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Experts in project-driven organizations upgrades Oracle Projects & provides unique customizations, reduces close cycle time from 51 hours down to 6 hours.
Parexel was live on Oracle Projects 12.0.6 and had implemented customizations to support their business processes. As a result, their month-end process took as long as 51 hours to complete. These customizations were originally implemented to address the following:
- Determine revenue method based upon service type of top task.
- Generate invoices based upon transaction type.
- Inventory locators were not project based.
- Account credit memos.
Parexel decided to upgrade to 12.2.4 and wanted to review the company's current practices against the new functionality and features offered by the upgrade to determine the optimal method to reduce close cycle times and improve the accuracy of revenue and billings.
Project Partners performed a full-service Project Application and Process Assessment. Several recommendations were made for the desired Oracle Projects upgrade and were prioritized based upon Parexel's business needs. Parexel agreed with the recommendations and engaged with Project Partners to implement the following:
- On account credit memotransactions.
- Net zero invoice adjustments.
- Bill group extension (to support the generation of multiple draft invoices within the same billing cycle for different transactions based on task attributes).
- Revenue hold (to leverage the bill group extension to place transactions on revenue hold based on the service type of the task being charged).
As a result of the solutions implemented by Project Partners and the upgrade from 12.0.6 to 12.2.4 Parexel has:
- Reduced the close cycle from 51 hours to 6 (22 hours of the overall reduction were directly attributable to the solutions that were implemented by Project Partners).
- Billing and revenue processes are more efficient and accurate.