Iochpe-Maxion Consolidates Financial Data 20% Faster and Improves Data Consistency to Support Growth
 
 

Iochpe-Maxion Consolidates Financial Data 20% Faster and Improves Data Consistency to Support Growth

  • Oracle Customer:  Iochpe-Maxion S.A.
    Location:  São Paulo, Brazil
    Industry:  Automotive
    Employees:  18,000
    Annual Revenue:  $1 to $5 Billion

Iochpe-Maxion S.A. was founded in 1918, as a logging company in the state of Rio Grande do Sul. Over the years, the company diversified its activities into the financial sector and later into the industrial industry. In the 1990s, the company focused it activities on auto parts and railway equipment, transferring its assets and operations that did not belong to these sectors. In 1998, it began to restructure its operations and define its business portfolio.

In 2009, the company acquired the ArvinMeritor wheel business in Brazil, Mexico and the United States, forming the Fumagalli Division. In 2012, Iochpe Maxion finished its acquisition of Galaz Group, a Mexican manufacturer of steel and aluminum automotive wheels for light and heavy commercial vehicles.

 
 

 
 

Challenges

A word from Iochpe-Maxion S.A.

  • "Oracle Hyperion Financial Management Plus and Oracle Hyperion Financial Data Quality Management enabled us to adopt a more analytical financial model that provides the information we need to make more accurate decisions." – Adriano Santos, Corporate Controller, Iochpe-Maxion S.A.

  • Consolidate reported results to improve the organization’s operational efficiency across plants in Brazil and abroad
  • Standardize financial information and consolidate accounting data among all automotive and railway business units
  • Reduce the financial information processing time to accelerate monthly, quarterly, and annual closing report compilation
  • Improve financial forecasts and information quality, enabling company management to make more assertive financial decisions

Solutions

  • Implemented Oracle Hyperion Financial Management Plus to standardize financial information and reduce by 20% the time needed to consolidate financial information and deliver quarterly and annual closing reports
  • Eliminated manual financial information management processes, improving the Iochpe-Maxion financial department’s operational efficiency
  • Improved financial information quality and greatly reduced time for financial analysis, providing managers with reliable information to facilitate decision-making
  • Abandoned spreadsheet-based accounting model and centralized information in a single, more secure system
  • Integrated management systems used across the group’s acquired companies with the Oracle Hyperion Financial Management Plus and Oracle Hyperion Financial Data Quality Management systems, enabling financial consolidations in different currencies, such as pesos, dollars, and reals
  • Automated accounting processes, such as balance sheet development, results generation, and cash-flow consolidation, enabling the company to efficiently integrate and consolidate all financial data from its units and managers to make more accurate decisions
  • Automated reports delivered to regulatory bodies, such as the Comissão de Valores Mobiliários
  • Freed up time for the company’s financial staff professionals to focus on more analytical tasks while reducing the time for manually entering data into different spreadsheets

Implementation Process

To implement Oracle Hyperion Financial Management Plus and Oracle Hyperion Financial Data Quality Management, Iochpe-Maxion needed to integrate the system with various corporate management systems already in use, marking the beginning of a new financial-accounting model for the organization.

“The Oracle implementation occurred as Iochpe-Maxion was acquiring two new companies, reassessing existing and incorporating new business processes. We believe that Oracle Hyperion’s flexibility was a very important factor in enabling the process to unfold according to plan,” said Adriano Santos, corporate controller, Iochpe-Maxion S.A.

Partner

“The CIS Corporate staff was highly trained and succeeded in meeting our Oracle Hyperion implementation needs, which helped us to automate and standardize several financial and accounting processes,” said Santos.