The Client
Established in 2005, MedChoice is a Philippines-based pharmaceutical manufacturing company, providing best-in-class, affordable medicines in the country. Their expertise lies in the field of Endocrinology, Psychiatry, Neurology, and Ob-Gynecology. They are bringing together the finest talent and veterans of the pharmacy field to provide the best in the healthcare industry.
One of their biggest concerns was their current financial process which had a lot of gaps. Since MedChoice was planning to go public, the company wanted to modernize its system.
MedChoice wanted to partner with someone who has a proven and tested approach to implementing Oracle EPM Cloud solutions. Therefore, with the Mastek team as an Oracle implementation partner, they were able to streamline their financial system using Oracle EPM Cloud.
The Challenges
Our team needed to create a centralized financial system to overcome the existing challenges that MedChoice Pharma was facing.
- The existing spreadsheet files did not support financial processes such as audit trail, security, reporting, and integration.
- Tracking the versions on the excel sheets was a seemingly impossible task during consolidation.
- Preparation of ratio analysis, balance sheet, profit and loss, and cash flow had its own set of challenges.
To overcome the above challenges, the Mastek team completed the deployment in just 16 weeks, remotely, using the ADOPT approach. We continually resolved all support-related issues throughout the life cycle of the project.
The Solution
- Our team helped automate the complete financial process using Oracle Financial Consolidation and Close Cloud Service (Oracle FCCS), a sub-module of Oracle EPM.
- A custom report dashboard was created by the team in order to get consolidated reports.
The Outcome
- Increased productivity and reduced manual efforts after eliminating the need of maintaining different spreadsheets.
- Centralized unified financial system enabled easy workflow of the processes, specifically pertaining to audit trail and reporting.
- Tracking of versions while consolidation.
- Upon deploying the new system, the pharmaceutical manufacturing client who earlier could only manage yearly consolidation of reports, was now able to consolidate monthly reports.
