UltraTech Cement Shortens Quarterly Report Generation from Four Days to One to Two Days, Meets International Financial Reporting Standards
 
 

UltraTech Cement Shortens Quarterly Report Generation from Four Days to One to Two Days, Meets International Financial Reporting Standards

  • Oracle Customer:  UltraTech Cement Limited
    Location:  Mumbai, India
    Industry:  Industrial Manufacturing
    Employees:  11,000
    Annual Revenue:  $1 to $5 Billion

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UltraTech Cement Limited is the largest cement company in India and among the top ten in the world. The company has a cement production capacity of 52 million tons per annum. It produces ordinary Portland cement, Portland blast furnace slag cement, and Portland pozzalana cement, as well as manufacturing ready-mix concrete. UltraTech Cement has 11 cement plants in addition to a white cement plant in India; a clinkerization plant in the United Arab Emirates; 15 grinding units, including 11 in India, two in the United Arab Emirates, one in Bahrain, and one in Bangladesh; and five bulk storage terminals—four in India and one in Sri Lanka.

UltraTech Cement manages a number of subsidiaries, including Dakshin Cements Limited, Harish Cements Limited, UltraTech Ceylinco (P) Limited, and UltraTech Cement Middle East Investments Limited. The company has more than 11,000 employees and exports its cement products to Africa, Asia, and the Middle East.

 
 

 
 

Challenges

A word from UltraTech Cement Limited

  • “Oracle Hyperion Financial Management provided us with a scalable system to integrate financial data from our entire expanding organization. We can now consolidate quarterly financial information from more than 40 entities in one or two days, rather than three or four days it previously took to consolidate data from just 12 entities.” – Nilesh Garg, General Manager, UltraTech Cement Limited

  • Upgrade financial system to support the rapidly expanding cement manufacturing organization that, since 2004, has grown from 12 to more than 40 entities, and increased its financial revenue six-fold
  • Integrate financial data, such as profits and losses incurred from manufacturing and selling ready mix concrete
  • Replace previously manual business processes, such as its batch processing system, with an automatic online system
  • Create financial reports that meet International Financial Reporting Standards (IFRS), as well as Indian statutory requirements, in preparation for new reporting guidelines in 2012

Solutions

Oracle Product and Services

  • Engaged Oracle Partner Thirdware Solution to upgrade to Oracle Hyperion Financial Management Version 11, integrating financial and accounts data from more than 40 entities
  • Consolidated quarterly financial information, such as balance sheets and notes to financial statements, from more than 40 entities in one to two days, rather than taking three to four days to consolidate the same data from only 12 entities  
  • Adhered to new government and IFRS requirements by easily generating quarterly financial reports in the new standard presentation styles for current financial data and old presentation styles for noncurrent financial data
  • Gained the capacity to view, select, or generate financial data required for management reports, such as those used to compare quarterly trends for staff expenses year on year, in ways that would not have been possible previously
  • Managed financial information from a rapidly growing number of cement manufacturing plants without increasing accounting staff
  • Resolved discrepancies or inconsistencies in financial data from manufacturing plants quickly and efficiently by integrating all financial data on the same, easily accessible online system
  • Kept accounting journals at head office accurate and up to date by implementing a hierarchal system in which changes to journal entries need only be made once by approved accounts staff
  • Improved the user-friendliness of the financial system by integrating it with recent versions of Microsoft applications, rather than just Microsoft Office 2003
  • Positioned company to reduce the time to generate monthly management information system reports that include financial performance-related data, from three to four days to one to two days

Why Oracle

UltraTech Cement already used an earlier version of Oracle’s Hyperion financial software and was happy with the application’s main functions and processes. However, the company decided to upgrade to Oracle Hyperion Financial Management to take advantage of the system’s advanced online integration and reporting capabilities, and support its growing business. UltraTech didn’t consider any other financial management products.

Implementation Process

UltraTech Cement engaged Oracle Partner Thirdware Solution to upgrade Oracle Hyperion Financial Management in June 2009. The upgrade ran smoothly and to schedule, and the system went live in August 2009.

Partner

UltraTech Cement engaged Oracle Partner Thirdware Solution to upgrade Oracle Hyperion Financial Management in June 2009. The upgrade ran smoothly and to schedule, and the system went live in August 2009.

Thirdware Solution provided UltraTech Cement with technical support throughout the upgrade. The partner worked closely with UltraTech Cement to understand the company’s business requirements and refine the financial system, accordingly.

“Thirdware Solution created several customized reports for UltraTech Cement and explained how the system could best meet the company’s needs,” said Nilesh Garg, general manager, UltraTech Cement Limited. “The technicians’ support and guidance helped us achieve the maximum benefits from the upgrade.”  

Thirdware Solution also provided UltraTech Cement with both IT staff administration training and user training, and continues to provide online support.