The client provides marketing and financing for various transportation fuel products and related services. These are further extended to commercial and corporate aircraft, petroleum distributors, and ships at more than 3500 locations around the globe.
The client initially had a 100% manual process using Excel and scrubbing source trade data downloaded from CXL to get their reporting done. Multiple teams with separate processes, made it impossible to have a standard report format that was easy to audit, control, validate, or drill down for details.
The Excel-based manual process was fraught with the risk of error and involved extraordinary effort. Furthermore, the limitations of Excel meant that their file kept crashing when multiple sheets were involved in processing huge data.
HOC was roped in to map out several areas of the business where they could leverage process automation. While focussing on understanding the client, the process flow, and the interaction of the systems and the files, HOC probed deep to understand the internal function and bring about a solution. It was realized that there were significant opportunities for improvement due to suboptimal backend processes, specifically due to the manual nature of the existing workflow.
HOC proposed a plan to simplify the process, and have an easy-to-use process automated using ePic. It also ensured accurate data flow with great transparency. HOC leveraged the ePic platform to reduce dependency on Excel for data processing. HOC reconfigured the internal systems for more flexibility by adding master tables, updating rules logic, and more. HOC was able to automate the preparation of financial reporting footnotes and disclosure tables in a format preferred by accountants and downstream systems efficiently.
By leveraging HOC's industry expertise and ePic platform, the client was able to streamline and automate the Financial Close Process significantly. Reports with the new or corrected data from the accounting systems were generated within hours. Manual errors were reduced, and the implemented process helped auditors get all the required supporting data with ease. A significant number of business hours were saved as the entire Financial Close Process was done within a week with minimal manual intervention.
Outcomes and Benefits