Republic Finance Eases Data Silo Pains with EPM Cloud Planning
February 3, 2020 at 3:14 pm
Republic Finance is a consumer lending organization with an emphasis on customer service. Like many companies, they struggled with data integrity due to departmental silos and manual excel-based data validation processes. In order to aggregate departmental data, Republic Finance leveraged SQL scripts to pull data from six different data sources into an excel model. It was heavy lifting that they knew could be automated by an innovative tool. In addition, the finance department risked inaccurate forecasts with unreliable data, leading to unrealistic revenue and expense expectations. Driven by a recent CEO, CFO, and FP&A Director change, Republic Finance sought to standardize processes across their FP&A department through Oracle’s EPM Cloud Planning and EPMI’s subject matter expertise.
By capitalizing on best practices and predefined out of the box workflows Republic Finance united their departmental financial planning and standardized data validation across all lines of business. Business users are now enjoying that they can continue to leverage Excel via the Smartview plugin, resulting in high user adoption and decreased reliance on IT for reports.
While financial planning was the targeted area for improvement, EPMI was able to help Republic Finance find additional value by utilizing operational reporting to analyze profitability by loan tier classifications as well as by product (e.g. direct loan vs. live check).
Republic Finance waits to complete its first annual planning cycle in Oracle EPM Cloud, but the executive team has already experienced a win. Shortly after implementation, they conducted a quarterly board meeting solely using reports and dashboards native to cloud planning. In the words of Michael Callahan, Director of FP&A, “After implementing EPBCS with EPMI, we were able to generate management reports for the board quickly and accurately.” In today’s world of digital connectivity and instant gratification, quickly and accurately are always a win!
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