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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Time & Expenses and Procure to Pay Process Improvement
Forrester Research sells advisory services and research around technology trends to help customers make informed decisions. Forrester has an emphasis on research; however, they also have verticals that include consulting and events. They are based in Cambridge, MA.
Forrester engaged Elire to improve their Procure-to-Pay (P2P) and Travel and Expenses (T&E) processes. The goal of the project was to understand what was broken with the processes and to provide recommendations that leverage industry wide best practices to improve them.
The project, named Next Generation Improvement, was a strategic roadmap for purchasing, accounts payable, Time & Expenses, and corporate/procurement cards. The seven-week engagement included current state mapping sessions, disconnect identification within a disconnect assessment, future state requirements confirmation, and a roadmap of recommendations to eliminate the disconnects. The project team also did a process maturity assessment with the goal to highlight areas of improvement with set milestones.
The project team worked with both North American and European teams that posed not only time difference challenges, but also differences on the future vision for the time and expense process. The team had to work to unify the vision while working within the time zone restrictions to ensure all major stakeholders were involved in the process.
The Elire project team identified 102 disconnects that Forrester found valuable. The team presented time & expense and procure to pay process recommendations that eliminated 92% of the disconnects and broke them into five recommended projects that could be implemented over 14 months including supplier registration and Accounts Payable (AP) automation.
Oracle Cloud EPM FCCS streamlines financial consolidation, enhancing accuracy and compliance.
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