The client is an online education company offering thousands of video courses in software, creative, and business skills. Founded in 1995, the company produces video tutorials taught by industry experts. Based in Carpinteria, California, the client has more than 500 employees worldwide, and offers instruction in English as well as German, French, and Spanish through its branded division.
The client had decided to implement Oracle Cloud ERP. They had started implementing it from 2015 and wanted to stagger the implementation with General Ledger and P2P process. This would ensure their focus on a consolidated reporting and foreign exchange impact controls. The client faced challenges in managing their forex impact of the world-wide operations and hence needed to automate eliminations and consolidations
The client had multiple systems in multiple locations world-wide. Due to the disparity in the systems they faced challenges in translating, revaluing appropriate balances, completing their consolidations process and reporting. They were using excel and realized the difficulty in scaling up as their business grew. They wanted a scalable enterprise wide system that would manage all their financial activities and seamlessly integrate with other operational systems for orders, billing and subscriptions.
Business Value Delivered
Jade consultants, with their deep knowledge, and through a series of pilot test and demonstration of the foreign exchange processes, convinced the clients[SJ1] to migrate to Oracle Cloud ERP. The team then built a robust Chart of Accounts and set processes in place to meet the client’s goals. Jade Global drove the design and implementation, and trained the client in Cloud ERP. A robust structure to capture, consolidate and report all the ledger balance data was built to perform the required foreign exchange processes as per the client’s needs.
The resulting solution to address their foreign exchange processes ensured that the client had a systematic and auditable method to manage their foreign currency balances and established a strong footing for their consolidated reporting. The result was a systematic, robust and efficient revaluation and translation processes.