Case Study: Fiven ASA achieves faster financial reporting with Oracle Cloud EPM

Fiven reports financials faster with Oracle Cloud EPM

Fiven ASA, a Norway-based silicon carbide manufacturer with operations across multiple countries, was struggling to manage account reconciliations, financial close, consolidations, and error identification through scattered spreadsheets after its spin-off. Lacking centralized support, the company needed a scalable way to simplify manual, time-consuming financial processes and gain a more holistic view of its business. Oracle Cloud EPM was chosen to address these challenges.

Oracle deployed Oracle Cloud EPM to give Fiven ASA a single source of truth and automate consolidation, close, reporting, and reconciliation processes. The results included financial management tasks completed 20% faster on average, monthly management reporting reduced by 1.5 workdays, and faster quarterly external reporting with improved accuracy and compliance across IFRS and GAAP requirements.

Fiven ASA

Stein Erik Ommundsen

Group Chief Financial Officer