Sapphire Consulting Services completes third successful implementation of Oracle eBusiness suite in Banking Sector with a rollout of Oracle Financials and Supply chain at SAMBA
Banks and financial institutions often need a strong back-office ERP to run daily operations of Finance, HR and Procurement Departments. The ERP must streamline back-office processes, exchange data with different applications including core banking system and allow analytics on consolidated data. Banks are regulated by Central Bank and are required to submit various compliance related reports on daily, weekly, monthly, quarterly and yearly basis. A number of such reports are also generated via the back-office ERP.
A combination of disparate applications running in silos and manual processes resulted in inefficient execution and hampered timely decision making. These systems were hard to maintain and manage. It became impossible to meet the new demand and fast- paced market requirements.
Another issue faced during an ERP project was data migration and cleansing. Data was not maintained using the standard practices necessary for banking institutions. Also, increased compliance reporting requirement from Central Bank were not being be handled properly & timely.
Sapphire's proposed solution for back-office ERP at various financial and banking institutions was either on-premises Oracle e-Business or Oracle Cloud Fusion ERP. The solution provided an integrated view of areas such as inventory, supply chain management, financials management, and Human Resources with Payroll.
Integration/interfacing was provided via APIs with different applications running in the bank. Automated scripts were also developed for data exchange between the back-office ERP and core banking systems. Customized reports on consolidated data were developed to meet the compliance requirement of State Bank.
Oracle eBusiness suite Modules: Financials, Supply Chain Management, Human Capital Management
Oracle Cloud Fusion Modules: Financials, Procurement