A Vertical Edge Case Study

U.S. Based Company
Focusing on Superior Image Solutions

FCC Implementation

Vertical:
Lighting, Graphics and Technology

The Client:
Our client is a publicly traded, international Lighting, Graphics, and Technology company. They are committed to advancing solid-state LED technology to make affordable, high performance, energy-efficient lightning and custom graphic products. Additionally, they provide a full range of design support, engineering, installation and project management services to our customers.

The Challenge:
Our client was using old Excel models with Lotus 123 formulas for consolidations, with no systematic controls or security to prevent data changes. These limitations allowed manual top-side adjustments, plugs and excel manipulations making audit trails extremely difficult and difficult to follow. This concern had been identified earlier in an original discovery process for a recently completed PBC Implementation for this company. Vertical Edge Consulting Group established a reliable and trustworthy working relationship with our client, so it was a natural path for our team to continue working through this second phase of project work.

The Solution:
The Enterprise Performance Management (EPM) solution called for the implementation of the Oracle Financial Consolidation and Close Cloud (FCC) application to support the consolidation, close and reporting needs that our client required for their financial reporting and close processes. In the implementation, Vertical Edge also enhanced their Ad-hoc reporting creating a consistent source for reporting that easily reconciled to JDE allowing the application to be scalable and grow with our client.   

The Success Factors:
• On-time delivery of project requirements
• Project delivered within the established budget
• Managed an effective and efficient close and external reporting process 
• Reduction of monthly internal reports and processes
• Reduction in delays in consolidation
• Documented evaluation of current state of monthly financial close processes
• Increased efficiency and accuracy of information for auditors and regulatory agencies.
• Leveraged financial systems to make business processes repeatable and efficient; ensured a stable platform with proper governance 
• Reduction of key manual control activities
• Lack of voids in monthly/quarterly close process
• Ensured proper training and cross training of accounting staff
• SOX compliant data integration and mapping
• Delivered self-service reporting to the organization

Company Annual Revenue:
$300+ million

The Solution Product:
• FCC
• Data Management
• Smart View
• Financial Reporting Web Studio