Financial Close and Consolidation with Oracle Cloud EPM
Oracle Cloud EPM FCCS streamlines financial consolidation, enhancing accuracy and compliance.
November 12, 2024
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Cloud ERP Optimization Assessment
For over a century, Helzberg Diamonds has made it their mission to craft and produce quality diamonds and fine jewelry. Founded in 1915 by Morris Helzberg, Helzberg Diamonds boasts over 100 years of diamond expertise with 210 stores located in 36 U.S. states.
Elire and Helzberg Diamonds were in discussions regarding optimization efforts for a number of years prior to the summer of 2023. At this time, Helzberg Diamonds brought in Elire to conduct an Oracle Cloud Optimization Analysis and discover quick wins to focus on critical issues that were impacting Helzberg’s current use of Oracle Cloud ERP.
This included focused facilitated workings session on topics including project accounting issues and quick wins, direct procurement issue analysis, treasury (Cash Management) banking integration discovery and planning, EPM ARCS discovery and planning, and person management integration (from Workday to Oracle) discovery and planning.
A roadblock faced during the assessment was properly mapping the relationships between Project Tasks, Expenditure Types, and Asset Categories to meet Helzberg Diamonds need for Financial Accounting and Project Cost Reporting. This was resolved through collaborative working sessions which reviewed various project configuration examples in a test environment to demonstrate the functionality of Oracle Cloud.
The Project was completed successfully on time and under budget on December 1st, 2023. The Elire team was able to assist Helzberg Diamonds with the re-configuration of their core Project Financial Management structure which allows them to properly process cost-related transactions from Procurement through to Assets in a streamlined fashion. This provides better visibility to project-related expenditures. The Elire team was also able to recommend multiple optimization projects for Helzberg Diamonds to take on including Oracle Cloud EPM ARCS, Cloud Cash Management, Person Management, integration improvements, and Cloud Accounts Receivables. Elire continues partnering with Helzberg Diamonds through Managed Services support.
Interested in learning more about how Elire can assist your Cloud team? Visit our Advisory Services Page or contact our team at [email protected].
Interested in learning more about how Elire can assist your Cloud team? Visit our Cloud Services Page or contact our team at [email protected].
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