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How Noble Energy Automated Reconciliations with Oracle ARCS

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Noble Energy, an independent oil and natural gas exploration and production company, had struggled for years with a cumbersome spreadsheet and email-driven account reconciliation process. The accounting team sought a purpose-built tool with auditing, workflow and automated reconciliation capabilities. The IT team wanted a solution in line with their Cloud-first strategic direction.

After evaluating several products, Noble Energy selected Oracle Account Reconciliation Cloud Service (ARCS) with transaction matching and partnered with Perficient to deliver the implementation.

Project owner Matt Dossett, CPA and Senior Accountant, discussed their migration to ARCS including lessons learned and how ARCS could benefit your organization.

Discussion included:

-Challenges with the legacy account reconciliation process
-The factors leading to the selection of Oracle ARCS
-Considerations of implementing a cloud solution with on-premises Oracle EBS ERP
-The value of automated reconciliations with transaction matching
-Benefits realized with ARCS implementation

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How Noble Energy Automated Reconciliations with Oracle ARCS

  1. 1. How Noble Energy Automated Reconciliations with Oracle ARCS
  2. 2. 2 • Introductions • About Perficient • Oracle Account Reconciliation Cloud Service • Noble Energy’s Cloud Story • Q&A Agenda
  3. 3. Tim Gaumont Director, Product Management Oracle Corporation Hanny Shanar Director, Oracle EPM Practice Perficient Matt Dossett CPA and Senior Accountant Noble Energy Joel Ninemire Team Lead, Enterprise Applications Noble Energy
  4. 4. 4 About Perficient Perficient is the leading digital transformation consulting firm serving Global 2000 and enterprise customers throughout North America. With unparalleled information technology, management consulting, and creative capabilities, Perficient and its Perficient Digital agency deliver vision, execution, and value with outstanding digital experience, business optimization, and industry solutions.
  5. 5. 5 Perficient Profile Founded in 1997 Public, NASDAQ: PRFT 2017 revenue $485 million Major market locations: Allentown, Atlanta, Ann Arbor, Boston, Charlotte, Chicago, Cincinnati, Columbus, Dallas, Denver, Detroit, Fairfax, Houston, Indianapolis, Lafayette, Milwaukee, Minneapolis, New York City, Northern California, Oxford (UK), Southern California, St. Louis, Toronto Global delivery centers in China and India 3,000+ colleagues Dedicated solution practices ~95% repeat business rate Alliance partnerships with major technology vendors Multiple vendor/industry technology and growth awards
  6. 6. 6 Oracle Practice Overview 3000+Deployments Industry Expertise Multi-Solution Expertise EPM | ERP | BI | CX Platinum 200+Oracle Experts Partner Cloud Select Healthcare | Supply Chain/Mfg. | Energy/Oil & Gas Financial Services | Consumer Markets 15 Specializations
  7. 7. 7 Perficient’s EPM Practice Fast Facts • Practice Started: 2002 • Projects Completed: 1000+ • Management Team: 15 years • Oracle Authorized Education Center • EPM / BI Education • SupportNet Managed Services • Support Services Solutions Expertise • Cloud readiness assessments • EPM strategy and health check • Financial close & consolidations • Cloud & on-premises solutions • Reporting & analytics • Data relationship management • Account reconciliations • Profitability & cost management • Infrastructure & high availability Oracle Specializations
  8. 8. 8 Oracle Training and Education Live Virtual Class Training on DemandClassroom Training Learning Streams Self-study Courses Train in person at an Oracle or Perficient facility. These include in-class demonstrations and hands-on labs. Keep learning beyond the classroom with the latest and continuously updated video training though subscriptions. OU and Perficient instructors teach students in a "virtual" classroom. Attend these courses online, in real-time. Train when and where you want, at your own pace. Download the courses online and take them from your computer. Train online via an internet connection. Access streaming lectures, white boarding, and lab activities 24/7. Train in person at an Oracle or Perficient facility or your office with content tailored to your specific needs. Private Events
  9. 9. Oracle Account Reconciliation Cloud Service
  10. 10. 10 The Complete Financial Close Process Reconciliations04 Compliance06 Internal Reporting05 Post Sub-ledgers01 Consolidations03 Close General ledger02
