The retail group streamlines financial consolidation and close as well as account reconciliation processes with Oracle Cloud ERP and EPM.
“Having moved our various support teams to India and The Philippines, we required a robust system providing consistent worldwide access for all our teams. We therefore chose to transition from our Oracle on-premises system to Oracle Cloud ERP, which not only satisfied the immediate requirement but also helped us to streamline our financial processes and decrease our reporting times.”
Kamal Osman Jamjoom Group (KOJ) is a leading franchise partner for global brands in the Middle East.
Previously, KOJ managed its enterprise operations using a combination of on-premises third-party software and Oracle E-Business Suite. To facilitate its cloud journey, the group consolidated onto a single enterprise resource planning (ERP) platform, which would support automation and also integrate with its Oracle Retail application.
The company used spreadsheets in its financial close—a lengthy and error-prone process that hindered its ability to gain a real-time view into performance. To gain consistent financial reporting and analysis, the company sought an integrated enterprise-wide data model that would provide a holistic view into all business operations and verticals, across multiple countries.
We are very pleased with the automation, in-depth analytics, and visualization capabilities that Oracle Cloud ERP and Oracle Cloud EPM deliver. It empowers us to streamline our reporting, reconciliations, consolidations, and eliminations, and make immediate data-driven decisions across the group.
Why Kamal Osman Jamjoom Group chose Oracle
KOJ began using Oracle Retail products in 2007, and deployed Oracle Planning and Budgeting Cloud Service and Oracle E-Business Suite in 2016. Its strong partnership with Oracle made migrating to Oracle Cloud Enterprise Resource Planning (ERP), including Oracle Cloud Procurement and Oracle Cloud Financials, a natural fit.
The company also selected Oracle Cloud Enterprise Performance Management (EPM) because, compared with competitors, it offered superior functionalities, easy integration with in-house systems, and scalability at a lower cost—essential features for simplifying manual and time-consuming financial processes. KOJ also valued the financial reporting capabilities and increased accuracy of Oracle Cloud EPM.
KOJ uses Oracle Cloud ERP and Oracle Cloud EPM to perform financial management tasks faster than before, with greater accuracy, delivering in-depth insights for seamless business operations.
By moving its on-premises applications to Oracle Cloud, KOJ unified its enterprise operations. Previously siloed business applications such as budgeting consolidations, reconciliations, eliminations of intercompany transactions, and financial closings are now seamlessly integrated in Oracle Cloud.
Oracle Financials and standard accounting strategy helped KOJ develop a solid base for optimizing its financial processes. The automated daily cash reconciliations offered by Oracle Payables and Assets give the company an accurate cash flow position.
KOJ deployed Oracle Procurement with built-in collaboration capabilities for a detailed overview of purchased goods and services as well as improved relationships with suppliers across the group. The company was able to minimize the time required to set up a new business from 20 days to only 5 days by streamlining the procurement process.
With Oracle Cloud ERP Analytics, KOJ captures data from 700 retail and franchise stores and uses configurable dashboards for in-depth insights about organizational performance. Coupled with effective management of its accounts receivable process using Oracle Receivable, KOJ can make faster data-driven business decisions.
Using financial intelligence provided by Oracle Cloud EPM Planning, KOJ was able to model scenarios to help align its short- and medium-term forecasts with its overall strategy. As a result, the company quickly reacts to economic situations or market changes by easily accessing resources available across the business.
With Oracle Cloud EPM Financial Consolidation and Close, KOJ automates the creation of financial reports such as cash flow statements, profit and loss statements, and balance sheets. The company’s finance team now spends 8 days instead of 12 on management reporting, delivering actionable financial information with increased agility.
The ease of use and built-in collaboration capabilities of Oracle Cloud EPM have eased KOJ’s cloud journey and seamless business operations across seven countries.
The company uses the built-in currency conversion in Oracle Financial Consolidation and Close to increase consolidation accuracy and meet international financial reporting requirements with ease, including International Financial Reporting Standards (IFRS).
About the customer
Established in 1987 in the UAE, Kamal Osman Jamjoom Group (KOJ) is one of the Middle East’s leading retail groups, with 11 international brands spanning fashion, cosmetics, and other categories.