Diversified Energy Company- Centralize Finance & Accounting Processes with Oracle Cloud EPM
- Oil & Gas
Diversified Energy Company (DEC) operates as an independent owner and operator of producing natural gas and oil wells involved in the production, marketing, and transportation of natural gas, and related products. They embarked on their journey with EPMI to transform their legacy standalone planning application to 850 users of Oracle EPM Cloud Enterprise across Planning, Reporting, Account Reconciliations, Transaction Matching, and Task Management. Furthermore, EPMI convinced DEC to stop their existing BlackLine project in its tracks, and replace it with Oracle for a more sustainable and streamlined solution.
EPMI partnered with DEC to deliver our iterative Oracle Cloud implementation methodology that leverages our Oracle Cloud EPM Maturity Model to deliver a phased rollout of the platform. As a result, we delivered executive insights with predictive planning and narrative reporting applications. In addition, self-service reporting across finance, accounting, and field users for planning and budgeting rapidly increased user adoption. DEC also gained efficiencies for reconciliation tracking, workflow, and approvals, with over 70% of their reconciliations being auto-reconciled. They achieved a match rate greater than 90% for their cash and accounts payable transactions, greatly reducing manual reconciliation effort. Due to their partnership with EPMI, DEC is already realizing the return on their Oracle investment!
Phase A: Oracle Cloud Task Manager & Account Reconciliation
Phase B: Oracle Cloud Planning & Narrative Reporting
Reconciliations being auto-reconciled
Match rate for their cash & accounts payable transactions