Millennium JD Edwards

Telephone +44 (0) 845 604 4262 | Email info@millenniumconsulting.co.uk

project solutions

Click on one of the seven buttons below to view details of our project solutions in that particular area. For solutions based on industries or verticals please click HERE.

Upgrade

health check

If you implemented JD Edwards some years ago then it's conceivable you may not be making full use of the functionality now available. The Health Check evaluates your JD Edwards software use from both a functional and technical perspective and identifies methods to enhance and refresh business processes, create efficiencies and achieve cost savings. It covers Finance, Procurement, Logistics, Manufacturing, Distribution and Reporting and provides a comprehensive review of existing processes, system set-up, technical architecture, software licence usage etc.

The review process involves:

Step 1 Business Process Workshop (BPW) with the JD Edwards Sponsor, System Manager and other key stakeholders to agree review scope.

Step 2 Operational process reviews conducted with key users across the selected areas to gain a detailed understanding of day to day issues.

Step 3 The Systems Review Report is produced covering the areas discussed and issues identified including short, medium and long term recommendations for operational improvement. This report is distributed to the stake holders.

Step 4 A meeting is held with the stake-holders to discuss the report findings including identifying ways to make better use of the software functionality, improve business processes, reporting and integration as well as to increase user knowledge.

The report is discussed in detail, questions answered, strategy agreed and a high level project plan produced. This is a major step to ensuing you operate in accordance with Best Practice in your use of JD Edwards. If you have concerns around duplicate payments we can assist you.

Project Solutions
Upgrade

upgrade

Why upgrade?

As support is withdrawn for older software versions (or there are compatibility issues with new hardware, databases, operating or communication systems), upgrading is advisable.

Upgrading avoids the risk of technical incompatibility issues, unsupported software, and ensures the latest functionality is deployed and delivers process efficiencies and cost savings.

What's new in E1?

The latest JD Edwards EnterpriseOne 9.1 release continues Oracle's commitment to Applications Unlimited with important advancements for user productivity, industry-specific functionality, and support for global business operations. EnterpriseOne 9.1 addresses the most critical user needs, while delivering key enhancements in several areas, including:

Reporting

Users can easily build their own interactive reports and leverage the power of Oracle BI Publisher to generate the report output in multiple formats. EnterpriseOne 9.1 empowers end users and reduces the need for IT assistance with 40 new user inquiry/reporting applications supporting 178 pre-built reports.

User Experience

EnterpriseOne Release 9.1 offers significant enhancements in the user experience, including Web 2.0 features that reduce task time and enable access to meaningful information when and where it is needed.

Industry Specific Functionality

EnterpriseOne 9.1 delivers key enhancements for the consumer goods, real estate management, and manufacturing and distribution industries.

Global Business Processes

EnterpriseOne 9.1 supports global operations with several new features, including enhancements that consider the entire ERP business process associated with managing country of origin requirements.

Productivity

The new release offers more tightly integrated business processes and other productivity advancements including, improved data access and enhanced financial controls. In addition, significant productivity enhancements have been built into the following products:

- Financial Management

- Capital Asset Management

- Project Costing

- Project Manufacturing

- Requisition Self-Service

- Sales Order Management

- Human Capital Management

For more information on upgrading EnterpriseOne, World or migrating form World to EnterpriseOne please visit our Upgrades page.

Project Solutions
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Global Deployment

global deployment

Deploying JD Edwards involves both technical and change management issues. It is likely to involve collaboration with external partners with specialist knowledge and experience to provide advice, design and configuration expertise. Project teams may include partners, internal teams, independent consultants or a hybrid mix. Recognising that project cost, as well as delivery, is critical and affects the success of JDE change programs, we ensure our clients maintain control over their budgets without impacting quality.

With over 21 years’ experience deploying JD Edwards our teams also include Change Managers with extensive stake-holder engagement experience as well as technical specialists.

Millennium Consulting provides JD Edwards professionals for projects taking place across the globe. The importance of specialist local knowledge when rolling out to a new country should not be under estimated. Sometimes the smallest country requires the greatest effort to implement JD Edwards effectively.

