Oracle Solutions Transform Leading E-Commerce Jewelry Designing Business
In 1999, Blue Nile was launched as an e-commerce jewelry business that would provide its customers with access to high-quality, ethically-sourced diamonds at a great value.
Blue Nile customers can browse through gorgeous stones—whether diamonds or other ones of beauty—along with desired settings and more to choose exactly what’s right for them. They can even design pieces of jewelry themselves, with each customized piece being a true work of art, one that provides a signature look that can be worn every day.
The ability to order customized pieces of jewelry from an extensive selection of high-quality options is especially appealing to the growing number of couples who want to purchase unique engagement and wedding rings—not always using diamonds, either. (Note how Valentine’s Day is the second most common day for marriage proposals!)
To provide context for how significant this customization market is, a 2019 jewelry and engagement study of 21,000 people who recently got engaged or married showed how:
- 45 percent of them were incorporating customized details into rings
- 31 percent of those respondents entirely customized their choices
This service, then, is clearly in demand, but Blue Nile was facing operational challenges.
Blue Nile was using Oracle E-Business Suite as their enterprise resource planning solution. But, the company’s primitive planning processes were not sophisticated enough to meet the demand being experienced by this high growth jewelry company. They therefore recognized a need for a scalable platform that would facilitate their continued growth, which could include future acquisitions. Additionally, their manual processes—ones using Excel—were cumbersome and too prone to error; so, they needed modern technology that would improve their data accuracy and streamline their financial planning. They also needed improved visibility into company data.
Blue Nile met with CSS, where our consultant team communicated the value of Oracle over other technology choices and gained executive leader support for an Oracle solution. Numerous challenges needed addressed during the implementation process, in part because the jewelry company had a limited budget. Plus, to meet the current year’s planning cycle requirements, the timeline was quite tight. In response, CSS recommended and implemented the technology within a 13-week timeline.
Oracle Solution: EPM Cloud
“We chose EPM Cloud because it was flexible and we could implement it quickly. It’s really improved our efficiency.” (Stacie Robbins, Blue Nile)
Oracle Enterprise Performance Management (EPM) Cloud allowed the company to focus more time and attention on analyses, rather than “digging through a bunch of spreadsheets and tracing formulas in Excel to find the root answer to a question . . . Now that information is at our fingertips.”
The previously cumbersome budgeting process was also simplified through the EPM Cloud. How? In the past, Blue Nile’s planning spreadsheets were filled with numerous links and files, with one file relying upon another one for context. These planning worksheets were therefore too large and unwieldy to send to business partners who participated in the budget creation.
With their Oracle EPM Cloud solution, though, the entire process is user friendly, with key stakeholders entering budget numbers directly into the application, with no need for emailing massive spreadsheets or requiring the Blue Nile finance team to key in large amounts of data sent to them from multiple business partners. Through this streamlined budgeting and financial planning process, the jewelry company now has easy access to standardized financial reporting, along with gap reporting.
This Oracle technology solution has created a platform that allows for future planning enhancements, leveraging pre-built modules and providing value out of the box. For example, the EPM Cloud inherently has best-practices planning embedded into it, with capabilities that can easily be incrementally deployed, as needed. In addition, the upgradable environment maintains configurability, with interfaces that empower end users and facilitate adoption.
Oracle Consulting with CSS
The experienced consultant team at CSS has an Oracle-only focus as we provide dedicated talent to transform your business. Our superior knowledge about the industry, resource continuity (there is low turnover at CSS), and our exceptional customer service can help to make your business more agile, stronger, and more competitive. That’s why, after selecting Oracle, CSS is the wisest choice you can make.
You can find a list of our Oracle consulting services here, ones we provide for companies in a wide range of industries. If you’re ready to talk about how CSS can implement Oracle solutions in a way that will uniquely transform your business, contact us online today or call us at 1-800-814-7705.