Named on Forbes 2009 Asia List of Fabulous 50 Firms, Singapore- based Olam is the world’s largest supplier of raw cashew nuts and robusta coffee beans, and ranks as one of the world’s top-three rice suppliers. The company operates in 60 countries with 13,000 employees, and serves more than 11,000 customers across 20 product lines. Since deploying SAP BusinessObjects Planning and Consolidation, Olam has found a way to streamline its financial reporting and consolidating process and deliver real-time information for operational and strategic decisions. Previously, product accountants at the company’s headquarters in Singapore had to consolidate financial data sent by country teams using Microsoft Excel spreadsheets, and reporting considerable time. Now, with the SAP BusinessObjects Planning and Consolidation application, consolidation is fast, accurate and automatic. The budgeting process is faster and the software’s easy-to-use interface enables employees to quickly create customized reports.
“We chose the SAP BusinessObjects application because it is very user-friendly,” said Rajesh Chopra, senior vice president, Corporate Affairs, Olam International Limited. “We implemented it without having to change too much of our existing process, and we now have a more efficient system that makes it much easier to generate consolidated data online, in real time. Most importantly, we now have an agile and IFRS-compliant system that will take us through the next phase of the company’s growth.”
Another challenge Olam faced with its rapid growth was how to efficiently and securely consolidate all its financial and management information, enabling compliance with multiple statutory reporting requirements. SAP BusinessObjects Planning and Consolidation, running on top of an existing Oracle enterprise resource planning (ERP) system, enables Olam to handle the company’s multicurrency requirements and support for compliance with various accounting standards, such as IFRS, all in one unified solution for planning and consolidations
Olam selected Singapore-based implementation partner CPM BackOffice consulting services, which Chopra praised for the “clarity of thought and capability demonstrated by its team.”
“The Olam EPM model is structured around a business resilient architecture, with its EPM program focused on continued growth with flexibility ensuring a strong design with zero rework. Implementation strategy was executed as a seamless and continuous build across planning, budgeting and consolidation.” said Samir Neji, chief knowledge officer at CPM Consulting. “We are indeed proud that Olam has the most resilient and flexible EPM architecture today, thanks to a robust product, coupled with high levels of management commitment to technology excellence.”
The implementation process was carried out in three phases with financial, management reporting and budgeting processes all seamlessly integrated onto the company’s existing ERP system. The new system provides real-time retrieval of management reports and financial consolidation time; the result was a budget process cycle reduced by 30 percent, from a month to less than 10 days.
“We are very pleased to have this opportunity in working with one of the largest and fastest-growing global companies in integrated agricultural processes based in Singapore, contributing to their success in managing an incredibly complex supply-chain process, together with its implications on financial planning and reporting,” said Sanjay Poonen, executive vice president and general manager of Global Business User Sales SAP. “The positive result from this implementation is a proud achievement for all involved, and we look forward to a long-term collaboration as we participate in Olam’s growth. This is also a testament to the strength of SAP BusinessObjects EPM solution, and the ability to be compatible with any existing ERP system. This is a management system that is the strategic differentiator for today’s CFOs.”
Next Major Event: SAPPHIRE® NOW Conference
With SAPPHIRE® NOW, SAP marks the next evolution of its SAPPHIRE customer conference and networking events, offering SAP customers, partners and prospects even more opportunities to engage in dialogue with peers, participants and thought leaders around the globe. Being held simultaneously in Orlando, Florida, and Frankfurt, Germany, May 17-19, 2010, this enhanced, real-time event will connect attendees on site with global participants through state-of-the-art broadcast studios and a newly designed online experience that incorporates the latest social media and community functionality. Whether onsite or online, participants can gain insight on how innovative business solutions from SAP are enabling long-term, profitable, business growth. For more information about the Orlando show, visit www.sapandasug.com; for the Frankfurt event, visit www.sap.com/sapphire/emea. Join the conversation via Twitter at @SAPPHIRENOW.
SAP is the world’s leading provider of business software(*), offering applications and services that enable companies of all sizes and in more than 25 industries to become best-run businesses. With more than 95,000 customers in over 120 countries, the company is listed on several exchanges, including the Frankfurt stock exchange and NYSE, under the symbol “SAP.” For more information, visit www.sap.com.
(*) SAP defines business software as comprising enterprise resource planning, business intelligence, and related applications.
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should” and “will” and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP's future financial results are discussed more fully in SAP's filings with the U.S. Securities and Exchange Commission ('SEC'), including SAP's most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.