Fiven reports financials faster with Oracle Cloud EPM
Silicon carbide manufacturer innovates financial consolidation and close while modernizing account reconciliation processes using Oracle Cloud EPM.
“We’re astounded by the performance, automation, and visualization capabilities that Oracle Cloud EPM delivers. We have a single source of truth for our financial processes such as reporting, reconciliations, consolidations, and eliminations, empowering us to make better, data-driven decisions across geographies.”
Business challenges
Norway-based Fiven is a pioneer in the development and production of silicon carbide grains and powders used for manufacturing refractories, abrasives, technical ceramics, and semiconductors. Fiven was spun off from Saint-Gobain’s Silicon Carbide business by OpenGate Capital in 2019, leaving the company without centralized support for its financial processes. Fiven performed account reconciliations, financial closing and consolidation, and transaction error identifications in multiple spreadsheets, which became increasingly difficult to manage.
The company also needed to build leaner financial processes and eliminate manual tasks so it could make faster and better-informed business decisions.
It started looking for a financial consolidation, close, and reconciliation solution that would provide an integrated, enterprisewide data model, offer a holistic view over its business, and would be scalable on demand.
Oracle Cloud EPM has helped us streamline and consolidate our financial close and reduce our reporting times.
Why Fiven ASA chose Oracle
With the aim of simplifying its manual and time-consuming financial processes, Fiven requested quotes from multiple vendors. In the end it turned to Oracle Fusion Cloud Enterprise Performance Management (EPM) for superior functionality and scalability at a lower cost.
Oracle Cloud EPM gave Fiven a single source of truth for its financial processes, while empowering the organization to streamline its financial consolidation.
Oracle Cloud EPM’s ease of use and collaboration capabilities were essential in enabling Fiven to seamlessly cooperate across countries, increase the efficiency of financial reporting processes, and meet regulatory compliance. The company also valued the control and accuracy of financial data provided by Oracle Cloud EPM.
Fiven taps Oracle Cloud EPM to perform financial management tasks 20% faster on average, maintaining its industry leadership.
Results
Fiven deployed Oracle Cloud EPM to build a financial performance management function from scratch and automate numerous consolidation, close, and reporting processes.
With a single platform and trusted version of its financial data, complemented by dashboards with advanced charting and visualization capabilities, the company gained an accurate overview of its financial position—an overview that now is continuously updated. Leveraging built-in process and task management, Fiven’s financial team can easily identify what needs to be done.
Using Oracle Cloud EPM Financial Consolidation and Close, the manufacturer automated the creation of financial reports such as expense reports, cash flow, balance sheets, and profit-and-loss statements. The finance team now takes 1.5 fewer workdays on average for its monthly management reporting, delivering actionable financial information faster.
The increased accuracy of financial data and automation of processes powered by Oracle Cloud EPM and Account Reconciliation enabled Fiven to complete external quarterly financial reports faster and helped save up to 20% in time across all financial tasks, on average. As a result, the company improved the efficiency and accuracy of its financial statements and eliminated risks associated with its previously manual reconciliation processes.
The streamlined financial performance management and the resulting agility empower the company to advance its position as a leader in the silicon carbide industry.
With business operations in multiple countries—including Norway, Belgium, Germany, Brazil, Venezuela, the United States, and China—Fiven used the built-in currency conversion provided in Oracle Financial Consolidation and Close to increase consolidation accuracy and meet international financial reporting requirements with ease, including International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).
The business also gained the ability to drill down to the transaction level for error identification and easily produce financial audit trails for regulatory compliance.
Partners
Fiven worked with inlumi—an Oracle Platinum Partner and Cloud Select Partner—to deploy Oracle Cloud EPM.
About the customer
Headquartered in Norway but with a global presence, Fiven is a pioneer in the development and production of silicon carbide grains and powders used for manufacturing refractories, abrasives, technical ceramics, and semiconductors.