“The system allows you to define, for instance, who can have access to cost centers, ensuring there will be no undue sharing of information.”
Prumo Logística is a holding company created to expand Rio de Janeiro’s Porto do Açu, a port with Brazil’s third-largest iron ore terminal, which accounts for 25% of the country’s oil exports. With investors and joint venture partners, Prumo Logística identifies and develops business opportunities tied to the port, particularly industrial, energy, and infrastructure projects. Comprised of 18 subsidiaries, the private port-industrial complex is developing the largest thermal electrical power park in Latin America.
The main challenge Prumo faced was improving budgeting process efficiency, such as comparing budget to actual costs each month. All this is part of Porto do Açu’s larger effort to become a more digitally enabled business. The company sought a financial system that was both reliable and agile, allowing it to monitor and control costs and adapt to changing business needs.
The flexibility of Oracle Cloud EPM means Prumo Logística has been able to add new requirements to adapt to expanding business requirements.
Why Prumo Logística chose Oracle
Prumo Logística selected Oracle Fusion Cloud Enterprise Performance Management (EPM) primarily for security reasons. The application helps ensure that only authorized people have access to financial information because the company can determine which employees can access cost centers. In addition, Oracle Cloud EPM enables employees in finance and operations to closely track budgets, thus allowing for monthly analysis of the reasons for any variances. The system also offers detailed information on expenditures and other data to ensure deep understanding of operations.
Another key aspect of Oracle Cloud EPM is its flexibility, which lets the team add new functions and business requirements easily. “This adaptation to the reality of the business is very important for us,” says Paula Martins, budget coordinator at Prumo Logística.
Better data means shorter finance team meetings, because all incoming operations and finance information is already properly classified in Oracle Cloud EPM.
After deploying Oracle Cloud EPM, Prumo Logística eliminated the manual submission of estimated and actual budget information. In the past, the team responsible for the estimate-versus-actual budgeting would need one to two days to release the critically important report, which is used in procurement and production budget management and planning. With Oracle Cloud EPM, this report is now delivered in about an hour.
Today, different spreadsheets for each cost center—previously created manually in Excel—are generated automatically, and each manager receives an email of monthly, accrued, and year-to-date numbers. ”This eliminates the time wasted in preparing spreadsheets and sending emails, which used to take about two days, and it offers more reliability,” says Martins.
Oracle Cloud EPM is also flexible enough to support new business requirements, such as a filter that allows each business unit to cite whether an expense is critical, necessary, or desirable. “This facilitates analysis and helps build a consistent foundation,” says Martins.
Because the application is user friendly, new employees can get started quickly. If business groups need more detailed data, they don’t need to seek accounting experts to understand the budget breakdown.
“Digitization is part of the growth strategy for Prumo and its subsidiaries,” Martins says. “Our digitization master plan is underway, and our goal is to achieve greater efficiency in internal processes and set up new digital businesses in the Port of Açu."
Prumo Logística implemented Oracle Cloud EPM in partnership with TO Brasil. The partnership ensured a fluid and flexible implementation, benefits that continuye today whenever Prumo has new requests. "TO Brazil has always addressed our needs to adapt Oracle Cloud EPM, inserting new forms with great agility whenever we had a new project with different requirements," Martins says.
About the customer
Porto do Açu is the only fully private port-industrial complex in operation in Brazil. With the support of strategic global shareholders, Prumo hzs successfully structured partnerships capable of transforming Açu into a world-class platform for sustainable businesses.