Replace and improve outdated procurement system and processes
Automate bank reconciliation
Establish stricter payment controls
Used Hitachi Migration Tool to help scope effort
Migrated client to Oracle Cloud Applications for financials and procurement
Automated and improved multiple business processes
Automated almost all bank reconciliations
Reduced reporting production time from three to four days to one day
Improved invoice processing with OCR and automation
Regional Financial Services Company
Manages $6.5B in assets
Serves more than 1 million individuals and businesses
This leading Regional Financial Services Company manages more than $6.5 billion in assets for 1 million+ individual and business customers across Europe. Services offered encompass retail, general business, fleet and motor, asset management, personal loans and leasing. This company focuses on providing exceptional customer experiences by offering innovative financial solutions with high service levels.
Outdated systems and processes were affecting the company’s ability to be as responsive as needed in this highly competitive industry. They decided to upgrade from the current Oracle E-Business Suite (EBS) to Oracle Cloud Applications, and targeted additional areas for improvement by:
Replacing current procurement solution and processes.
Establishing stricter controls over when and how payments were sent out.
Automating bank reconciliation, replacing the existing five-stage process that included many manual components.
Adding optical character recognition (OCR) for invoice scanning.
Improving integration with third-party applications, to reduce reliance on manual interventions.
Simplifying the complex middleware connectivity requirements.
Hitachi Consulting used its Hitachi Migration Tool to automate data extraction from the existing EBS applications and more accurately assess the work effort required for this project. This provided information that helped fine-tune the proposal so the team could properly price the project and submit a competitive bid.
The Hitachi Migration Tool and the insights it generated provided a differentiating factor. Other reasons Hitachi Consulting was selected for the work included its templated approach and use of FastSTART, a toolkit designed to accelerate the move to a cloud platform. FastSTART reduces many of the risks associated with complex ERP implementations using components such as sample chart of account designs, templates, scripts, how-to guides and pre-built project plans.
“The Hitachi team was pragmatic and highly knowledgeable, providing me full trust in their ability to deliver the solutions they committed to,” said the Regional Financial Services Company’s Chief Accountant.
The cloud migration, along with several process improvements, was completed within the requested fourteen week timeframe. Hitachi implemented Oracle Cloud Applications for financial and procurement systems, customizing processes to support specific business functions. The new approach automated and established a role-based approval process, improving procurement procedures. An OCR solution added document scan capabilities for invoices and other materials, helping to automate several financial functions. The team also redesigned the chart of accounts, introducing improved hierarchies.
After redesigning the chart of accounts, Hitachi automated the month-end processing routines, reducing the time required for this task’s reporting production from three to four days to one day. Additional process improvements now support payments as well as the reconciliation process.
Integration with third-party applications was improved by using Oracle Data Integrator (ODI) as middleware for file transformations, web service calls, notifications and automation. The Regional Financial Services Company now has full integration with its external human capital management system and Concur Payment system.
Automating bank processes
With automation, the Regional Financial Services Company achieved significant efficiency improvements. “With the cloud adoption, the client automated almost all of their bank reconciliations,” said Ian Jacob, Senior Director and Oracle Delivery Lead, Hitachi Consulting. “This provided an enormous benefit to their business.”
The monthly financial reconciliation had been an extensive, multi-day manual process, involving complex Excel spreadsheets with more than 20 worksheets to provide different views of the data. With the month-end report generation significantly streamlined and automated, the task is now measured in hours, not days.
Document scanning and OCR helped automate invoice processing, which was then tied into a new approvals process. Invoices are matched to a purchase order before payments are issued, adding controls to their payment procedures.
Consolidated, streamlined and improved processes have enhanced the Regional Financial Services Company’s ability to increase new business. They have access to better financial information, with enhanced abilities to generate different types of financial reports.
Hitachi Virtual Storage Platform G Series
Enterprise reliability and operational simplicity that delivers data three times faster.
Note: Since you opted to receive updates about solutions and news from us, you will
receive an email shortly where you need to confirm your data via clicking on the
link. Only after positive confirmation you are registered with us.
If you are already subscribed with us you will not receive any email from us where
you need to confirm your data.
and to personalize your experience. By using this site, you agree to the use of
cookies. For more information, visit Hitachi Cookies
"FirstName": "First Name",
"LastName": "Last Name",
"Email": "Business Email",
"Title": "Job Title",
"Company": "Company Name",
"Phone": "Business Telephone",
"LeadCommentsExtended": "Additional Information(optional)",
"LblCustomField1": "What solution area are you wanting to discuss?",
"ApplicationModern": "Application Modernization",
"InfrastructureModern": "Infrastructure Modernization",
"DataModern": "Data Modernization",
"GlobalOption": "If you select 'Yes' below, you consent to receive commercial communications by email in relation to Hitachi Vantara's products and services.",
"EmailError": "Must be valid email.",
"RequiredFieldError": "This field is required."
Chat with an Expert
Hello, Let me know how I can help you today.
Chat with our sales experts or call us at 1-678-403-3035.