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Leading Pharmaceutical Company Implements Oracle ARCS

Leading Pharmaceutical Company Implements Oracle ARCS

Automates Reconciliations and Achieves a Faster Financial Close

Company Overview

The client is a global leader in the development, supply and support of formulated products for the pharmaceutical industry. They design advanced coating systems, modified release technologies and functional excipients for pharmaceutical dosage forms.

The Challenge

The client was using spreadsheets for reconciliations, which needed manual effort to follow-up, track and update the data. They wanted to be able to access supporting documentation like invoices, bank statements, purchase orders in a single location. Other challenges included:

  • Insufficient documentation with the risk of losing physical files
  • No standardized, global process for tracking missing reconciliations
  • Lack of control and visibility into account reconciliation
  • Lack of a standardized audit process
  • Reconciling zero balance accounts for reporting accuracy

The Solution

ITC worked closely with the client to understand their requirements, developed a business case and recommended Oracle Account Reconciliation Cloud Service (ARCS) as it met their requirements. ITC's experts were able to address the challenges that arose during the implementation and meet all client requirements. These included – deciding reconciliation methods, the ability to change the reconciliation duration for different months, ensuring proper validations and necessary documentation, supporting annual variance analysis for rolling periods (not an out-of-the-box feature), the ability to change the priority of reconciliations after data loading based on the dollar amount, account analysis of reconciliation compliance, and automating data load schedules for custom calendars.

RESULTS

  • 250+ accounts now have a scalable solution for future reconciliations
  • 20% of reconciliations are auto closed without any manual effort
  • Standardized processes across the organization resulted in a fast and efficient close process
  • Data load automation reduced manual reconciliation efforts
  • Flexible workflows with auto reassignments to backup users eliminated delays in the close process
  • Centralized audit reports improved transparency and ensured compliance
  • Reduced dependency on IT and lower maintenance costs
Harleysville, PA

Industry

Pharmaceuticals

Employees

1200

IT Convergence Services

  • Professional Services

Applications & Technologies

  • Oracle ARCS
  • Oracle EPM Cloud
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