A successful deployment requires the following: -

  • In country product expertise
  • Local language skills
  • Familiarity with the local culture
  • Knowledge of localisation rules (tax, reporting etc.)
  • Change management skills
  • Planning abilities
  • Collaborative co-operation with local teams

JD Edwards EnterpriseOne combines the power of a global business software suite with specific, integrated adaptations that address the financial, regulatory, and other needs for running your company in other countries.

These localization efforts support: -

1. General business functionality for Financial Management and Supply Chain Management.

2. Country specific tax, regulatory, and statutory updates prioritized by updates (priority 1) and new requirements (priority 2).

If you require any training we can assist you - please visit our training page.

If you are looking to migrate from one ERP to another then Millennium Consulting can help - we have multiple ERP practises. Please visit the bottom of this page for further details.

JD Edwards EnterpriseOne Country Support

The countries listed below have specific localisations available directly from Oracle.

Millennium Consulting has partner operations in many countries not listed below. In many of these countries the local partner has developed their own localisation. Millennium Consulting can assist you to implement these localisations as part of your global deployment.

Asia Specific

Europe

Latin America

Project Solutions
Optimization

optimisation

If it's been some years since you implemented JD Edwards, it's likely you are not making full use of the functionality now available. We can help you address this deficiency, allowing you to enhance and refresh your business processes, create efficiencies and achieve cost savings.

“JD Edwards Optimise” is a Review & Action initiative designed to achieve material cost savings, improved working practices and enhanced all round performance. It provides a comprehensive assessment of your current processes, system set-up, software licence usage etc. Following the on-site review and workshops, a Systems Review Report is produced documenting the current set up and providing recommendations for quick wins and medium to long term systems enhancements. The final stage of the Optimise process is the end to end delivery of the agreed strategy to achieve the required improvements.

Optimisation process

Phase 1

Arrange a Business Process Workshop (BPW) with the software sponsor, JD Edwards Manager and other key stakeholders to agree the scope of the optimisation engagement.

Phase 2

Carry out operational process reviews with the key users across the selected areas to gain a detailed understanding of day to day operations and possible issues.

Phase 3

Produce the Systems Review Report covering the areas discussed and issues identified including short, medium and long term recommendations for operational improvement. This report is distributed to each stake holder.

Phase 4

Present the report to the primary stake-holders and discuss the report findings and options available to use up to date software functionality, improved business processes/reporting/integration and to increase user knowledge. The report is analysed in detail, questions answered, a strategy agreed and a high level project plan produced.

Phase 5

Assemble project team and assign responsibilities amongst internal staff and the Millennium Consulting project team.

Phase 6

Deliver the agreed solution in accordance with the Millennium Consulting Project Delivery Methodology (MCPDM).

Project Solutions
Bespoke Custom Development

bespoke development

Millennium’s bespoke development services enables you to leverage your JDE software investment by developing custom built screens and integrating with third party software to achieve automated processes.

Services include:

Strategic Advice

Bespoke functional specification, technical specification design, systems documentation and installation guide.

Bespoke Application Development

Financials, CNC, Contract Service Billing, Procurement, Distribution, Commitment Accounting for Budget control and bespoke framework.

Coding

Coding in Java, Swing, JDBC, XML, C/C++, C#, .Net Web-services and SQL on several DBMS and platforms.

Interfacing/Integration

XMLI, and Bespoke Framework.

SQL Development

SQL Scripting including stored procedures, triggers etc. using SQL Server, Oracle, Sybase and DB2.

Databases

Oracle Proc, Sybase CPRE, Informix ESQL, SQL Server, NSQLPREP and DB2 on UNIX, Windows and AS400 platforms.

Programming

UNIX shell scripts, AS400 CL Programs and Windows batch files.

Software Installation

JDE installation, e-Procurement and Billing Client/Server, web applications and databases.

Project Solutions
Financial Regulation

financial regulation

Our strategic, operational and RegTech expertise, simplify and help you address regulatory compliance, whilst increasing your competitive advantage.

Following the 2007 Global Financial Crises, national governments introduced bank regulation to ensure the events would not be repeated. Regulations were introduced subjecting banks and financial institutions to requirements, restrictions and guidelines, designed to create market transparency between financial services and the individuals and companies with whom they conduct business.

