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 optimize the modern Oracle Financial Cloud solution to speed implementation and bolster your organization’s ability to grow. Deloitte applies industry-specific leading practices to help clients increase utilization, reduce costs, and gain analytical insights that drive results.
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.
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.
Deloitte is well-equipped to help JV operators realize 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 organizations 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 recognized 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 organizations 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.