Business Context
Transformation of enterprise operations of investment companies to meet rapidly changing business imperatives call for seamless scaling, automated business processes, and smart decision-making through AI-and ML-led systems. Such an approach will maximize operational excellence and efficiency, and continuously improve reporting and analysis capabilities
Our client is a regional non-banking financial powerhouse headquartered in Kuwait with offices in key regional financial markets. Through a comprehensive range of investment products and services covering asset management, investment banking and brokerage, the company focuses on the latest value-adding market insights and customizes its broad range of investment opportunities to meet the diverse needs of high net worth and institutional clients.
The Situation
Need for a comprehensive Cloud-based enterprise system to automate and enhance business processes
The client was looking to achieve technology-driven transformation to meet their growing business needs.
Legacy System Limitations: The client wanted to enhance their existing system with cloud applications, due to limitations like:
- Existing hosting system has restricted accessibility
- Limited user access controls
- Potential scalability issues
Cloud Transformation Needs: The client wanted to move their system to the cloud for:
- Improved accessibility for users
- Enhanced scalability
- Potential cost savings
This required a comprehensive solution that would empower people and enhance business processes through technology adoption.
The Solution
Implementing end-to-end Oracle Cloud systems
Our deep knowledge and strong expertise in Oracle systems make us not only a preferred Oracle Partner, but also a trusted strategic partner to global enterprises across industries. We have strong credentials in Oracle Cloud implementation in the Middle East region, and our expertise in the financial services industry made us a natural choice as the client’s implementation partner.
We implemented the following Oracle Cloud solutions and services:
- Oracle Financial Cloud Services.
- Oracle Enterprise Planning & Budgeting Cloud Service.
- Oracle Financial Consolidation & Close Cloud Service.
- Oracle Enterprise Performance Reporting Cloud Service.
- Oracle Account Reconciliation Cloud Service .
We adopted the ADOPT methodology (Advisory, Design, Orchestrate, Prepare, and Transition stages for the implementation of Oracle OTM.
We enabled the ‘go live’ within agreed timelines and executed a parallel run of their legacy system along with Oracle Services for three months for effective transition.
The Results
A modern, efficient and unified Oracle Cloud system
Our successful implementation of Oracle Cloud systems enabled the client to achieve the following outcomes:
- Improved efficiency of business processes.
- Ability to use the SaaS and PaaS services with minimal manual intervention
Improved Over-all Cloud System (30%): After implementing Oracle Cloud with a parallel run for three months, the client experienced a 30% improvement in their overall processes.
Incremental Progress: The improvements were gradual:
- Initial 30% boost in confidence with the finance module.
- Increased confidence (around 50%) after stabilizing the finance module.
- 100% confidence upon full transformation to Oracle Cloud (including Oracle EPM module).