We simplified financial and accounting data by making required changes in the EBS database.
About the Industry
With the trend becoming patient-centric, the transformation of the business model is clearly consumer-driven. The care spectrum of life-sciences industry and clinical decision-making is gaining effectiveness and efficiency in terms of patient experience.
In terms of newer technologies, the push to modernize treatment is gaining momentum. Macro analysis of diseases and foreign bodies is helping with the discovery of precision medicine that would counter disease more precisely. The AI-enabled solution is bringing forth gene-editing technologies that will work at the DNA level. Similarly, omnichannel business communication methodologies are aiming to provide unmatched customer experience with greater satisfaction
About the Client
Our client is a US-based medical device manufacturing organization.
The company is entering into a solution that is AI & ML-enabled. These manufacturing devices are intelligent, sophisticated, and data oriented. These data can generate real-time insights on a patient’s health condition. Our client is entering into collaboration with top healthcare giants and working towards transforming the existing ways of treatment into more advanced ones. Technology-led patient engagement and solution are paving a new path for the better patient treatment.
The Business Challenges
The company faced the following challenges: –
- cost of material handling, material overhead, and overhead processing was carried out from the same account value.
- overhead time consumption and error-prone options issues required account modification and removal of items from sub-inventories. In this case, the chances of historical data loss grew to a greater extent.
- These challenges might result in inconsistencies and errors in the results.
- order cancellation, invoice revoking, and inventory mismanagement was creating trouble at the organizational level.
- The main solution we offered was the implementation of the Oracle E-Business Suite Solution.
- We changed inventory cost for each sub-inventory and ensured the deployment of historical data at the project level.
- Inventory cost change software of the Oracle E-Business Suite controlled and updated financial costs and potential issues.
- We updated all the accounting parameters in real-time. The EBS database was also updated.
- All ledger balances were updated and tied up, without affecting historical and aging data.
- The entire process of solution implementation was carried out in a short period of time.
- The data mapping project was successfully achieved. Moving data from the existing account to a new account became a much simpler process.
The Business Challenges
- Costing procedures with same account value
- Historical data loss
- Lack of coordination, resulting in error and inconsistency
- Chances of order cancellation, invoice revoking, and inventory mismanagement
The Business Solution
- Implementation of Oracle E-Business Suite Solution
- Modification of inventory costing at each sub-inventory level
- Deployment of historical data at project level
- Deployed inventory costing change software for financial update
- Data movement from existing account to new account
- Real-time update of all accounting parameters
- Easy and fast solution implementation
- Successful data mapping