How a leading non-banking financial company achieved 100% automation in its Procure to Pay cycle
Client background
Client: A leading non-banking financial company (NBFC)
Industry type: Banking, financial services and insurance (BFSI)
Products or Services: Loans (Individual, housing, vehicle and SME/Corporate – merchant cash advance, business expansion, healthcare equipment finance)
Areas of operation: India
Customers: Over 5000
Challenges
The client was using multiple complex third-party systems to book revenue because of which its error tracking and handling processes were time-consuming, requiring a great deal of manual intervention. The Procure to Pay (P2P) and finance processes were also manual and non-standardized. There was no mechanism to track progress of purchase orders and payments, leading to poor levels of response to vendors as well as internal stakeholders. Furthermore, there was an urgent statutory need for GST compliance of the Enterprise Resource Planning (ERP) system.
Solution
The client faced an urgent business need to replace its legacy systems in order to accommodate the increase in demand from its customers and to meet regulatory requirements and chose Wipro as its strategic IT partner for the upgrade and optimization of the inherited Oracle ERP system as well as implementation of the Oracle ERP core solution.
Following are the highlights of the scope of the engagement:
Business impact
Implementation of Oracle E-Business Suite by Wipro has resulted in significant savings in terms of time, efforts and cost to the client through automation of data validation and process optimization.
With the implementation of Oracle E-Business Suite R12, Wipro streamlined the existing finance processes of the client and enabled them to adopt industry-wide best finance practices, process automation and 100% GST compliance. Wipro’s strong domain consulting expertise, excellent project management capabilities and co-ordination between various stakeholders during the cutover ensured a seamless and timely delivery.
R. Mohan - Vice President, Applications Services (India), Wipro Limited
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