Teladoc gains trusted finance insights with Oracle Fusion Data Intelligence
The multinational telemedicine company uses its centralized data repository with built-in analytics to make decisions based on real-time metrics.
“The original problem we had before Oracle Fusion Data Intelligence was collecting data in spreadsheets, then reconciling the data and providing the KPIs. Now, our processes are streamlined—no more manual spreadsheet maintenance. We have more strategic decision-making with reliable data available in one place.”
Teladoc Health is a virtual healthcare company that offers on-demand medical care across the world through phone, video, and mobile apps. After previously implementing Oracle Fusion Cloud ERP and EPM, the company needed a single global platform to unify financial data and processes across all its operating units. Teladoc deployed Oracle Fusion Data Intelligence to provide a centralized and secure repository, tied to its systems of record. This allowed the company to consolidate data and use prebuilt KPIs across payables, receivables, general ledger, and procurement. The company benefited from faster reporting, enhanced data security, fewer manual errors, and more informed decision-making.
Why Teladoc chose Oracle
With operations in more than 100 countries, Teladoc Health’s wide-ranging business spans telemedicine and technology. In addition to providing remote care, it also offers licensable telemedicine platform services for healthcare professionals, plus AI and analytics services that aim to improve health outcomes with data-driven insights. Following growth and acquisitions, the company juggled fragmented data across multiple systems and spreadsheets without a centralized, secure repository. It also risked poor data integrity and authenticity because data was maintained manually in editable spreadsheets.
With existing investments in Oracle Fusion Cloud ERP and EPM, Teladoc chose Oracle Fusion Data Intelligence to address its analytics and data management challenges. The system’s tight integration with Oracle Fusion Cloud Applications and prebuilt KPIs, dashboards, and analyses were key factors in its decision, as was the ability to work closely with Oracle Customer Success Services experts during and after the implementation. Fusion Data Intelligence also gave Teladoc the ability to integrate data from third-party applications beyond the Oracle Fusion ecosystem to use in its analysis.
Results
With Oracle Fusion Data Intelligence, the company’s financial analytics and data management capabilities brought faster and more reliable decision-making across the organization. The company gained a centralized, secure, and auditable data repository to help optimize financial processes and eliminate manual spreadsheet maintenance and data reconciliation. Fusion Data Intelligence came with prebuilt data pipelines and more than 80% of the key performance indicators Teladoc needed, which saved the company significant time and effort compared to building everything from scratch.
Oracle Fusion Data Intelligence also delivered faster reporting and gave the company reliable, timely insights that helped business leaders make decisions based on trustworthy data. For example, the system automates visibility into average payment days and on-time payment performance, which previously required significant time and effort. Teladoc’s accounts payable team benefits from increased visibility to AP balances and invoice aging, and executives are better able to monitor trends for spend and cashflow performance. In addition, the system eliminated the need to manually prepare executive presentations, freeing up time for more strategic work.
Oracle Fusion Data Intelligence also supported the company’s approach to data security and governance because of its strong authentication and authorization controls to protect data integrity.
Looking ahead, Teladoc plans to use Oracle's AI capabilities in its finance area and for anomaly detection across business data. Within the Fusion Cloud ERP accounts payable and receivable modules, the company intends to use AI to track supplier performance and assess customer risk, identify supplier issues, and predict potential payment delays or defaults among customers. Teladoc is also exploring the use of AI and machine learning algorithms within Oracle Analytics to detect data irregularities early on. Its goal is to automate these tasks and enhance predictive analytics capabilities to make more informed, data-driven decisions across finance and procurement functions.
About the customer
Teladoc Health is a multinational telemedicine and virtual healthcare company that offers services designed to meet the growing virtual care needs of consumers and healthcare professionals.