Egalet Corporation
For Egalet, end-to-end Financials Cloud improved processes around 3-way matching, month-end close, and budgeting and planning, while eliminating time-consuming double-entry.
Egalet is a fully integrated specialty pharmaceutical company focused on developing effective medicines for patients with acute and chronic pain while helping to protect physicians, families, and communities from the burden of abuse. It was critical that they adopted technology solutions that enabled efficiency and a reduced risk of error.
The Challenges
Egalet was running Quickbooks and lacked robust functionality from a financial perspective. They were also using a different system for procurement and purchase orders. The disparate systems required dual entry for suppliers and lacked integration that would have provided needed visibility to financial processes. With a lack of integration for full procurement, Egalet was not able to do things such as three-way matching, automated accrual accounting, and multi-national currency translation.
The CSS Approach
CSS recognized the need for Egalet to improve processes in order to stay on track with growth objectives. Inefficient financial processes affect other areas of the business. CSS advised Egalet to go to an Oracle Cloud solution and gain much-needed functionality that allowed them to communicate with suppliers across the nation and globally. This end-to-end Cloud solution is the first step of Egalet’s Cloud journey.
The Results
Egalet experienced big-win results very quickly with Cloud EPM. They cite their biggest business benefit was dramatically improved efficiency in processes and better master data. They were able to eliminate dual entry, which also eliminated the risk of error in the workflow. With an improved month-end close process and full integration for budgeting and planning, Egalet can look to future phase Cloud implementations for inventory tracking.
What our client says
“Our functionality is so much greater with Cloud EPM. With help from CSS, the visibility and integration transformed how we do business and deal with our suppliers. It’s a big win. ”
– Andrew Jennings, Corporate Controller