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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Managed Services Success Story
Channel Control Merchants (CCM), headquartered in Hattiesburg, Mississippi, is an extreme value retailer and exporter of brand-sensitive secondary market inventories. Secondary market inventories are purchased from major retailers and manufacturers and processed through CCM reverse logistics facilities. CCM meets suppliers’ specific geographic distribution requirements for resale by selling through more than 100 retail stores, or through export operations to over 40 countries worldwide. Their business model is a proponent of zero waste by working as a vertical integration with the retailer to focus on productive inventory.
In March 2021, CCM turned to Elire to optimize their Cloud ERP system, aiming to leverage best practices, identify and implement quick wins to improve performance, and to develop a comprehensive IT Strategic roadmap. This included the in-scope modules (GL, AP, Cash Management, FA, Tax, EPM), as well as the larger financial and logistics processes.
Elire performed an initial assessment and identified quick wins the CCM team was able to implement such as implementing bank reconciliation solutions and implementing and/or improving their integration with the CCM purchasing system. Elire also recommended a full integration with Lucernex, their Property Management system.
The CCM team has since partnered with Elire as their full-service support service for Oracle Cloud. As part of the Elire and CCM Managed Services partnership, the Elire team set up Intelligent Document Recognition (IDR) for invoice imaging. CCM sought to leverage IDR for predicting invoice information from an emailed document to create invoices, which can then be imported into Payables. IDR uses machine learning to improve recognition rate for supplier invoices over time.
The Elire team is on deck to support the everyday challenges CCM encounters. Ranging from production support issues to educating the team on how to use Cloud to its fullest extent, Elire supports challenges the CCM team faces.
The Elire team has successfully logged and resolved 227 tickets to date. Upcoming potential projects and goals include implementing Cash Management, Purchasing, and implementing Tax/Fixed Assets. The Elire/CCM Managed Services contract continues and the teams look forward to the additional projects slated for the near future.
Interested in learning more about how Elire Advisory Services can assist your team? Visit our Managed Services Page or contact our team at [email protected].
Oracle Cloud EPM FCCS streamlines financial consolidation, enhancing accuracy and compliance.
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