Success Story | Asharq News

Asharq News Improved Their Financial Planning & Budgeting Efficiency By 20%

About Asharq News

Published Date: 1 November 2023
Asharq is a 24/7 television network and digital platform serving the Pan Arab region. Its primary mission is to deliver a diverse range of news and information in the Arabic language to educate and captivate the audience in the Middle East.
Asharq News has its main headquarters located in Riyadh, with central offices in the Dubai International Financial Centre in the UAE and Washington D.C. It also features significant hubs and studios in Cairo and Abu Dhabi. Additionally, it maintains regional offices and correspondents in essential Arab nations and major global capitals.

Company

Asharq News

Location

Kingdom of Saudi Arabia

Industry

Media/Publishing

Azdan Solution

Oracle Enterprise Performance Management

Employees

500+ Employees

Asharq News Website

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Business Situation

Before implementing Oracle EPM, Asharq News Media channel faced inefficiencies in financial management, limited data visibility, reliance on manual processes, lack of agility in scenario planning, difficulties in risk management and compliance, and challenges in making data-driven strategic decisions.
Before using Oracle EPM, Asharq News faced a tough challenge: managing and analyzing a vast amount of diverse data. They deliver news in different languages across various platforms, making it difficult to integrate, maintain quality, ensure security, and generate timely and accurate reports. Also, Meeting the needs of both internal and external stakeholders, such as advertisers and investors, added to their difficulties.

Solution

Oracle EPM offers a comprehensive solution for Asharq News, addressing their requirements efficiently. Azdan provided them tools for financial consolidation, close management, and reporting, along with Planning and Budgeting Cloud Services to streamline financial planning.
Additionally, Oracle EPM enabled onsite support, guaranteeing a smooth and effective financial management process for Asharq News.

Results

The introduction of Oracle EPM at Asharq News marks a pivotal turning point, ushering in significant enhancements across key areas:

They experience a significant reduction in financial close and reporting cycle times, potentially resulting in a 20-30% improvement.

The accuracy and efficiency of the planning and budgeting process could increase, leading to a 15-25% improvement in the quality of forecasts and budgets.

By optimizing financial processes and resource allocation, cost savings of around 10-15% are achieved.

Data accuracy is improved, reducing errors and inaccuracies by approximately 20-30%.

Enhanced risk management and compliance measures can lead to a 15-20% reduction in financial risks and regulatory issues.

Oracle EPM can accommodate Asharq News' growth and evolving needs, providing the ability to scale operations effectively.