFM)
- Oracle Planning and Budgeting Cloud Service (PBCS)
- Oracle Essbase Database Management System
Headquartered in Rogers, Conn., Rogers was established 185 years ago, making it one of the oldest public companies in America. Originally a paperboard manufacturing company, it has evolved into a global materials technology leader, enabling a wide array of high-technology devices and systems. With partners and customers around the world, Rogers manufactures products in the U.S., Asia and Europe. Succeeding and growing in today’s market requires adaptability, visibility and transparency, given the current fiscal policies, volatile energy costs and countless other variables. Especially for an international business like Rogers, with manufacturing operations around the globe, the ability to adapt and change its budget and forecast to respond to a fluctuating market is critical. With its previous financial and budgeting systems on the PeopleSoft ledger, there was only room for a limited number of summarized entries. As a result, this system allowed little visibility into the underlying business. The company’s new CFO turned to Grant Thornton to help bring Rogers’ financial reporting into the 21st century, with new budgeting and planning solutions, as well as a broader reporting platform, including financial reporting, modeling and vastly increased transparency.
WHAT THE TEAM DID
By providing a redesign and reimplementation of Rogers’ Oracle HFM, our team helped Rogers consolidate its financial book of records from PeopleSoft Global Core Human Capital Management and Oracle Business Intelligence Applications for SAP into a single book of record. Our team also implemented Oracle PBCS, which included employee-level compensation and project planning, all of which replaced an existing product that wasn’t scaling to meet the global demands of the organization. Finally, we implemented Oracle Essbase reporting to move the company into a scalable, dynamic, and more robust system.
Originally, Rogers’ area of concern was that its budgeting and forecasting were not meeting the needs of the growing business. The outcome was a new platform that provides the company with greater visibility into underlying business areas, and a new reporting engine that gives them the flexibility and user-controlled options to meet the challenges of the global economy. By moving Rogers from a static budget to an interactive one, the company can make driver-based calculations in response to the fluctuating market, increasing accuracy.
As a result of the new software and systems, Rogers now has a financial reporting system that can move at the speed of business while maintaining its global reach. This positions Rogers to onboard acquisitions faster and more efficiently. From a budgeting and forecasting viewpoint, the company can now capture key drivers while also updating its underlying model as its business grows and evolves.
What once involved inputting data from multiple sources has been transformed into a streamlined, centralized system. By consolidating the organization’s reporting into a single tool set, we helped streamline all of the data, allowing Rogers to maintain one version of the truth in a platform that is scalable, dynamic, fast and robust. This positions the company for continued growth, while freeing up the financial team to probe deeper into analytics and explore the underlying drivers of profitability, which are essential for a global company in the current economy.
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