PROBLEM OVERVIEW
In recent years, VenuesWest has been through an enormous amount of change that had seen it double in size and nearly quadruple its number of patrons.
As part of the agency’s wider digital transformation program to modernise its legacy IT, financial, and operational systems, it identified an opportunity to introduce a new solution that would help it manage its procurement processes, asset accounting, and project accounting in a more efficient, collaborative, and intelligent way.
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ABOUT VENUESWEST
The Western Australian Sports Centre Trust, trading as VenuesWest, is a Statutory Authority responsible for managing, operating, maintaining, and promoting the State’s facilities.
VenuesWest owns and manages Western Australia’s best sport and entertainment venues on behalf of the State Government. The VenuesWest portfolio currently consists of 13 venues including the RAC Arena, and Optus Stadium.
VenuesWest collaborates with other public and private organisations to provide integrated, sustainable services for the benefit of Western Australians. Approximately six million people come through VenuesWest venues each year.
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THE CHALLENGE
When the project was first conceptualised, VenuesWest was using three different applications including Ungerboeck to manage bookings, a Facility and Events Management System (FEMS), and a PoS (Point of Sale) system to process and manage its Purchase to Pay Processes.
Despite being used practically for processing invoices and processing credit card payments, the previous system was not providing any additional benefits to the agency. It was incredibly slow, clunky, and unhelpful, with little reporting capability to help with budgeting.
As a result, VenuesWest was facing some significant business challenges:
1. Revenue from Ungerboeck would be posted as a manual journal entry into the financial system, and it lacked an intuitive and connected process.
2. Lack of automated journal entries into the Empower payroll system resulted in high manual handling of journal entries and processes.
3. Banking reconciliation was a labor-intensive activity and involved manual entries.
4. Lack of smart solutions in credit card reconciliations resulted in
labor-intensive activities.5. Lack of an interface to automatically process the revenue journals into General Ledger (GL) from PoS transactions.
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THE SOLUTION
Along with the above drivers, VenuesWest, was being directed by State Government to move towards the Cloud. This presented a compelling business case to move to Oracle Fusion Cloud.
With ambitious go-live dates, VenuesWest chose to partner with ASG Group as its implementation partner, with ASG working collaboratively with Oracle to ensure the successful delivery of the solution on-time and on-budget.
Four months after the project started, VenuesWest went Live with its Oracle Cloud Fusion (SaaS) Financial Management Solution.
As a result, VenuesWest now has:
• An intelligent cloud-based solution with all the required Financial Management capabilities including Management Accounting and Payroll, plus the ability to integrate with existing solutions.
• An interface to automatically process the revenue journals for PoS (Point of Sale) transactions into Oracle Fusion’s General Ledger.
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