After consolidating multiple financial systems on Oracle Cloud ERP, the Australian facilities administrator improved its processes and decision-making.
VenuesWest is a government agency that owns 13 sports and entertainment venues, including RAC Arena and Optus Stadium, on behalf of the Western Australian state government. In recent years it has seen massive growth, nearly quadrupling the number of patrons it serves annually at its sports, musical, charity, and other events.
To keep up with that growth, VenuesWest set out to modernize its legacy financial system, as a key part of its digital transformation program, in order to better manage its financial, procurement, and asset accounting processes more efficiently.
VenuesWest uses multiple applications to manage venue bookings, individual facility user transactions, and a point-of-sale-system for café and catering. Integration of data from these systems into the legacy financial systems has been slow and unwieldy, and they had little reporting capability to help with budgeting, posing significant business challenges.
It’s very easy to get the information out of Oracle. It’s up to us, through our systems, to best use that data, but we’re anticipating really expanding it out, not just for financial reporting, but also for KPI reporting, board reporting, and external reporting to our partner government agencies.
Chief Financial Officer, VenuesWest
The Western Australia state government had directed its agencies to move to the cloud, spurring VenuesWest to look for a scalable and flexible cloud-based ERP solution that could improve the efficiency of its financial processes and provide more data for informed decision-making.
After assessing its options, VenuesWest selected Oracle Cloud ERP over other cloud applications, mainly because of its superior ability to integrate with other systems.
By adopting Oracle Cloud ERP, VenuesWest was able to implement an integrated solution for financial management, budgeting, and reporting in a matter of months.
Among the benefits of the Oracle Cloud application: It reduced the time to raise a requisition from three to four minutes to just seconds; it slashed the time spent processing transactions; it integrated VenuesWest’s revenue and payroll systems with its procurement and asset accounting systems; and it enabled VenuesWest to track, analyze, and consolidate its spending.
With Oracle Cloud ERP, the detailed journal that records all VenuesWest financial transactions can be sent via email. All staffers need to do is click to approve it, cutting what was a 5-minute process down to 30 seconds.
After substantial changes in recent years to its financial processes managed by multiple systems, VenuesWest management was concerned that “change fatigue” might make staffers reluctant to embrace Oracle Cloud ERP. But because the improvement over previous systems was so marked, the migration hasn’t been an issue.
“There is a universal acceptance that the new system is just better,” CFO Glenn Nordsvan says. “The fact that we’ve had minimal complaints is, I think, a testament to that.”
Oracle worked with ASG Group to ensure the on-time and on-budget delivery of the Oracle Cloud ERP solution. “ASG Group ran us through a demo of their own Oracle Fusion Cloud solution and really blew us away with the integration piece and how easy it was to get information in and out,” says Glenn Nordsvan, CFO of VenuesWest.
The Oracle solution is a substantially more efficient and effective package than our previous version. It is easier to access and move around, processing times have been reduced, and there are greater user controls that allow better control and fraud risk minimization.
Chief Financial Officer, VenuesWest