Escorts slashes financial reporting time by 50% with Oracle

Escorts  announced that they have implemented Oracle E-Business Suite. The company consolidated four ERP systems onto Oracle E-Business Suite to make business processes more efficient and to increase revenue opportunities.

• By implementing a standardized ERP platform, Escorts has accelerated its supply chain process and improved decision-making with enhanced data transparency across its four lines of business.
• The company slashed financial reporting time by 50% and automated supply chain operations to enable faster responses to rapidly changing market demands. Furthermore, Escorts has significantly improved its inventory and warehouse management, which has increased revenue opportunities and enhanced customer satisfaction.
• Prior to this implementation, each of Escorts’ four lines of business used separate enterprise resource planning (ERP) platforms, which resulted in disparate operating and control processes and created difficulties for management to gain enterprise-wide visibility for taking informed business decisions. It was a cumbersome and time-consuming process to analyze the company’s profitability drivers.
• With disparate legacy ERP systems, Escorts could not close books and generate financial reports until the tenth day of the following month, as all four divisions had different chart-of-account masters and business-specific methods for handling financial data.
• Through the implementation of Oracle Financials, Escorts implemented a group wide, shared-services business model to centrally manage all financial activities, including accounting (Recievable,Payable,General Ledger), taxes, and  Fixed Assets. Escorts can now complete their financial reporting on the fifth day rather than the tenth day of the next month by using the integrated workflow and automated data consolidation.
• By implementing Oracle Discrete Manufacturing, Escorts integrated and automated all key procurement and manufacturing processes, from planning and procurement to manufacturing and fulfillment. The company gained real-time data availability for supply-chain cycle and enabled faster responses to market demands to bolster revenue opportunities.
• Furthermore, Escorts has significantly improved its inventory and warehouse management, which has increased revenue opportunities and enhanced customer satisfaction.
• Oracle E-Business Suite not only increased revenue opportunities for Escorts, it also increased customer satisfaction by integrating multiple production processes and gaining better quality control of finished goods