VLTAVA LABE MEDIA halves budgeting and planning preparation time with Oracle
VLTAVA LABE MEDIA reduces budget preparation time by 50%, and achieves enhanced group consolidation with Oracle EPM Cloud.
VLTAVA LABE MEDIA is a media company in the Czech Republic and prides itself on being a leading force in web and mobile content. In 2015, ownership changed from German company Verlagsgruppe Passau to Penta Investment, and with the change came the need for more finely tuned planning and consolidation. As a consequence, the media group decided to change its planning and budgeting solution.
“Oracle Enterprise Planning and Budgeting Cloud Service works smoothly for our complex business, allowing us to plan intragroup transfers, create financial statements, and manage our operations more efficiently than ever before.”
Business challenges
- Gain better control of intercompany transactions for consolidated financial statements across printing, publishing, and distribution
- Reduce the time required for preparing budget forecasts and increase reporting quality by reconciling data discrepancies
- Integrate planning and budgeting with the media group’s existing IT architecture
- Adopt a forecasting system aligned with the company’s digital-first policy
Results
- Halved the time spent in preparing the quarterly media group budget forecasts—from 10 working days to 5 working days—using Oracle Planning and Budgeting Cloud Service
- Shortened the time required for processing intragroup transfers, resulting in 50% faster consolidation of group balance sheets and enhanced ability to grow the publishing business
- Enriched financial data quality by connecting previously disparate forecasting plans from different operational groups by rolling out the solution group-wide—creating synergies by connecting sales, printing, distribution, and other departments to corporate finance
- Increased financial reporting quality by merging previously disparate forecasting plans and reconciling data discrepancies by rolling out Oracle Enterprise Planning and Budgeting Cloud Service to all business units—seamlessly connecting corporate finance with sales, printing, distribution, and other departments
- Empowered media group controllers with integrated financial planning tools, automating the generation and consolidation of income statements, balance sheets, and cash flow statements across publishing, printing, distribution, and online services
- Enhanced visibility of the media group’s financial situation through the ability of Oracle Enterprise Planning and Budgeting Cloud Service to track and adjust intercompany transactions, resulting in more accurate consolidated financial statements
- Built on the company’s digital first strategy to move from printed media to online publishing by providing group-wide planning and budgeting with Oracle Cloud
Partners
VLTAVA LABE MEDIA engaged Oracle Partner Sophia Solutions to implement Oracle Enterprise Planning and Budgeting Cloud Service. Sophia Solutions trained 25 users from controlling, service, sales, and printing to be able to use the solution for the July quarterly budgeting process, incorporating data from new companies acquired at the end of June 2017.
“We implement Oracle solutions along with offerings from IBM. For VLTAVA, we decided that Oracle EPM Cloud best fit VLTAVA’s needs. Plus, it is the leader in the Gartner Magic Quadrant for corporate performance management, and we have had positive experiences with other Oracle EPM Cloud Implementations. Now we are looking at Oracle Marketing Cloud.” – Vladimir Kozelka, Sales Manager, Sophia Solutions
“Based on the recommendation of Sophia Solutions, we selected Oracle Enterprise Planning and Budgeting Cloud Service because it was the sole supplier to enable us to go live in our desired timeframe. It was the first time we worked together with Oracle and Sophia Solutions, and collaboration was excellent.” – Jiri Zadnik, Chief of Controlling, VLTAVA LABE MEDIA a.s.
Publié:October 5, 2018