Jotun A/S Standardizes Accounting Globally, Streamlines Operations
 
 

Jotun A/S Standardizes Accounting Globally, Streamlines Operations

  • Oracle Customer:  Jotun A/S
    Location:  Sandefjord, Norway
    Industry:  Chemicals
    Employees:  8,000
    Annual Revenue:  $1 to $5 Billion

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Jotun A/S is one of the world’s leading producers of paints, coatings, and powder coatings. The group has 70 companies and 38 production facilities on all continents. Its total network of legal companies, agents, branch offices, and distributors encompasses more than 80 countries. Jotun’s operations cover developing, production, marketing, and sales of various paint systems and products to protect and decorate surfaces for the residential, shipping, and industrial markets.

To support growth and expansion to new countries, Jotun needed a standardized financial reporting process. It deployed Oracle Hyperion Financial Management and Oracle Hyperion Financial Data Quality Management to streamline processes and realized significant gains. Not only has the company made its processes more efficient and reduced errors, it also facilitated timely business intelligence (BI) reporting and strategic decision-making through the solution’s integration with its enterprise resource planning (ERP) system.

 
 

 
 

Challenges

A word from Jotun A/S

  • “Standardizing on Oracle Hyperion Financial Data Quality Management for financial accounting has facilitated Jotun’s growth in the global market. Today we are establishing new factories and businesses in a growing number of countries, and our activities and services have improved through better consolidation and reporting.” – Geir Kristensen, Chief Group Accountant, Jotun A/S

  • Streamline and standardize financial accounting in all group companies worldwide to support growth, with new operations in additional countries
  • Simplify, automate, and improve quality of financial reporting to save time and reduce the risk of errors and misinformation
  • Develop business intelligence (BI) in keeping with the strategy to enable better decisions in individual group companies, such as decisions concerning new local markets for decorative paints and protective coatings for shipping and other industries
  • Simplify adjusting financial accounting processes to meet rules and regulations in different countries

Solutions

Oracle Product and Services

  • Implemented Oracle Hyperion Financial Management to streamline financial accounting of all group companies, facilitate expansion, and help establish new paint product factories and businesses
  • Introduced a standardized, Web-based financial reporting process to help group companies provide accurate data with greater safety and security
  • Saved time and money and reduced risk of errors by automating much of the reporting process
  • Integrated Oracle Hyperion Financial Management with the company’s enterprise resource planning (ERP) system to support BI strategies and enable higher quality financial analysis, therefore fostering better business decisions, for example to locate new local markets for industrial decorative paints and protective coatings
  • Introduced Oracle Hyperion Smart View for Office and its drill-down functionality to enable users to track information to transaction level
  • Simplified and automated financial accounting process adjustments to comply with various local rules and regulations in the more than 80 different countries where Jotun operates, including Malaysia, Oman, Saudi Arabia, Thailand, and Vietnam