MedChoice Pharma Modernizes Its Financial Process with Oracle EPM Cloud

Case Study

About the client

Established in 2005, MedChoice is a Philippines-based pharmaceutical manufacturing company. They have been providing best-in-class, affordable medicines in the country. Their expertise lies in the field of Endocrinology, Psychiatry, Neurology, and Ob-Gynecology. They are bringing together the finest talent and veterans of the pharmacy field to provide the best in the healthcare industry.

One of their biggest concerns was their current financial process which had a lot of gaps. Since MedChoice was planning to go public, they wanted to modernize their system. And therefore, with the Evosys team as Oracle implementation partner, they were able to streamline their financial system using Oracle EPM Cloud.

Business objectives

Create a centralize financial system to overcome the existing challenges that they were facing. Some of them are:
- The existing spreadsheet files did not support financial processes such as audit trail, security, reporting, and integration.
- Tracking the versions on the excel sheets was a seemingly impossible task while consolidation.
- Preparation of ratio analysis, balance sheet, profit and loss, and cash flow had its own set of challenges.

Solutions

Evosys team automated the complete financial process using Oracle Financial Consolidation and Close Cloud Service (Oracle FCCS), a sub-module of Oracle EPM.
A custom report dashboard was created by the team in order to get consolidated reports.

Benefits

Increased productivity and reduced manual efforts after eliminating the need of maintaining different spreadsheets.
Centralized unified financial system enabled easy workflow of the processes, specifically pertaining to audit trail and reporting.
Tracking of versions while consolidation.
Upon deploying the new system, the pharmaceutical manufacturing client who earlier could only manage yearly consolidation of reports, was now able to consolidate monthly reports.

Value Addition by Evosys

With our ADOPT approach, the Evosys team completed the deployment in just 16 weeks. All the processes were taken care of remotely.
Support issues were quickly resolved throughout the life-cycle of the project.

Why MedChoice Pharma Chose Evosys?

MedChoice wanted to partner with someone who has a proven and tested approach to implement Oracle EPM Cloud solutions. Moreover, transparency with the Oracle sales rep market, and the professionalism and dedication of our consultants gave enough confidence to the MedChoice team to partner with us.

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