“Our on-premises solution was going to take a lot of effort and resources to maintain. We realized we had to move to the cloud and Oracle Cloud EPM was the logical evolution.”
SRAM is the world’s second-largest bicycle component manufacturer, designing and manufacturing equipment from wheels and shifters to derailleurs, pedals, and suspension forks. SRAM’s sporting equipment incorporates advanced technologies such as wireless electronic shifting and suspension management. Founded in Chicago in 1987 with six employees, the company has grown organically and through acquisitions, establishing a substantial footprint in the United States, Europe, and Asia.
The company’s financial planning and analysis group collaborates with the marketing, sales, product development, and administrative groups for financial planning, periodic and ad hoc reporting, and performance analysis. The department is also responsible for monthly, quarterly, and annual financial consolidation and close.
SRAM had been using Oracle’s on-premises Hyperion Financial Management for years, but upgrading and maintaining would have required significant time and resources, including investing in a more powerful database and adding customizations. The easier answer was to move to Oracle Fusion Cloud EPM.
Why SRAM chose Oracle
SRAM’s decision to go with Oracle Cloud EPM Financial Consolidation and Close was based on several factors. Moving to Oracle Cloud EPM meant no new training was required for employees to use the software. Oracle Cloud EPM was easy to configure; the processes are compliant, auditable, and transparent; and the application uses best practices to streamline financial consolidation.
Also, moving from on-premises to the cloud allows the company to scale quickly and cost-effectively to meet changing market conditions and to adopt the latest functionality released in each Oracle Cloud EPM quarterly release. Oracle Cloud EPM also integrates with the SAP ERP system SRAM uses.
SRAM considered Oracle Cloud EPM Financial Consolidation and Close an evolutionary rather than revolutionary change in meeting its enterprise performance management needs.
Cost savings provided the first benefit of the move to Oracle Cloud, as SRAM eliminated the expense of upgrading and maintaining its on-premises software and adding a more powerful database. Deploying Oracle Cloud EPM Financial Consolidation and Close also allowed for a faster implementation compared with an on-premises upgrade. Plus, the ongoing automatic updates to the latest functionality would cause minimal disruption.
Photo credit: Adrian Marcoux
SRAM’s financial planning and analysis group found that they needed very little customization, as the out-of-the-box solution worked in all uses cases the business required. Moving from on-premises to Oracle Cloud also allowed the company to scale quickly and cost-effectively as data volumes grew.
Moving to Oracle Cloud EPM led to the elimination of application downtime. The company turned to Oracle Partner Huron Consulting to resolve some technical questions, but most of the time the financial planning and analysis group could manage any issues.
Oracle Cloud EPM Financial Consolidation and Close was easy to adopt because staff had been working on Hyperion Financial Management for years, which meant no additional training was required. And the company gets deeper business insights, without involving data analysts.
SRAM’s financial planning and analysis group also found doing routine tasks simpler, reducing the chance of a small error causing a major disruption. Month-end consolidation proved faster than with the on-premises solution, providing noticeable time that staff could spend on higher value-added tasks.
As a further win, Oracle Cloud EPM Financial Consolidation and Close integrated with SAP’s ERP system, which SRAM currently uses. The company quickly and seamlessly integrates ERP data imports.
SRAM worked with Oracle Partner Huron Consulting to deploy Oracle Cloud EPM Financial Consolidation and Close. Huron Consulting provided technological, operational, and analytical support during the move from on-premises Oracle Hyperion Financial Management software.