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Glenmede transitions to a modern, integrated cloud platform across finance, accounting and HR

CASE STUDY

Sector
Financial services

Client challenge
Disparate systems for finance, accounting and HR processes

Services provided

Implementation of cloud services
Glenmede has achieved significant operational improvements and efficiences and improved data accuracy through the implementation of the integrated Oracle platforms.

THE SITUATION
The Glenmede Corporation, an independent investment and wealth management firm with over $33 billion in assets under management, was using a Microsoft enterprise resource planning (ERP) system and various technology platforms — including a payroll provider, an applicant tracking system, a learning management system, a benefits enrollment platform and a performance management system — to support its human capital needs. While many of the HR system platforms provided cutting-edge services, a lack of integration caused redundancy and duplication of efforts and failed to support Glenmede’s long-term needs. The company needed to move to a common, integrated platform across finance, accounting and HR that would help it achieve operational efficiencies, improve strategic decision-making and empower employees.

THE CHALLENGE
Glenmede knew its long-standing ERP system was no longer meeting its needs. Generating reports and reconciling data were time-consuming, and by the time the reports were generated, they were no longer current. The firm wanted to create a new chart of accounts based on industry-leading practices that would allow it to make process improvements, drive accountability and support better decision-making through dynamic reporting. The company also aspired to reduce maintenance and minimize disaster recovery risks through a SaaS (software as a service) model.

FAST FACTS

  • Administration and maintenance reduced by 50%
  • Bank account reconciliation processes have decreased by 75%
  • Financial statement preparation has been cut by 1/2


WHAT THE TEAM DID
The multiyear project launched November 2014. Grant Thornton LLP led Glenmede through the process of identifying a more modern and integrated platform that spanned finance, accounting and HR, in addition to designing a new chart of accounts. These actions were intended to support the current business and provide a foundation for growth and evolution in the future.

We walked Glenmede through a comprehensive vetting of multiple SaaS vendors, which ultimately led to the selection of Oracle solutions. Oracle outscored competitors in a number of functional and technical areas based on the desired business benefits, as well as training and user adoption/support. Glenmede opted to implement Oracle’s Enterprise Resource Planning Cloud, Human Capital Management (HCM) Cloud and Planning and Budgeting Cloud Service (PBCS) applications. Here are some of the solution highlights:

Financial management

  • Realized financial reporting lifts from easier report creation, changes and delivery without the need to involve IT
  • Moved to a system-based planning and budgeting platform that was integrated with its core ERP general ledger, which resulted in significant ROI and allowed Glenmede to move away from manual spreadsheets
  • Shortened close cycle
  • Improved journal entry preparation, approval and archiving
  • Integrated account reconciliations and analysis within the system


HCM/HR

  • Reduced points of data entry, creating higher volumes of transactions with less effort
  • Enabled more seamless support of previously manual processes (e.g., compensation and talent development planning)
  • Automated data feeds to external vendors
  • Enabled real-time connectivity to general ledger/finance/accounting


OUTCOMES
Glenmede has achieved significant operational improvements and efficiencies and improved data accuracy through the implementation of the integrated Oracle platforms.

HCM benefits: Self-service applications boost efficiency
The implementation of HCM (core HR) has increased the efficiency of the company’s data management strategy. By utilizing employee self-service applications that push ownership to employees, data accuracy and validity have improved, and HR employees have been freed up to focus on more value-added activities.

The consolidated HCM system makes hiring and onboarding processes more continuous for both managers and candidates. Implementing an integrated applicant tracking system makes it easy for HR personnel and hiring managers to create job requisitions, view mapped candidate data, and hire and onboard employees.

  • HR can now quickly complete the required forms and tasks necessary to initiate the onboarding process and notify key stakeholders if additional action required.
  • On the candidate side, applying for jobs is simple with the Oracle’s candidate portal. Internal and external candidates can upload their resumes directly from their phones via Google Drive and Dropbox.


The implementation of an enterprise learning management system has taken Glenmede from a site that merely housed and tracked web-based training completions, to one where learners are able to log the training they complete outside of the company (i.e., college courses). In a highly regulated industry, Glenmede can ensure adherence to all compliance-based training for its staff.

ERP benefits: Automation, efficiency and accuracy improve decision-making
The implementation of the ERP platform for general ledger, accounts payable (AP), fixed assets, expenses, accounts receivable and PBCS has led to greater automation, efficiency and accuracy.

  • Financial statement preparation time has been reduced 50% by simplifying the consolidation process and reducing company-specific financial statements. Glenmede now uses one set of standard processes and reports.
  • New reports — technologically impossible with its legacy system — have been created and are being used every day. Specifically, Glenmede is now able to perform segment profitability analysis on a monthly basis using real-time data. Previously, the company was only able to perform such analysis retroactively on a yearly basis.
  • Staff are able to track the status of AP invoices in real time as they move through the configured workflow.
  • Expense report auditing is easier to perform and provides greater accuracy.
  • HCM data are seamlessly integrated with expense reporting functionality, reducing administration and maintenance by 50%.
  • By replacing a manual entry spreadsheet with a highly automated reconciliation and cash entry generation process, bank account reconciliation processes have been reduced by 75%.
  • The asset maintenance life cycle has been reduced by 60% through integration and enhanced categorization. A fully integrated process starts with AP and extends all the way until final entries are posted to the ledger.


Oracle workflow has reduced the lag time for transactions and decisions requiring approval. In the past, transactions could sit with one person for notification purposes — not approval — for days before moving on to the next person. The new system also has delegation rules, thereby ensuring the process does not get delayed when a decision-maker is unavailable.

As a result of Glenmede’s new platform, things are moving faster, and reports and manual tasks are completed in a fraction of the time. Decision-makers have better insight and real-time access to their data across finance, HR and accounting, and those data are much more reliable and valid. Together, the new cloud-based ERP, HCM and PBCS solutions make Glenmede a more streamlined, efficient, nimble and modern organization.

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CONTACT
Devon Snyder
Principal, Technology Solutions
+1 215 531 8765