Atlas Renewable Energy speeds transformation with Oracle

The energy company transforms its back-office operations with the help of Oracle Cloud ERP and Oracle Cloud EPM.

We chose Oracle Cloud because of its capabilities. Ninety percent of functional requirements were covered with the standard functionality, which convinced us to move forward with this solution. We also considered competitors like Microsoft and SAP.

Carlos NietoCorporate Accounting Supervisor, Atlas Renewable Energy

Business challenges

Atlas Renewable Energy develops, builds, and operates renewable energy projects with long-term contracts across the Americas. The current company portfolio includes 2.3 GW of contracted projects in the development, construction, or operational stages, and aims to expand by an additional 4 GW in the next few years. With its experienced and diverse team, the company’s mission is to accelerate the region’s transformation toward 100% clean energy.

The energy company wanted to completely transform its back-office processes in all of the countries where it operates. Most of its back-office systems were outsourced through external companies on different platforms, and its cross-team communications flow was primarily done through email.

In addition, it sought to standardize its process for generating consolidated financial statements and accounting notes, as well as automate report generation, replace spreadsheets, and acquire audit and control information throughout the consolidation process for IFRS and management scenarios.

The corporate accounting department was manually generating the company’s financial statements and consolidating accounting notes from spreadsheets for the different companies operating under the corporate umbrella. Atlas Renewable Energy also needed more time to analyze the results and key financial indicators.

Overall, the company’s goal was to have better monitoring and control of the financial consolidation process, implement a friendly and flexible solution for users, and have clear traceability across the financial management reporting process.

Why Atlas Renewable Energy chose Oracle

After evaluating services from Oracle, SAP, and Microsoft, Atlas Renewable Energy ultimately selected Oracle Cloud Enterprise Resource Planning (ERP) and Oracle Cloud Enterprise Performance Management (EPM). The company found that more than 90% of the requirements it had established for this project were offered as standard functionality in Oracle’s solutions.

Results

Atlas Renewable Energy now handles all of its financial processes on Oracle Cloud ERP, which allows the company to record financial, procurement, and inventory transactions on a single system. With global access to the entire platform, Oracle Cloud ERP also helps the company comply with tax and regulatory standards in each country.

Before implementing Oracle Cloud ERP, the month-end closing process took 15 days, on average. Atlas Renewable Energy has reduced its financial consolidation and close processes to 11 days, which has helped increase its capacity for financial analysis and provided more confidence in management reporting. Because the numbers are visible and available to all users in real time, the company can make quicker decisions and issue formal reports to stakeholders.

Meantime, Oracle Cloud EPM Planning helps the company visualize and manage budgets, while automated reports in the Financial Consolidation and Close modules enable the company to create and report consolidated financial statements quickly. It can also identify the balances and transactions between intercompany operations, and assign security access according to the responsibilities of each participant.

Today, the company continues to integrate applications that allow it to improve information reporting times and efficiencies. Atlas Renewable Energy is now focused on an Oracle Cloud HCM project implementation that is expected to go live in 2022.

Partners

Atlas Renewable chose Ventiv Solutions as its implementation partner for Oracle Cloud ERP and EPM because its consultants were able to demonstrate knowledge and understanding of the energy company’s needs.

Published:January 25, 2022