Success Story | Finance Industry | Oracle Cloud ERP
Credit Acceptance Modernizes
Accounting Operations and
Improves Financial Reporting
with Oracle Cloud ERP
Credit Acceptance Modernizes Accounting Operations and Improves Financial Reporting with Oracle Cloud ERP
A Journey to Modernization and Efficiency for Credit Acceptance Corporation
Credit Acceptance Corporation, a prominent auto finance company, specializes in assisting individuals with less-than-perfect credit in purchasing vehicles. With a mission to transform lives by improving credit and fulfilling transportation needs, the company collaborates with a nationwide network of dealer-partners to offer its financing programs. Headquartered in Southfield, Michigan, and operating across all 50 states, Credit Acceptance Corporation generates $1.8 billion in revenue. However, the company faced significant challenges due to its fragmented and outdated legacy financial systems. These systems, reliant on multiple internal and external applications, led to data inconsistencies, manual processes, and reporting errors, necessitating a modern, cloud-based solution to streamline financial processes, enhance data quality, and enable better decision-making.
Transforming Financial Operations with Vigilant's Insculpt Methodology
To address these challenges, Credit Acceptance Corporation partnered with Vigilant to implement Oracle Cloud ERP and Procurement modules. Vigilant employed their proprietary Insculpt Methodology, developed exclusively for Oracle Cloud Applications using industry practices and Oracle Cloud Applications standard functionality. Vigilant’s approach ensured a smooth and efficient project execution, completed on time and within budget, yielding substantial benefits.
Outstanding Results: Streamlined Operations, Enhanced Accuracy, and Improved Efficiency
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.
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