Recent advancements in cloud technology offered the opportunity to put in place a new platform that strengthened our general ledger (GL) foundations and provided the scale and functionality needed for future growth. As part of a broader finance transformation program, it was vital that the new platform provides a future-proofed foundation for further transformation and empowers our staff to innovate and create value.
Macquarie’s legacy PeopleSoft GL was implemented 17+ years ago and while regular upgrades were made, our finance operations quickly outgrew the platform. Over the same period, Oracle had developed an industry-leading suite of cloud-native finance applications, which was identified as an ideal solution to meet our evolving business and technical needs. Over a three-year period, completed in three major waves, Oracle, Deloitte, and Macquarie’s teams worked as one unit to implement large parts of the Oracle Fusion Cloud Application Suite globally, making it one of the biggest technology implementations in Macquarie’s history. The project involved more than 2,000 people across 24 global locations.
JAPAC Solution Engineering Lead, Oracle
Lead Partner APAC, Oracle, Deloitte
Having migrated over 1.2 billion lines of GL data, Macquarie is the first financial services organisation of its footprint to introduce a global cloud-based financial management and reporting system of this scale. This project further establishes our relationship with Oracle as a global technical partner dedicated to supporting and shaping Macquarie’s finance functions for the future.
Fusion Program Business Lead, Macquarie Group
Macquarie-trained Fusion system users
lines of GL data migrated
Data encrypted at rest and in transit and full system change audit trails
Significant reduction in key reports and allocation models
Reports are available up to two hours earlier than prior
Validating the efficiency of the new GL
Vice President, Applications, Oracle Australia