Financial Close and Consolidation with Oracle Cloud EPM – Part 2
Oracle Cloud EPM FCCS supports end-to-end financial close with features like task management, intercompany eliminations, multi-GAAP reporting, and audit-ready compliance.
Application Roadmap
Lawrence Livermore National Laboratory (“The Lab”) has a mission of strengthening the United States’ security through the development and application of world-class science and technology to enhance the nation’s defense, reduce the global threat from terrorism and weapons of mass destruction, and respond with vision, quality, integrity and technical excellence to scientific issues of national importance. The Lab encompasses nearly 8,000 employees and has an operations and research budget of more than $1.5 billion.
Elire was originally engaged to support the implementation of PeopleSoft Absence Management for the Lab’s HCM application. The Lab’s IT management was interested in Elire’s history of success with other labs such as Idaho National Lab, and requested an application roadmap to plan out a strategic vision for the future ERP. Lawrence Livermore needed to upgrade Oracle E-Business Suite (EBS) before it went out of support. LivIT, the Office of the CFO, and Elire worked together on an assessment to determine the best application for the future: Oracle EBS 12.2 or Oracle Cloud ERP. Elire evaluated financial business processes across the following modules: GL, AP, AR, Project Accounting, Project Billing, and Cash Management. In addition, we looked at existing custom reports, interfaces, customizations, and extensions to develop a high-level Fit/Gap between both future options. Finally, we developed a long-term cost of ownership comparison between the on-premise and Cloud options including staffing costs, licensing, and implementation project expense.
Lawrence Livermore Lab was heavily customized, including several completely custom programs that interface with the ERP such as a custom secondary ledger, validation service, and funding process. Lab leadership were extremely risk-averse and skeptical of Oracle Cloud’s ability to meet their needs. The Lab works in a highly regulated environment and needs the flexibility to respond to Department of Energy mandates while remaining operationally secure.
Elire’s team of business process, Cloud functional, and EBS consultants successfully delivered a compelling Fit/Gap and Cost of Ownership comparison to the project leads. In addition, the project team emphasized that business process redesign would be key to seeing long-term value from both options, and truly transform the lab’s operations. Go live was successfully accomplished on 11/9/2021.
Oracle Cloud EPM FCCS supports end-to-end financial close with features like task management, intercompany eliminations, multi-GAAP reporting, and audit-ready compliance.
Oracle Cloud EPM FCCS streamlines financial consolidation, enhancing accuracy and compliance.
Join Elire’s Jenny Wang for an insightful webinar covering the transformative shift from Task List to Task Manager in Oracle EPM Planning. Discover how centralized
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