When you’re the fastest growing e-commerce car sales network in the US, you need a best-practices IT infrastructure that manages all of your financial data within one simple, easy-to-navigate application. Carvana chose the team of managed services experts at Apolis to help them increase productivity, decrease costs and streamline financial activity. The results speak for themselves.
Prior to Apolis, Carvana’s application landscape included multiple applications and MS Access databases to maintain financials. The process was built on time-consuming and unreliable manual financial transactions in one system, while capturing all the General Ledger activity, and tracking master data/ transactions manually in another (Excel). Because they were done manually, end-of-month reporting was not prepared with the latest data and took more than four to six weeks to compile for accurate closing.
Carvana made a conscious decision to move to a world-class Cloud based ERP platform, sidestepping any possibility of having to migrate off of a quick mid-tier package at a future date. With multiple locations around the U.S. and new hubs being added every quarter, maintaining a clear path for future growth and expanded functionality was critical.
Apolis was clearly the ideal partner because of its deep experience in Oracle Cloud solutions, packaged implementations, leveraging best practices, and demonstrated Modern Best Practices methodology for handling rapid deployments with quick ROI.
The team started with the implementation of Oracle Fusion Financials and Projects Foundation, Costing, Contracts & Billing coupled with a unique PaaS integration specific to their requirements. This allowed for real-time professional quality reporting/monitoring with drill down capability to sub-ledgers. Financial reports and real/ad-hoc queries were standardized to Essbase cubes. The business processes for the entire life cycle of the car sale was mapped, along with related financials and accounting.
The finance team was provided with the latest, most innovative tools for tracking financial transactions and summarization capabilities. Streamlining period-end and year-end processing reduced timelines from weeks, to a few days.
Financial Audit and Reconciliation of Sub-ledger to General Ledger was also streamlined. Apolis established a single sign-on solution for Carvana; allowing hundreds of users access through the architected PaaS solution, reducing a previously $1.1 million cost in licensing fees to just $90,000. The team also established fully automated Hybrid Cloud integrations between the PaaS to SaaS environments providing Caravana with direct real-time access to the business processes in Procurement, Inventory, Projects, Costing & Contracts, and the required end-to-end tracking for SOX compliance.