Eldorado Brazil improves financial agility with Oracle Fusion Cloud EPM
The cellulose manufacturer uses integrated data in Oracle Fusion Cloud EPM to deliver reports, analyses, and accounting closures more quickly.
“Oracle Cloud EPM brought the agility we expected as well as greater synergy in communication between planning and operational areas. With this, new possibilities for interaction and real-time scenario visualization were generated. The progress in planning and control was significant, helping us make sure we are ready for the future.”
Business challenges
Eldorado Brazil Cellulose is a global producer of high-quality bleached short-fiber cellulose, a key material used in the manufacturing of printing and writing paper, packaging, and tissue. The company operates one of the largest and most modern cellulose factories globally, delivering approximately 1.8 million tons of cellulose per year.
Eldorado had used a business planning system with numerous customizations, which eventually caused performance challenges and made updates difficult and complex. Consequently, accounting consolidation and other finance processes were handled manually in spreadsheets. Additionally, in its quarterly financial statements, the over 50 tables required for explanatory notes were generated manually, consuming many hours of the business team's time.
Why Eldorado chose Oracle
After extensive evaluations, benchmarking, and analyzing the features each tool had to offer, Eldorado selected Oracle Fusion Cloud Enterprise Performance Management (EPM). A major factor in the decision was Oracle Fusion Cloud EPM’s integrated functionality, with multiple modules that cater to the financial requirements of the company, including tools for budgeting and consolidation, reconciliation, and explanatory note generation.
Oracle Fusion Cloud EPM brings together several modules that serve the company's financial directors, allowing them to have full visibility into company processes.
Results
After adopting Oracle Fusion Cloud EPM, Eldorado significantly improved governance, with access management, data entry auditability, and all accounting and managerial data running securely in a single tool The company used Oracle Smart View for Office function to integrate all Microsoft-based data into a single environment. As a result, the financial team created reports and analyses more quickly. Previously, this was a highly manual process that required four to eight hours to complete. Now, the company can simultaneously compare the actual budget, forecast, and create as many budget versions as necessary in just a few seconds.
Eldorado Brazil also used Oracle Cloud EPM Financial Consolidation and Close to generate monthly cash flow and free cash flow reports, a notable improvement from its previous three-month report cycle. The module also helped automate the financial closing process, leading to improvements in the accuracy and reliability of its financial data. Oracle Fusion Cloud EPM also brought greater integration between Eldorado's accounting and controllership teams, bringing more transparency and agility to the company's monthly closing and improving the quality of managerial and accounting reports.
Partners
Eldorado partnered with EBS IT for the implementation of Oracle Fusion Cloud EPM.
About the customer
Eldorado Brazil is one of the largest cellulose companies in the world, with a productive and fully mechanized forestry operation that is also self-sufficient in renewable energy.