Case Study: How Hindalco improved financial processes with Oracle EPM Cloud
Hindalco recently automated its financial systems by implementing cloud software, saving time and effort with manual tasks and at the same time, improving both results and security.
Emerging regulatory controls and a progressively competitive business landscape are placing further pressures on financial leaders. Added into the mix is the growth of innovative digital technologies, greatly influencing the rate of development within the market. Being capable of reducing time spend on financial closing with compliance and regulations being met is a significant challenge and a factor that can influence the reputation of a business.
Manufacturing business Hindalco Industries is a fine example of how a business has utilized Oracle cloud to meet these rising challenges. Handling multiple streams of data, combined with completing financial reports in real-time proved very challenging for the business. Integrating multiple reports into a singular version under relatively tight deadlines became a difficult process to manage for Hindalco and is a common issue for other businesses within multiple industries. For Hindalco, many tasks were depending on specific employees, required manual intervention to eliminate any potential errors and required further monitoring and checks from other members of the business.
Hindalco was looking for a solution that would streamline their financial management process and regulatory reports, explains Sunita Menon, Head of Solution Delivery at the business. Financial reporting continues to be one of the most complex and expensive processes. End-to-end reporting involves a number of complicated stages which all have the potential to disrupt the overall flow of the process. Menon explains that Hindalco was looking for a solution that demonstrated a proven case for the business. Oracle EPM Cloud solution was selected as it offered the services that enabled Hindalco to combine finance and IT services together.
The introduction of the new solution began with identifying the underlying problem, selecting the right technology and determining an implementation partner and delivering the solution to meet business expectations. Menon explains that this process involved a combination of design thinking, stakeholder management, training, validation checks, user acceptance testing and the final delivery of the tested product. Data was collected from over 20 locations and was inputted into Hyperion Financial Management (HFM) and later combined with the cloud solution.
The benefits of the move to Oracle
The new solution enables simultaneous updates from a select number of points at any time. Users are able to share report segments with the option of implementing review and responsibility settings. The system also includes a number of validation to monitor financial data and any potential errors.
Menon explains that the business now has the ability to assess and deliver multiple versions within a single link to source data. Menon highlights the improvements through greater accuracy, explaining that any opportunity to free up the time of professionals will result in higher levels of accuracy. The business has improved its use of resources and additional time can be spent specifically on analysis, rather than the time-consuming process of collecting data