Oracle E-Business suite helps Escorts to cut financial reporting time by 50%

India’s largest multinational automotive manufacturing conglomerate Escorts Limited said the company has implemented Oracle E-Business Suite. The company consolidated four ERP systems onto Oracle E-Business Suite “to make business processes more efficient and to increase revenue opportunities.” “By implementing a standardised ERP platform, Escorts has accelerated its supply chain process and improved decision-making with enhanced data transparency across its four lines of business.” [caption id=“attachment_2007695” align=“alignleft” width=“380”]  Reuters[/caption] The company slashed financial reporting time by 50 percent and automated supply chain operations to enable faster responses to rapidly changing market demands. Furthermore, Escorts has improved its inventory and warehouse management. “We wanted a standardized ERP platform to increase enterprise-wide transparency and ensure interoperability between our four lines of business. We have had a long relationship with Oracle since our first implementation for the agriculture machinery division in 2002 and since then have developed confidence in the superiority of Oracle’s solutions. Because of our prior experience, we were confident that Oracle had the best answer to our requirements,” said Vipin Kumar, Group CIO, Escorts Limited. Prior to this implementation, each of Escorts’ four lines of business used separate enterprise resource planning (ERP) platforms, which resulted in disparate operating and control processes and created difficulties for management to gain enterprise-wide visibility for taking informed business decisions. It was a cumbersome and time-consuming process to analyse the company’s profitability drivers. With disparate legacy ERP systems, Escorts could not close books and generate financial reports until the tenth day of the following month, as all four divisions had different chart-of-account masters and business-specific methods for handling financial data. Through the implementation of Oracle Financials, Escorts implemented a group wide, shared-services business model to centrally manage all financial activities, including accounting (Recievable, Payable, General Ledger), taxes, and Fixed Assets. Escorts can now complete their financial reporting on the fifth day rather than the tenth day of the next month by using the integrated workflow and automated data consolidation. In addition, the Oracle Discrete Manufacturing integrated and automated all key procurement and manufacturing processes of Escorts, from planning and procurement to manufacturing and fulfillment.