Client Case Study

Dollfus-Mieg et Compagnie

The world-famous French embroidery company automates its financial close using Oracle EPM Cloud.

logo-dmc

Financial Transformation

  • Industry

    Manufacturing, Retail

  • Employees

    1,000

  • HQ

    Mulhouse, France

  • Website

    www.dmc.com

  • Product & Services used

    Oracle EPM Cloud Financial Close, Qubix Journey to Cloud

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Dollfus-Mieg et Compagnie (The DMC Group) moves beyond spreadsheet-based consolidation and close to automate manual steps and ensure data accuracy.

 

Dollfus-Mieg et Compagnie, abbreviated as DMC, provides fine threads, specialist yarns and textiles to some of Europe's most prestigious fashion houses, art galleries and designers. The company, founded in 1746, was one of the largest textile manufacturers and today continues to produce fine Mouline Special stranded cotton – the world's favorite embroidery thread, selling 1 million skeins every single day. DMC has a turnover of €57 million in 2015 and, under new ownership, has ambitious growth plans in the creative leisure sector, including extending its range of products and acquisitions in the areas of knitting and crochet.

Before choosing Oracle EPM Cloud and The Qubix Group, DMC's close and reporting process was based on spreadsheets. Under this system, collecting, compiling and validating data in spreadsheets was tedious, time-consuming and error-prone. Likewise, reporting on financial information often involved dumping data from their ERP system into spreadsheets. This required extensive manipulation to display the data in a way finance and accounting audiences expect. As a result, completing monthly, quarterly and yearly financial closes and reporting cycles was a hectic and time-intensive endeavor. DMC recognized spreadsheets were the source of their problems from complex formulas, lack of security and auditability controls, and errors and mismatches. These issues would only grow as the company expands and data becomes more pervasive. DMC was looking for a consolidation and reporting solution that could streamline the entire process from aggregating data, automating manual steps, eliminating mismatch errors, standardizing data entries and mappings and integrating its data onto a centralized and scalable platform.

K Ahmed, Group Financial Controller at DMC, shares how their current processes were holding them back:

"Before Qubix and Oracle EPM, our close process was completely manual and spreadsheet-based. The inherent risk of Excel errors was a constant battle and made accurate, timely reporting difficult."

Icon - DMC Group

K Ahmed
Group Financial Controller

 

DMC chose to partner with The Qubix Group because of our experience helping other leading retailers and manufacturers achieve their finance transformation vision. Our expert consultants worked closely with DMC's finance team to understand their business needs and target outcomes. We designed and implemented Oracle EPM Cloud Consolidation and Close in eight weeks. The solution automatically calculates the balance sheet, income statement, profit and loss, rollovers, intercompany transactions, journals, and more. Unifying this data to create a single source of truth enabled DMC to close its books in half the time compared to before and deliver insightful and accurate reports to management the next day. Through efficiencies in time savings and eliminating contractors, DMC expects a 100% ROI over the next three years. Looking ahead, DMC has a finance-owned, cloud-based foundation that it plans to extend with planning and analytics.

K Ahmed explains why they decided to select Oracle EPM Cloud and why they partnered with The Qubix Group to design and implement the solution:

"We looked at Gartner's Magic Quadrant ranking and saw Oracle ranked highly. But we also looked beyond the technology and focused on the implementation partner since we'd work closely with them throughout the project. Qubix were very knowledgeable, and we were impressed by their commercial focus, and they took their time understanding our business and target outcomes.".

Icon - DMC Group

K Ahmed
Group Financial Controller

 

Speaking about the measurable benefits experienced, K Ahmed said: 

"We were able to reduce our close by over half compared to before. Having the consolidated actual data on a single platform has made reporting much easier, and we're spending more time extracting insights to help steer the business."

Icon - DMC Group

K Ahmed
Group Financial Controller

 

Challenges

  • Manual spreadsheet-based consolidations process was time-consuming, error-prone, lacked visibility and control. This included intercompany mismatches, complex formulas and custom scripting, inadequate compliance and audit controls, and version control issues.
  • Completing the financial close and meeting key deadlines often required hiring expensive third-party consolidation and reporting consultants.
  • Multiple entities and chart of accounts across the organization made accurate, trusted and timely reporting difficult.
  • Lack of a single, centralized and reliable version of truth for all entities across the organization.
  • Lack of best-practice, GAAP and XBRL accounting standards.

Solution

  • Oracle EPM Cloud Consolidation and Close Standard (formerly FCCS). The solution captures financial information including Balance Sheet, Income Statement, Rollovers, Profit and Loss, Intercompany Transactions, Journals and more.
  • File-based source system integrations including Sage, ONEOffice and Microsoft Excel.

Results

  • Created major time-savings by automating consolidations, monthly closes now take half the time compared to before.
  • Improved the accuracy, speed and transparency of reporting with a single source of truth across the organization.
  • Standardized their chart of accounts and mapping validations from source systems resulting in a more streamline and consistent process.
  • Reduced costs by eliminating the need to hire third-party consolidation and reporting consultants to meet key deadlines.
  • Embedded a strong compliance framework including auditing, segregation of duties and transparent calculations.
  • GAAP-driven application that supports intercompany eliminations, multiple currency conversion, equity eliminations, adjustments and detailed source tracking.

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Why did DMC choose Qubix?

" The Qubix team was always available to assist us with any advice or query we had even during odd hours. The functional understanding and best practices were very helpful in driving efficiencies to our business. During this transformation, we had to go back and forth multiple times in terms of data, metadata, reporting, availability of people, etc. and Qubix was agile enough to accommodate all of these. "

Icon - DMC Group

K Ahmed

Group Financial Controller, The DMC Group

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