The new system provided a single source of truth for financial data, resulting in improved reporting accuracy and transparency. Integrated systems reduced manual efforts, increased automation, and enhanced productivity and efficiency. Additionally, the company achieved better control and compliance, eliminating the dependency on spreadsheets and manual efforts for financial data generation.

The project also brought about several specific improvements:

• Established one source of truth across the organization, ensuring consistency and reliability in financial data.
• Improved controls and eliminated dependency on spreadsheets and manual processes, significantly reducing the risk of errors.
• Unified systems across multiple applications, including the Loan Servicing System (LSS) and dealer activity management, among others, streamlining operations and improving overall efficiency.

The adoption of Oracle Cloud ERP and Procurement modules brought about significant operational improvements. The company’s close time was reduced by 50%, from 10 days to 5 days, facilitating faster and more accurate financial reporting. Data accuracy increased by 90%, eliminating inconsistencies and errors across systems and applications. Reporting capabilities were enhanced by 100%, offering real-time and granular insights into financial performance and trends. The integration of systems and processes further reduced manual efforts and boosted productivity and efficiency. Enhanced controls and compliance measures reduced reliance on spreadsheets and manual processes, while transparency and visibility into financial data enabled better decision-making and planning.

Through the effective use of technology and data analytics, Credit Acceptance Corporation optimized its business processes, improved customer experiences, and mitigated risks. With these advancements, the company is well-positioned to fulfill its mission of transforming customer lives and driving business growth.