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 Optimization Assessment & Managed Services Success Story
The National Elevator Industry Health Benefit Plan (the “Health Plan” or the “Plan”) provides generous medical, prescription drug, dental, vision, and hearing benefits. Once eligible for coverage, benefits are provided to employed persons, their spouse, and any eligible children. The Plan also provides financial protection for employees and their family through short-term disability benefits and life and accident insurance coverage.
NEI Benefits Plan reached out to Elire in June 2022 for assistance assessing their Cloud application. The initial terms of the engagement involved an optimization assessment where the Elire team established Bank connectivity with Wells Fargo for Payments and Bank statement processing, enhanced training on Oracle Cloud Core Financials, reviewed their Financial Reporting Process and Enterprise structures, reviewed Intercompany transaction processes, and reviewed NEI Benefits Plan’s Budgeting Process.
The optimization assessment was able to build trusted advisor status between Elire and NEI Benefits Plan. NEI Benefits Plan lacked in-house Oracle Cloud expertise and turned to Elire following the optimization assessment to keep Cloud up to date through Managed Services support and ensure the NEI team was trained on how to use the application.
The key challenge the Elire team faced was that though the initial implementation of Oracle Cloud was successful, it included configuration errors and was maintained with no new features for five years. With the vast amount of development and new functionality made available during that time, the Elire and NEI Benefits Plan teams needed to collaborate to add new functionality and retrain the NEI Benefits Plan team on how to use and update the system. Ultimately, the goal to increase user satisfaction and continued adoption of new features to optimize application was achieved.
The Elire Team continues supporting NEI Benefits Plan via managed services. Elire successfully established Bank connectivity with Wells Fargo for Payments and Bank statements, configured Intercompany transactions, and created automated financial reports. Elire implemented Intelligent Document Recognition (IDR) which reduced the manual creation of Invoices and automated invoice processing. Elire’s next planned engagement with NEI Benefits Plan is working to automate bank connectivity for payments and statements with BNY Mellon and utilizing IDR technology for AP processing. Elire continues to support the education and knowledge transfer to NEI Benefits Plan team members to better support their Oracle Cloud application and apply new features as they are made available.
Interested in learning more about how Elire can assist your Managed Services 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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