Orthofix Improves its Financial Close and Consolidations with Oracle Cloud (ARCS & FCCS)
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Orthofix International, a global medical device company and a legacy Hyperion Financial Management customer, needed to improve its overall close process, providing better tools to employees, and minimize its infrastructure footprint. They partnered with Perficient to implement Oracle Hyperion Account Reconciliation Cloud Service (ARCS) and Financial Close Cloud Service (FCCS) to perform account reconciliations and manage the close process. Orthofix and Perficient leaders discussed the implementation including lessons learned, benefits realized, and how these new applications could also benefit your organization.
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Orthofix Improves its Financial Close and Consolidations with Oracle Cloud (ARCS & FCCS)
- 1. How Orthofix Improved Its Financial Close & Consolidations with Oracle Cloud Account Reconciliation Cloud Service (ARCS) & Financial Consolidation and Close Cloud Service (FCCS)
- 2. Santhosh Nair General Manager, Oracle EPM Perficient Scott Rodney Hyperion Financial Management Admin Orthofix Lon Snook Vice President, U.S. Accounting and Consolidations Orthofix
- 3. 3 Agenda • Introductions • About Perficient • Oracle EPM Cloud Landscape • About Orthofix • Current State / Challenges • Project Scope and Timeline • Outcomes / Success Metrics • What’s Next / The Future • Q&A
- 4. 4 About Perficient Perficient is the leading digital transformation consulting firm serving Global 2000 and enterprise customers throughout North America. With unparalleled information technology, management consulting, and creative capabilities, Perficient and its Perficient Digital agency deliver vision, execution, and value with outstanding digital experience, business optimization, and industry solutions.
- 5. 5 Perficient Profile Founded in 1997 Public, NASDAQ: PRFT 2015 revenue $473.6 million Major market locations: Allentown, Atlanta, Ann Arbor, Boston, Charlotte, Chattanooga, Chicago, Cincinnati, Columbus, Dallas, Denver, Detroit, Fairfax, Houston, Indianapolis, Lafayette, Milwaukee, Minneapolis, New York City, Northern California, Oxford (UK), Southern California, St. Louis, Toronto Global delivery centers in China and India 3,000+ colleagues Dedicated solution practices ~95% repeat business rate Alliance partnerships with major technology vendors Multiple vendor/industry technology and growth awards
- 6. 6 Perficient’s EPM Practice Fast Facts • Practice Started: 2002 • Projects Completed: 1000+ • Management Team: 15 years • Oracle Authorized Education Center • Hyperion Education • SupportNet Managed Services • Support Services Solutions Expertise • Cloud readiness assessments • EPM strategy and health check • Financial close & consolidations • Cloud & on-premises solutions • Reporting & analytics • Data relationship management • Account reconciliations • Profitability & cost management • Infrastructure & high availability Oracle Specializations
- 7. 7 CFOs Embrace Moving Financial Apps to the Cloud
- 8. 8 A Complete EPM Cloud Solution Account Reconciliations Consolidations Budgeting & Forecasting Integration Secure Single Vendor Platform COMPREHENSIVE - The most complete cloud-based Enterprise Performance Management solution available EASY TO ADOPT – Modular productswith Configurable capabilities, leveraging a Common Platform, Flexible Deployment FIRST-IN-CLASS FUNCTIONALITY – Embedded Best Practices, Tailored Role- based Interfaces, Pre-Built Content, Extensive Leverage of Oracle R&D Copyright © 2016 Oracle and/or its affiliates. All rights reserved. COMPREHENSIVE – The most complete cloud-based enterprise performance management solution available EASY TO ADOPT – Modular products with configurable capabilities, leveraging a common platform, flexible deployment FIRST-IN-CLASS FUNCTIONALITY – Embedded best practices, tailored role-based interfaces, pre-built content, extensive leverage of Oracle R&D Tax Provision Profitability & Cost Management
- 9. 9 Oracle’s EPM Cloud Leadership Copyright © 2016 Oracle and/or its affiliates. All rights reserved. Built on over 15 years of Product Innovation Clients across industries Financial Services,Higher Ed, Consumer Goods, Retail, Services, High Tech, Public Sector 1,982 Subscriptions to date 104,681 End Users and growing! Available and Supported Globally 24 X 7 X 365 First Product Launched: February 2014 (5 products to date)
- 10. 10 • Cloud-based ‘Software-as-a-Service’ delivery advantages • No capital infrastructure investments • Minimal IT resource requirements • Owned by line of business • Never have to worry about upgrades • New features are more frequently available • Backups are owned by Oracle Oracle Cloud Service
