In an effort to resolve some of the challenges it was facing in managing its financial operations, Saad Trading and Contracting Company (STCC) decided to implement one of the world’s most renowned finance management solutions: Oracle Finance.

The system was recommended based on an evaluation of several vendor alternatives. A wide array of criteria was accounted for and strict company requirements were taken into consideration during the evaluation process. In addition to its integrated interfaces, advanced reporting capabilities, and the ability to build additional functionality into it, the system provided many benefits that allowed the company to:

• Manage all financial operations cohesively as single, standardized set of administrative processes
• Remove process duplication, cut process cycles, and reduce headcount
• Enforce best practices and adherence to corporate policies
• Perform in full capacity and reach projected company growth.
• Streamline financial processes and increase functionality to meet the changing needs of the growing  enterprise
• Obtain comprehensive reporting and standardization of processes and financial policies
• Reduced the time needed to close monthly financial books
• Obtain a single, enterprise-wide repository for corporate financial information accessible to all businesses in real-time
• Provide management with a 360-degree view of the business and improved reporting and analytical capabilities
• Integrate applications and automate processes to reduce cycle times as well as lower administration costs.

The system was implemented to replace multiple legacy systems that were in use for a long time at the company. Those systems provided limited functionality and flexibility. Financial processing took too long and reporting was also a hassle when the legacy systems were in use.

 Oracle Finance is part of the more comprehensive Oracle E-Business Suite. Oracle E-Business Suite is the world’s most complete suite of integrated business related applications that offers unmatched Business Intelligence capabilities and a flexible Global Business Platform.

Oracle Finance has been in use at STCC since December 2008. Its implementation started in March of 2008 and was finally completed by December of the same year.