Tugboat Builder &
The EPM implementation that set this shipbuilding enterprise towards new blue oceans
Improved financial and accounting processes
Ability to create three-year budgets and monthly forecasts
Financial processes and reporting are connected with vessel construction lifecycles
Ability to analyse immense volume of data at reduced costs
Time-saving automation and robust data crunching power
The client is a Turkish tugboat builder and operator, and one of the oldest private sector players in the country. They provide a variety of services for ports around Turkey’s coastline and also provide technical consultancy services to help their clients select the most appropriate designs and equipment for their needs. Over the past few years, the company has successfully won tenders for building not just tugs but also workboats and pilot boats for the international market.
The client’s finance, planning, and analytics teams were relying on individual spreadsheets to synchronize finance and accounting operations with shipbuilding activities. Each department relied on separate spreadsheets for its calculations. After completing analytics, modelling and projections, the teams manually consolidated the sheets before sharing the results with stakeholders. This process was error-prone, tedious, and time-consuming and had to be repeated every year!
First, the team needed the ability to work simultaneously on plan inputs and calculations, instead of in discrete silos. The finance team also wanted to increase the budgeting and forecasting horizon from the current one-year limit to about three years. This was not possible with their existing spreadsheet-based systems.
A platform that could collate data from across the company that factored in the vessel and location-based modelling for accurate revenue, cost, and expanse planning. The ideal solution would cloud-based EPM application.
After evaluating several cloud-based EPM systems, the client zeroed in on Oracle Cloud Enterprise Performance Management (EPM). In addition to its high brand equity, Oracle EPM offers the complete galaxy of EPM solutions, including financial consolidation & close.
Oracle EPM suite would help align the finance and operations sides of the business, enabling accelerated and improved decision-making that would help the management steer the company through choppy market fluctuations. Oracle Cloud EPM implementation would connect the company’s financial processes and reporting to vessel construction lifecycles. By virtue of our stellar track record and our distinction as the first—and thus far, only—Oracle partner to receive Oracle’s ‘Advanced Expertise’ certification for EMP Cloud, Constellation was selected as the ideal implementation consultant to help the company navigate the implementation exercise.
An immediate improvement in the client’s financial and accounting processes. Creation of detailed 3-year budgets, supplemented with monthly forecasts based on location and vessel type Support for various processes, including financial consolidation and close, planning and budgeting, strategic finance, accounts reconciliation, and narrative and tax reporting.
Ability to sift through massive data sets to realize business intelligence that could boost production scale and help reduce related costs through planning that factored inaccurate financial projections, improving decision-making The implementation of Oracle Cloud EPM has enabled multiple finance professionals to input data and perform calculations simultaneously. This was beyond the capability of the legacy spreadsheet systems. Oracle Cloud EPM also made it possible to rapidly model what-if scenarios to accurately envision future outcomes. The project was completed within budget and on time, within the six-month schedule.
Click here to know more Sanmar Denizcilik (oracle.com)