Grasim Industries Cuts Statutory Reporting Time by 50% with Faster Financial Consolidation, Gains Deeper Insight into Business Performance
 
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Grasim Industries Cuts Statutory Reporting Time by 50% with Faster Financial Consolidation, Gains Deeper Insight into Business Performance

Grasim Industries Ltd., a flagship company of the Aditya Birla Group, has two core businesses: viscose staple fiber (VSF)––a versatile man-made fiber derived primarily from wood pulp––and cement. It also manufactures chemicals and textiles.

The company has a 9% share of the global VSF market, is India’s leading cement producer, and the country’s second-largest producer of caustic soda, used in producing VSF. The international company also has a number of joint venture projects: three in Canada, one in Sweden for wood pulp production and one in China for VSF production.

 
 

 
 

Challenges

A word from Grasim Industries Ltd.

  • “As a long-time Oracle Hyperion user, we didn’t consider any other vendors since our experience has been excellent. This was the perfect fit for our diverse global business needs, enabling us to reduce financial consolidation and statutory reporting time by 50%, simplify our intercompany transactions and currency translation, and gain in-depth insight into our business performance across different industries.” ‒ Sharad Agarwal, Assistant Vice President, Finances, Grasim Industries Ltd.

  • Automate financial reporting consolidation to ensure data integrity and increase statutory reporting efficiency
  • Improve ability to analyze financial information, such as profit-and-loss statements and balance sheets for each product or manufacturing division and enhance ability to provide management with timely information
  • Enable multicurrency translation to streamline intercompany transactions across three continents––Asia, Europe, and North America––and disparate industry segments, including cement, textiles, chemicals, and cellulosic fiber

Solutions

Oracle Product and Services

  • Cut financial consolidation and statutory reporting time by 50%—from five days, to two to three days––giving managers more time to focus on analyzing financial results for distinct manufacturing operations
  • Minimized risk by using automatic audit trials and validation functionality for transactions
  • Gained in-depth insight into business performance through drill-down features, increasing management reporting efficiency
  • Simplified transactional analysis by applying intercompany eliminations and currency conversion to easily identify and resolve differences, such as with joint venture partners in wood pulp production in Sweden, improving report accuracy and meeting local statutory requirements
  • Improved taxation and management information system reporting efficiency by enabling integration between Oracle Hyperion Financial Management and SAP applications
  • Enabled managers to quickly, easily, and securely access financial data from anywhere at any time, improving productivity

Why Oracle

With a complex organizational structure, Grasim Industries needed a simple and easy-to-use financial management solution to improve data integrity in meeting statutory requirements for business divisions in different geographies and spread across a range of industry segments.

“Oracle Hyperion has served us well for a long time, so there was no question of looking to other vendors. We decided to migrate to Oracle Hyperion Financial Management because of its attractive new functionality, such as intercompany eliminations and multicurrency translation. It has enabled us to reduce compliance costs and risk, two critical advantages for a company with globally diverse business needs,” said Sharad Agarwal, assistant vice president, finances, Grasim Industries Ltd.

Implementation Process

Grasim Industries implemented Oracle Hyperion Financial Management in four phases—management reporting; tax reporting; income tax compliance and daily balance and cash flow reporting. Aditya Birla Group in-house IT team worked closely with Oracle partner Thirdware Solution during the implementation. The new system went live in June 2012 and experienced no business disruptions. The whole experience was smooth and problem free.

Partner

Grasim Industries worked with Oracle Platinum Partner Thirdware Solution for the migration to Oracle Hyperion Financial Management. 

“We are very happy with Thirdware Solutions, as its team assisted us with our previous Hyperion implementation six years ago. We have partnered with them since and have confidence in their ability to maximize the benefits gained by using Oracle Hyperion Financial Management,” Agarwal said.