Using Oracle Hyperion Financial Management (HFM) products and technologies, Deloitte built and delivered an automated statement consolidation and account verification platform to enable multi-system data interaction and developed management and control systems and processes to meet the client's requirements for multi-level financial and management report consolidation and account verification with vouchers. The efficient project inquiry and implementation helped the client prepare for digital transformation and seize the opportunities for state-owned enterprises' digital reform.
About client
The client is a large provincial state-owned energy enterprise headquartered in Hangzhou. It operates in the power, oil, gas, and energy service industries. The company owns many A-shares and Singapore-listed companies and manages over 500 enterprises. It leads state-owned enterprises' digital reforms, adheres to the carbon peak and neutrality goals, and strives to enter the world's Top 500 by the end of the "14th Five-Year Plan".
Requirement
The client's operation scale and business models keep growing. Its original statement consolidation system is time-consuming and inefficient, heavily relying on manual work, which cannot meet the diversified operation and group control needs. The client hopes that Deloitte will assist in creating an efficient, accurate, and highly-automated system to further promote its group-wide financial digital transformation.
The Solution
- Create consolidation and verification platforms to enable group-wide detailed reconciliation with vouchers
- Establish a financial and management report analysis system to compare the budget with actuals and standardize business and financial data in different scenarios
- Determine consolidation processes, authorities, responsibilities, regulations, and so on to enhance the group and each segment’s financial management and control ability
- Enable multi-business data interaction by designing a system structure to set up an enterprise data bank in the finance domain
Result
- Automate over 500 companies' financial statements
- Automatically issue multiple reports, significantly increasing the automation rate
- Automate data integration, adjustment, conversion, and offsetting
- Efficiently and automatically consolidate in complex scenarios, with visible and auditable drafts
Deloitte digital finance adopts new technologies, innovative data, and personnel to improve financial differentiation, unify strategic, business, operational, and expert finance applications, and follow automation, regulation, compliance, and real-time trends to further promote the group's financial digital transformation.
Deloitte × Oracle
Deloitte's market-leading innovation, professional insights and networks, industry experience, and Oracle's industry-leading cloud technology enable the client to increase enterprise value and become agile, innovative, and revolutionary in the marketplace.
Please contact Deloitte:
Liu, Yin Shi
Deloitte China Consulting Partner
ysliu@deloitte.com.cn
Rita Chan
Deloitte China Oracle Alliance Leader
ritchan@deloitte.com.hk
