Aditya Birla Nuvo Reduces Consolidation Cycle Time by 25%, Enhances Financial Data Transparency, and Standardizes Reporting Process
 
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Aditya Birla Nuvo Reduces Consolidation Cycle Time by 25%, Enhances Financial Data Transparency, and Standardizes Reporting Process

Aditya Birla Nuvo Ltd. (ABNL) is a diverse conglomerate and part of the Aditya Birla Group—a multinational, Indian company operating in 36 countries across six continents. After starting as a manufacturing group called Indian Rayon Corporation in 1963, the company has diversified its interests into various sectors, including financial services, telecom, fashion and lifestyle, IT and IT enabled services, textiles, rayon and chemical, insulators and fertilizer. Today ABNL touches the lives of 130 million Indians through its 50 business units or subsidiaries and joint ventures.

 
 

 
 

Challenges

A word from Aditya Birla Nuvo Ltd.

  • "Oracle Hyperion Financial Management enabled us to achieve subsidiary data consolidation and enhance financial data accuracy and transparency for all entities. We have reduced consolidation cycle time by five days, standardized financial reporting, and gained in-depth insight into our business performance.” – Mahendra Bhandari, Assistant Vice President, Aditya Birla Nuvo Ltd.

  • Upgrade legacy financial reporting systems with a single Oracle Hyperion Financial Management system to automate data consolidation across 50 diverse business units or subsidiaries as well as joint ventures—that range from manufacturing to financial services to IT services—and achieve data accuracy for monthly management reporting, such as cost audit, management information systems (MIS)
  • Eliminate manual data reconciliation to enhance financial data integrity and increase reporting efficiency for business activities, such as financial services and IT, to meet Indian Ministry statutory requirements

Solutions

  • Reduced consolidation and reporting cycle time for all business units or subsidiaries (except for a joint venture telecom) by 25%—from 20 days to 15 days—enabling the finance team to focus on data analysis instead of spending time entering and double checking financial results
  • Gained greater insight into key performance areas, such as operational costs for financial services and fashion businesses, through Oracle Hyperion Financial Management’s user defined dimensions, such as products or business divisions
  • Improved ability to consolidate cost audit report efficiently and meet statutory reporting requirements
  • Reduced reconciliation time for statutory and management reporting by providing an integrated solution for MIS reporting, ensuring data integrity
  • Standardized financial reporting across all subsidiaries by centralizing the mapping of chart of accounts, such as travel expenses and salaries for its diversified businesses, enabling better operational control mechanism
  • Provided a powerful reporting and analysis tool for finance staff to easily generate ad-hoc financial reports by using Oracle Hyperion Smart View for Office functionality rather than relying on IT staff to provide the data
  • Enabled financial consolidation from multiple sources by integrating seamlessly with enterprise applications, such as SAP and other legacy systems, enhancing data consistency
  • Enhanced data visibility and provided complete drill-down capability for subsidiary data  consolidation by using Oracle Hyperion Financial Management

Why Oracle

ABNL only considered Oracle Hyperion Financial Management as the company had positive experiences with Oracle Hyperion Enterprise and Oracle Essbase for the last 10 years. The new features and tools within Oracle Hyperion Financial Management also met all of ABNL’s business requirements. 

“We chose Oracle because we have been using Hyperion for years, and it makes sense to partner with a vendor we know and trust. Oracle Hyperion Financial Management’s new functionality enabled us to decrease subsidiary financial data consolidation cycle time and meet statutory requirements. It was a perfect fit for us,” said Mahendra Bhandari, assistant vice president, Aditya Birla Nuvo Ltd.

Implementation Process

ABNL completed the upgrade to Oracle Hyperion Financial Management in multiple stages, including consolidation of management information and the cost audit as well as integration with other enterprise applications.

“Setting clear milestones and implementation stages as well as ensuring thorough training were important priorities in our implementation process. We are a true conglomerate with diversified products and lines of business, so it was critical to ensure a smooth transition to subsidiary consolidation,” Bhandari said.

Partner

Aditya Birla Group IT team worked with Oracle partner Deloitte Consulting LLP for every stage of the upgrade project to Oracle Hyperion Financial Management, including consolidation and system integration. ABNL continued to use Deloitte as its support partner after implementation.

“We were very happy with Deloitte as it provided additional resources to ensure that our upgrade was completed on time. It enabled us to realize the benefits for Oracle Hyperion Financial Management even faster,” Bhandari said.