  11. 11. 11 The Complete Financial Close Process Account Reconciliation (ARCS)04 Tax Reporting (TRCS)06 Enterprise Performance Rpt (EPRCS)05 Cloud Financials01 Financial Consolidation & Close (FCCS)03 Cloud Financials02
  12. 12. 12 Best in Class Reconciliation Solution Transaction Matching  Automate Performance of Matching High Volume, Labor Intensive Transactions Across One or More Datasets Reconciliation Compliance  Manage Reconciliation Processes • Balance Sheet • B/S and P&L Variance Analysis • Consolidation Check • Local GAAP  Ensure Compliance Requirements Corp Account Reconciliation Cloud Service Reconciliation Compliance Transaction Matching
  13. 13. 13 Account Reconciliation Cloud Service (ARCS) • Address the global reconciliation process • For each process, support the complete lifecycle, including: o Verifications o Assignment tracking o Managing preparation and review o Minimizing risk o Process optimization • Flexible and robust user-owned reporting • Integrated with transaction systems • Fully integrated with the EPM Cloud
  14. 14. Noble Energy’s Cloud Story
  15. 15. 15 Noble Energy (NYSE: NBL) is an independent oil and natural gas exploration and production company with a diversified high-quality portfolio of both U.S. unconventional and global offshore conventional assets. Founded more than 85 years ago, the Company is committed to safely and responsibly delivering our purpose: Energizing the World, Bettering People's Lives®. • Implemented Hyperion in 2009 • Solidifying their cloud portfolio by aggressively deploying cloud across EPM, HCM and Financials • Completed Account Reconciliation Cloud Service Implementation in February 2018 Noble Energy
  16. 16. 16 Reliance on Microsoft Excel • Reconciliation process previously in Excel spreadsheets • Manually conduct all reconciliations and transactions • No ability to drill into data for further analysis, and additional or detailed data must be manually pulled from source systems • No direct drill through ability from reconciliation worksheet to EBS Reliance on Emails and Phone Calls • All communication are through emails and phone calls • No centralized system to provide supporting documents and comments • No auditable process and reporting binders No Real-Time Visibility into Overall Status • Need on-time and on-schedule reconciliation process • Need workflow-driven assignments Challenges
  17. 17. 17 ARCS Implementation Timeline Mid-2017: Shared pain points/challenges with Oracle Helped identify partners October 2017: Additional discovery and design sessions with Perficient Developed implementation plan November 2017: Commenced Build phase of project with Perficient February 2018: Completed testing and deployment of the new ARCS application April 2018: Full cutover to ARCS to replace legacy Excel-based process
  18. 18. 18 ARCS Project Scope • Data integration for daily AP, AR intercompany transactions • Auto-matching process with ability to support / adjust reconciliations • Automated Data integration for GL and SL data sources with drill- through functionality • Global reconciliation process with a streamlined, workflow- driven and auditable process • Hands-off patching and upgrade process • Data Automation • Improved system efficiency and updated user interface • Oracle manages all infrastructure • Implemented SSO Transaction Matching Reconciliation Compliance Administration
  19. 19. 19 Project Outcomes Single Source ARCS Project Success • Integrated Oracle EBS • Less data to process offline, put more in end-users’ hands • Imported balances and transactions automatically • Cloud Account Reconciliation environment • Customized rules to auto- reconcile and auto-match reconciliations and transactions • Real-time data and workflow process via web • Performing more granular reconciliations • On time and on budget! • 60% of reconciliations are auto- reconciled • Estimated 30% time savings around reconciliation • Users see the value in ARCS and are excited about using the application • Intuitive dashboards • Real-time metrics provide management visibility into process
  20. 20. Questions Type your question into the chat box
  21. 21. 21 Join us for any one of our seven sessions at Collaborate! We’re pleased to have been selected to present on key topics from Oracle Business Intelligence and Oracle EPM to ERP. Meet our experts and enter to win drawings held at the close of each session! Meet Our Experts at Collaborate
  22. 22. 22 Next up: [Event] Collaborate 18 April 22-26, 2018 Las Vegas *Perficient delivering seven unique sessions at Collaborate. Follow Us Online • Perficient.com/SocialMedia • Facebook.com/Perficient • Twitter.com/PRFT_Oracle • Blogs.perficient.com/Oracle
  23. 23. Thank You

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