Escorts has slashed financial reporting time by 50 percent after consolidating four ERP systems onto Oracle E-Business Suite.
The standardized ERP platform allows Escorts to improve its supply chain process, better decision-making with enhanced data transparency across its four business lines and increase revenue opportunities.
“We wanted a standardized ERP platform to increase enterprise-wide transparency and ensure interoperability between our four lines of business,” said Vipin Kumar, group CIO, Escorts.
Escorts has also improved its inventory and warehouse management, which has increased revenue opportunities and enhanced customer satisfaction.
Earlier, Escorts’ four lines of business used separate ERP platforms resulting into disparate operating and control processes creating difficulties for management to gain visibility for taking business decisions.
This apart, all four divisions had different chart-of-account masters and business-specific methods for handling financial data.
Oracle Financials allowed Escorts to implement shared-services business model to manage financial activities, including accounting, taxes, and fixed assets. Escorts can complete its financial reporting on the fifth day against tenth day of the next month by using the workflow and automated data consolidation.
Utilizing Oracle Discrete Manufacturing, Escorts integrated and automated all procurement and manufacturing processes.