- 11. 11 • Address the global reconciliation process • For each process, support the complete lifecycle including: • Verifications • Assignment tracking • Managing preparation and review • Minimizing risk • Process optimization • Flexible and robust user-owned reporting • Integrated with transaction systems • Fully integrated with the EPM Cloud Oracle Account Reconciliation Cloud Service (ARCS)
- 12. 12 • Close Calendar • Features custom task management • Workflow for enterprise-level collaboration • State-of-the-art dashboards • Intuitive user interface Financial Consolidation Cloud Service (FCCS) includes Financial Close Manager functionality
- 13. 13 Orthofix • Founded in Verona, Italy in 1980, Orthofix is a global medical device company providing innovative solutions to physicians around the world • Headquartered in Lewisville, TX, the company has four strategic business units that include BioStim, Biologics, Extremity Fixation, and Spine Fixation • Over 50 countries served and 900 employees • Corporate provides comprehensive management services, such as compliance, legal, finance, and human resources • Global Oracle EBS • Global Hyperion FDMEE and HFM implementation in 2015 • Live on FCCS/FCM and ARCS February 2017
- 14. 14 Financial Accounting & Analysis Team • Multiple departments, each with multiple entities and varying degrees of involvement in Close and Reconciliation process led to non- standardized process • Wanted participants to be accountable for their activities • Spent time processing the Close and reconciling data and not enough time analyzing it Growing Business • Multiple Oracle EBS instances for ERP • Implemented HFM and FDMEE on premises in 2015 • Wanted to automate Close and Reconciliation Process • Growing need to provide executive office with greater insight into the Close and Reconciliation status Company Background
- 15. 15 Manual Tracking of Financial Close Tasks • Managed via Excel and email • Non value-add time spent tracking status • No direct visibility into bottlenecks • Participants did not have visibility to their role in the process Account Reconciliation • Process and templates were done in Excel • Balance change updates during close might be missed in Reconciliation • Non-productive time spent tracking status • Challenging to ensure all accounts were reconciled • Repository for reconciliations were in network folders and additional time was required to ensure all were completed Challenges
- 16. 16 FCCS / ARCS Integration Timeline Summer 2016 Began to explore solutions for Reconciliations and Close Management Oct 2016 Built vision and engaged Perficient as partner Nov 2016 Began ARCS & FCCS/FCM project with Perficient Dec 2016 Close Went live with FCCS/FCM, 7 weeks after project start Jan 2017 Close Went live with ARCS, 11 weeks after project start
- 17. 17 FCCS and ARCS Scope Areas Period Close ARCS Accountability and Management • Clearly defined tasks for different close periods (Month, Quarter, Year-End) • Ability to create a specific PBC task list for external auditors • Segregation of tasks by organizational unit • Task dependencies • Centralized tracking and storage of Reconciliations and supporting schedules • Auto – Reconcile rules • Data integration components to load GL balances • Workflow for Close and ARCS approvals with automatic mail notifications • Dashboards for task and Reconciliation status and bottlenecks • Out-of-box reports for audit and reporting purposes
- 18. 18 Project Outcomes Admin Feedback User Feedback Project Success • Defined start and end for close and reconciliation process • Ability to quickly reload all balances into all reconciliations • Capacity to check status and bottlenecks • Streamlined process for user & application management due to web-based nature • Auto reconciliation feature saves the user time • Notifications helpful in identifying priority tasks • Data loaded automatically into reconciliations • All accounts listed in one place. Won’t miss any account • Auditors like the time-saving process and complete PBC package • On time and on budget! • Time savings around reconciliation preparation • Facilitates Audit readiness • Cloud solution reduces infrastructure footprint, reliance on IT, and streamlines application and user maintenance
- 19. 19 What’s Next? EPBCS Web-enabled planning and budgeting Analytics for sales including geography and seasonality Analytics for sales part number and product Non-financial data metrics including metrics and volumes
- 20. Questions Type your question into the chat box
- 21. 21 Next up: [Webinar] How Oracle Sales Cloud Release 12 Will Boost Sales Productivity Wednesday, March 22 [Event] Collaborate – Las Vegas April 2-6 Follow Us Online • Perficient.com/SocialMedia • Facebook.com/Perficient • Twitter.com/PRFT_Oracle • Blogs.perficient.com/Oracle
- 22. Thank You