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Optimise Oracle Joint Venture Management Cloud with Deloitte

Tap ERP innovations to grow JV value in oil and gas

In the capital-intensive world of exploration, joint ventures (JVs) are a common vehicle to help reduce the financial and operational risks of standing up new projects. How can you tap into ERP innovations to manage the complexity of accounting records, partner reports and financial transparency? Deloitte can help optimise the modern Oracle Financial Cloud solution to speed implementation and bolster your organisation’s ability to grow. Deloitte applies industry-specific leading practices to help clients increase utilisation, reduce costs and gain analytical insights that drive results.

Untangle the financial web of JVs

In addition to managing the overall venture, JV operators must perform numerous back-office functions such as remitting expenses, collecting revenues and distributing them to the various partners according to their respective agreements. But when it comes to effectively managing this complex financial web, many of today’s technology solutions fall short.

Niche solutions frequently don’t provide complete financial management capabilities and they often lack the latest innovations such as analytics, artificial intelligence and machine learning capabilities for automating key processes for finance, supply chain, indirect procurement and human resources.

Meanwhile, enterprise-level solutions can be expensive and time-consuming to implement, which is especially burdensome for mid-sized operators. And, they often fall short in delivering the full range of essential JV-specific services that operators need.

Tap Oracle Joint Venture Management Cloud

Oracle Joint Venture Management Cloud—part of the latest release of Oracle Financial Cloud—helps operators address these shortcomings and provide a modern ERP backbone. And Deloitte can optimize implementation of the out-of-the-box, pre-configured Oracle solution that is poised to deliver continuous innovation. This modern ERP delivers a single application through which operators can drive compliance with the terms of joint operating agreements, seamlessly link financial transactions to JVs, and automatically process both incoming and outgoing JV transactions.

The result? More timely financial closes, more accurate calculations of JV partners’ shares of expenses and revenues, and improved abilities to research and resolve questions or disputes.

Operators can automatically comply with changes in joint operating agreements through automated processes and billing adjustments. The solution also provides an audit trail to help work out any disputes regarding invoices or partner contributions. This helps to reduce manual errors while significantly accelerating month-end closes.

Using date-effective JV contributions, operators can identify accounts receivable invoices for JV partners and request advanced payment to fund the costs. This helps to ensure that partners only request payments for costs not already covered by their contributions and it provides them with better visibility into how their draws are being used. By automating processes, it once again reduces the risk of manual error while accelerating month-end transaction processing.

Oracle JV Management Cloud enables operators to track key project information from each original transaction and account for each partner’s share of the cost. This vastly improves visibility into costs that can be capitalised for the project, helps monitor work in progress and tracks asset creation. In addition, the automation of key processes—powered by AI and machine learning—enables financial teams to process month-end transactions faster and more accurately.

With the click of a mouse, finance teams can now view key metrics for JVs, including the volume and status of transactions and distributions. Furthermore, the solution’s powerful analytics capability enables managers to drill down and analyse any areas of concern, while providing the visibility necessary to resolve issues.

Get there with Deloitte and Oracle

Deloitte is well-equipped to help JV operators realise the full potential of Oracle Joint Venture Management Cloud as part of Oracle Financials, bringing all the capabilities of a modern ERP application that can be scaled up as your business grows without breaking the bank. We’ve worked with dozens of organisations operating in the oil and gas industry, from super majors and trading businesses to independents. We understand the oil and gas business from front to back, including how JVs work and why they’re vital to the industry. We have the experience to help JVs succeed and we know the pitfalls that can sometimes stand in the way.

A recognised leader in providing Oracle implementation services, Deloitte distinguishes itself in the marketplace by bringing multi-disciplinary capabilities to each engagement. In addition, we developed several out-of-the-box integrations that enable organisations to connect Oracle JV Management Cloud with common applications and point solutions that already exist within their technology ecosystems to drive more value, more quickly.

To support your JV with Deloitte and Oracle, contact us today.

Key contacts

Kulvinder Grewal

Partner

Deloitte Inc.

Kevin Lanes

Senior Manager

Deloitte Inc.

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