Escorts slashes Financial Reporting Time by 50% after implementation of Oracle E-Business Suite
Mumbai, India, January 27, 2015: Escorts Limited – one of India’s largest multinational automotive manufacturing conglomerates today announced that they have 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 standardized ERP platform, Escorts has accelerated its supply chain process and improved decision-making with enhanced data transparency across its four lines of business.
The company slashed financial reporting time by 50% and automated supply chain operations to enable faster responses to rapidly changing market demands. Furthermore, Escorts has significantly improved its inventory and warehouse management, which has increased revenue opportunities and enhanced customer satisfaction. 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 analyze 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.
By implementing Oracle Discrete Manufacturing, Escorts integrated and automated all key procurement and manufacturing processes, from planning and procurement to manufacturing and fulfillment. The company gained real-time data availability for supply-chain cycle and enabled faster responses to market demands to bolster revenue opportunities.
Furthermore, Escorts has significantly improved its inventory and warehouse management, which has increased revenue opportunities and enhanced customer satisfaction. Oracle E-Business Suite not only increased revenue opportunities for Escorts, it also increased customer satisfaction by integrating multiple production processes and gaining better quality control of finished goods.
“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.
“It is truly an achievement for us to have been a technology provider to Escorts for more than a decade. Oracle E-Business Suite offers tremendous flexibility and scalability to the enterprise planning needs of a manufacturing company such as Escorts. It provides the choice and power for companies to achieve profitability and business efficiencies while driving down costs,” said Niraj Kaushik, Vice President – Applications, Oracle India.
