Introduction:
Our client, a prominent global provider of voice communication solutions for trading firms, found itself operating in a rapidly evolving trading environment where swift and dependable connectivity was of paramount importance. Recognizing the critical nature of their IT platform, our client sought to enhance enterprise management to deliver faster and more efficient services, enabling their customers to maintain a competitive edge. In response to their urgent needs, we provided the ideal platform to streamline their business operations, reduce the total cost of ownership (TCO), and modernize their aging ERP system.
Challenges
Our client, serving the critical fintech market, faced several significant challenges when it came to upgrading its existing Oracle legacy ERP system without causing business interruption. These legacy systems posed the following key challenges:
- Lack of Product Support: the existing ERP system had no product support for system upgrades and issue resolution. This made it challenging to keep the system up-to-date and secure.
- Outdated Functionality: The legacy ERP lacked the latest functionalities required in digital finance, such as:
- Manual Processes: The reliance on manual processes led to increased cycle times for period-end book closing, making it less efficient and potentially error-prone.
- Non-Scalability: The legacy system was not scalable, which meant it couldn't adequately support end-to-end business processes and the growing demands of the fintech clientele.
- Regulatory Compliance: Regulatory requirements, such as ASC 606 under US GAAP, demanded complex reporting. The client needed a system that could handle these requirements effectively and ensure that critical processes were unified under one cloud-based platform.