Consol Energy supported its business functions with numerous disparate sources of data, including heavy use of spreadsheets. As a result, the client faced significant challenges with consolidation, as well as integration of data with subsidiaries and its parent company. Consol was experiencing frequent system crashes due to the heavy spreadsheet use, complicating the situation by reducing data retrieval response time. This created a negative domino effect, leading to increased manual effort to consolidate financial statements.
Consol’s primary objective was to retire its legacy applications and implement a more manageable and efficient cloud solution that could:
- Orchestrate connectivity across disparate systems, between subsidiaries, and with its parent company;
- Use standard practices to reduce spreadsheet dependency;
- Provide a single application for user data entry;
- Automate cost models for accuracy and efficiency.
Consol has undergone a complete modernization of its financial processes. With Oracle EPM Cloud and performance management best practices, the client has completely eliminated its use of spreadsheets and has realized significant time and cost savings.
Vice President, EPM and Analytics, AST LLC
Solutions & Benefits
AST’s expertly-skilled cloud-certified team delivered a state-of-the-art Oracle Cloud EPM solution to Consol, eliminating the client’s spreadsheet dependency and implementing best practices for enterprise planning, budgeting, financial consolidation, and account reconciliation.
AST’s close collaboration with Consol’s cross-functional teams resulted in quick resolution of its integration issues and a solution that enabled data to move seamlessly across applications.
A summary of benefits realized by Consol include:
- 100% elimination of departmental spreadsheet use.
- 100% visibility into hierarchy across divisions (FP&A and Accounting).
- Complete replacement of SAP Projects and Capital database with EPM Projects/Capital modules.
Industry: Utility and Energy
- Oracle Financial Consolidation and Close Manager Cloud Service
- Oracle Enterprise Planning and Budgeting Cloud Service
- Oracle Account Reconciliation Cloud Service
Why AST ?
AST quickly recognized Consol’s business issues and brought the right solutions to achieve an integrated, cloud-based system, implementing best practices and greatly improving efficiency.