Case Study
Mandating ASC 606, IFRS 15 compliance with Oracle Revenue Management Cloud Service for Fintech company.
Download Case StudyIndustry: Financial Technology (Fintech)
About the Client
Fintech company offers an industry platform for property and casualty (P&C) insurance carriers in the U.S. and worldwide. Company sells its software as a service on a subscription revenue basis.
The Business Benefits:
- Revenue Pre-Processor (REVPP) extension has helped in streamlining integration between Order mgmt., receivable & revenue mgmt. more precise & accurate.
- Improved Revenue Forecasting
- Accurate revenue recognition and future revenue forecasting
- Streamlined complete end to end business processes across the business practices.
Business Requirements
- Process automation for contract identification, data cleansing and touchless upload of contract data to Oracle Revenue Management Cloud
- Oracle RMCS process enhancement to automate re-class of deferred revenue from contract liability account to non- contract account.
- Reporting enhancements to capture multiyear forecast, AR to Oracle Revenue Management Cloud Reconciliation, Revenue by Customer (606) Report etc.
- Stabilizing and Enhancing Oracle Revenue Mgmt. Cloud Service application.
Solution
- Developed PaaS Extension - Revenue Pre-Processor
- REVPP is a platform built in PAAS where the Sales order data from the order management and Oracle Revenue Management and billing data from the accounts receivables are processed.
- Data is validated and scheduled jobs to pull the processed data.
- It creates the FBDI files and those FBDI files are interfaced into Oracle Revenue Management Cloud and then from Oracle RMCS it goes into GL as standard process.
- Enhanced Revenue Pre-Processor to automate deferred revenue re-class.
Case study
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