In a constantly evolving financial environment, organizations need solutions that allow them to manage their costs efficiently and make strategic decisions based on reliable data. In this context, the Colombian Mercantile Exchange (BMC) has taken an important step by implementing the Profitability and Cost Management solution from Oracle EPM Cloud, with the aim of optimizing its financial management and improving its competitiveness in the market.
Bolsa Mercantil de Colombia was looking for a solution that would improve its ability to manage and analyze the operating costs and profitability of its products. The main objective of implementing Profitability and Cost Management was to provide an advanced technological platform that would automate cost calculations and provide a comprehensive view of the organization's profitability.
Furthermore, the implementation aimed to strengthen strategic decision-making by allowing executives to access accurate and up-to-date financial information. This would not only help maximize BMC’s operational efficiency but also increase its competitiveness within the financial market.
The implementation of Profitability and Cost Management at the Colombian Mercantile Exchange has produced significant results that have transformed its financial processes:
Cost calculation automation : One of the most important achievements was the automation of direct and indirect cost calculations. This significantly reduced processing times, allowing financial reports to be generated more quickly and accurately. Automation eliminated repetitive manual tasks, freeing up the finance team to focus on more strategic analysis.
Greater visibility into profitability : By implementing this solution, BMC achieved unprecedented transparency into the profitability of its products. The tool enables the breakdown and analysis of costs and benefits for each of the Exchange's products, providing critical information that facilitates decision-making based on detailed and reliable data.
Integration with existing financial systems : The Oracle EPM Cloud solution was successfully integrated with the financial systems already implemented at BMC. This made it possible to consolidate all financial information into a single platform, providing users with a complete and coherent view of the organization's finances. The integration was key to improving the overall management of financial data and facilitating access to relevant information.
Reduced manual errors : Prior to implementation, BMC relied on manual processes for financial reporting, increasing the risk of human error. With the automation and centralization of data through Profitability and Cost Management, the occurrence of errors has been significantly reduced, improving the accuracy of financial reporting and increasing confidence in the information generated.
Financial reporting optimization : The tool has also improved the speed and accuracy of generating detailed financial reports, significantly reducing the time required to produce monthly profitability reports. This improvement has allowed BMC’s finance team to generate key reports with greater agility, which has been essential to meet tight deadlines and respond quickly to business needs.
Training and empowerment of the financial team : Another crucial aspect of the project was the training of the financial team in the use of the Profitability and Cost Management tool. The BMC team not only acquired the necessary skills to operate the solution, but was also empowered to perform more complex financial analysis. This training has enabled the team to maximize the potential of the solution, thereby increasing the organization’s ability to make informed decisions.
The implementation of Profitability and Cost Management from Oracle EPM Cloud has allowed the Colombian Mercantile Exchange to make a qualitative leap in its financial management. Process automation, integration with existing systems, and improved profitability visibility have been key to optimizing BMC's operational efficiency. With these improvements, the organization is better positioned to face market challenges, increase its competitiveness, and continue to grow sustainably.