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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The Government Employees Insurance Company (GEICO) is the second largest insurance company in the United States and is headquartered in Chevy Chase, Maryland. As of 1996, GEICO is a wholly owned subsidiary of Berkshire Hathaway and for the past several years, Fortune magazine has named Berkshire’s property-casualty insurance operation the most admired in the country. With over 40,000 employees that manage insurance coverage for more than 28 million motor vehicles owned by more than 17 million policy holders, GEICO is truly one of the fastest-growing major auto-insurers in the United States.
At the time, GEICO was live on PeopleSoft FSCM 9.2 to run all their Financials ERP and had focused on technical code customizations to streamline business processes rather than adoption of new features and functionality through software upgrade and updates. With a planned moved away from PeopleSoft as a whole and onto a new cloud ERP software, GEICO was tasked with and extensive review of their core financial modules that include: Asset Management, Accounts Payable, Purchasing, Inventory, Cash Management, and General Ledger. The project was scoped to be a 6-week software agnostic ERP assessment that was designed to help GEICO determine the right path forward for their ERP investment between Oracle ERP Cloud and Workday.
The project scope called for an accelerated timeline to aggressively gather requirements and provide a fit/gap analysis across six Financial modules that contained multiple submodules within each. Based on the project committee’s expectation to have a recommendation presented before rounding out the fiscal year.
Elire delivered a holistic assessment of two cloud-based ERP software that encompassed a total of six different decision criteria for GEICO to make their decision on. Fit/Gap of requirements, resolution of disconnects, cost, security, data conversion needs and usability are what Elire based their recommendation one. An interlaying of business process mapping that spanned 6 modules, dozens of business processes and Elire’s Success Delivered methodology, allowed GEICO to clearly identify over 400 requirements necessary of their new software to make a comprehensive, informed decision to support their nation-wide business for the foreseeable future.
Interested in learning more about how Elire can assist your Cloud team? Visit our Cloud Services Page or contact our team at [email protected].
Oracle Cloud EPM FCCS streamlines financial consolidation, enhancing accuracy and compliance.
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