About Diversified Energy
Diversified Energy Company PLC (DEC), headquartered in Birmingham, AL, is a leading publicly traded independent energy company specializing in natural gas and liquids production, transport, marketing, and well retirement. Founded in 2001, the company has grown significantly, achieving $868.3 million in annual revenue.
Situation
DEC selected Centroid to transform their legacy standalone planning application to 850 users of Oracle EPM Cloud Enterprise. The goal was to automate manual and error-prone reconciliation processes, enhance efficiencies, and maximize ROI. DEC’s existing systems, including a standalone planning application and an ongoing BlackLine project, were not meeting their needs for a sustainable and streamlined solution.
Action
Centroid delivered long-term strategic functional and technical roadmaps to maximize ROI. They partnered with DEC to deliver an iterative Oracle Cloud implementation methodology, leveraging the Oracle Cloud EPM Maturity Model for a phased rollout of the platform. This involved migrating DEC’s existing EPM footprint (PBCS) to Oracle Cloud EPM and being early adopters of Quick Mode for the Snowflake to Oracle Cloud integration.
Additionally, Centroid convinced DEC to halt their existing BlackLine project and replace it with Oracle for a more cohesive solution. The transformation included deploying Oracle EPM Cloud Enterprise across Planning, Reporting, Account Reconciliations, Transaction Matching, and Task Management. This enabled executive insights with predictive planning, narrative reporting applications, and self-service reporting for finance, accounting, and field users, rapidly increasing user adoption.
Impact
This project led to significant improvements in DEC’s processes. Over 70% of their reconciliations were auto-reconciled and they achieved a match rate greater than 90% for their cash and accounts payable transactions, greatly reducing the manual reconciliation effort. DEC gained efficiencies in reconciliation tracking, workflow, and approvals.
The transition to Oracle EPM Cloud Enterprise provided executive insights with predictive planning and narrative reporting applications. Self-service reporting across finance, accounting, and field users for planning and budgeting increased user adoption rapidly. Due to these improvements, DEC is already realizing a return on their Oracle investment.