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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Kyriba Implementation
Varsity Brands, Inc. is an American apparel company owned by Bain Capital. Varsity Brands partners with educators, coaches, and students to build school pride, student engagement, and community spirit. It is primarily focused on academic apparel and memorabilia, with its operations split among three major subsidiaries: Herff Jones—a manufacturer of products such as class rings, graduation caps and gowns, and yearbooks; Varsity Spirit—which produces apparel and competitions in cheerleading; and BSN Sports, a distributor of sports uniforms and equipment. Founded in 2014, Varsity Brands now boasts over 9,000 employees.
The Elire team was tasked with implementing Kyriba Administration and Security (Core Data), Account Management, Financial Transactions and Cash Accounting, Bank Fees, In-house Banking, Connectivity (Bank Statements), Cash Management and Forecasting, Payments, as well as integrating PeopleSoft and SAP interfaces. The Elire team utilized their Success Delivered Methodology to implement Kyriba, which involved six phases: Mobilize, Design, Build, Test, Deploy, Stabilize.
The team experienced challenges with the interfaces of the SAP and PeopleSoft integration, and the continued changing the directions of files to the Kyriba system. Lack of clarity was a challenge as the system would pick up the file for their internal server, or the Kyriba server.
The Varsity Brands team saw great success in knowledge transfer, and the Elire team worked with Varsity Brands (VB) to give them “homework” to ensure the team was up to speed. Following Elire’s implementation, the VB team found the Payments module to be particularly useful and reduced manual process time and efforts. By implementing Kyriba, Varsity Brands saw better ease of use with their SAP and PeopleSoft applications and were able to leverage their Kyriba TMS to eliminate spreadsheet use. The project was completed within budget. Now, the VB team is more automated and has a better picture of their cash positioning. Go-live occurred on May 31st, 2023.
Interested in learning more about how Elire can assist your team with Treasury Services? Visit our Treasury Services Page or contact our team at [email protected].
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