In light of banking industry inter-connectivity and national (and global) economic reliance on banks, it was believed essential for regulatory agencies to maintain control over standard practices operated by institutions. Banking regulators took the view that large banks were "too big to fail" as their failure would have serious repercussions over the wider economy.

The result of this is that regulatory reporting has become a prime focus for financial institutions. Regulatory requirements have increased and organisations must anticipate and document current and future risk exposures. The information required is much more detailed and complex than before and a comprehensive view of each institution’s position is required in real-time.

Millennium Affine’s regulatory and compliance services provide a comprehensive range of expertise covering regulatory reporting for the Banking, Insurance, Telecoms and Healthcare sectors. We help businesses anticipate and adapt to ever changing regulatory requirements on both a national and global basis, focussing on areas such MiFID III, Basel II, Solvency II, Dodd Frank, Sarbanes Oxley, GDPR and IFRS.

Millennium has a dedicated team of experts, Millennium Affine, and they provide specialist regulatory and compliance consulting services to all types of businesses ensuring that you comply with the evolving legislative environment.

Below is some information on the regulation requirements that we believe will affect some JDE customers. If you are interested in the latest financial regulation requirements and how they may affect you please contact us and we can call you or visit you to understand which of the regulations affect you and how to implement the best solution to meet your needs.


SOX

Sarbanes-Oxley

The Sarbanes-Oxley Act of 2002 (SOX) is an act passed by U.S. Congress in 2002 to protect investors from the possibility of fraudulent accounting activities by corporations. The SOX Act mandated strict reforms to improve financial disclosures from corporations and prevent accounting fraud. The SOX Act was created in response to accounting malpractice in the early 2000s, when public scandals such as Enron Corporation, Tyco International plc, and WorldCom shook investor confidence in financial statements and demanded an overhaul of regulatory standards.

Breaking Down 'Sarbanes-Oxley Act Of 2002 - SOX' The rules and enforcement policies outlined by the SOX Act amend or supplement existing legislation dealing with security regulations. The two key provisions of the Sarbanes-Oxley Act are Section 302 and Section 404. Section 302 is a mandate that requires senior management to certify the accuracy of the reported financial statement. Section 404 is a requirement that management and auditors establish internal controls and reporting methods on the adequacy of those controls. Section 404 has very costly implications for publicly traded companies as it is expensive to establish and maintain the required internal controls.

In addition to the financial side of a business, such as the audits, accuracy and controls, the SOX Act also outlines requirements for information technology (IT) departments regarding electronic records. The SOX Act does not set forth a set of business practices in this regard but instead defines which company records need to be stored on file and for how long. It does not specify how a business should store its records, only that the IT department is responsible for storing them, according to standards outlined in the SOX Act.

Section 802 of the Act contains the three rules that affect record keeping. The first deals with destruction and falsification of records. The second strictly defines the retention period for storing records. The third rule outlines the specific types of business records that need to be stored, which includes electronic communications.


GDPR

GDPR - General Data Protection Regulation

In April 2016, The European Commission ratified The General Data Protection Regulation (GDPR), which covers the capture, control, and consent to use personal information. GDPR is designed to protect the data rights of E.U. citizens, meaning individuals will have greater control of who has their data, and how it will be used. Making sure your organisation is compliant is essential, but not an easy feat. The regulation, which includes mandatory data breach notifications, as well as eye-watering penalties for non-compliance, means making sure your organisation is compliant is essential

Organisations must report on data breaches within 72 hours and will be bound by more stringent rules for obtaining consent from individuals on how their data can be used.

Under the GDPR, the responsibility of protecting the personal data of customers falls on the shoulders of organisations. GDPR applies to personal data that resides anywhere within an organisation, and applies to any company, inside or outside the E.U. that offers goods and services to European citizens. Getting to grips with the regulation is key, particularly if you’re a global business.

Organisations must be 100% compliant from day one (25th May 2018) or regulators will issue fines for of between 2-4% of revenue. Depending on the infringement, the reputational damage from non-compliance may be long lasting.

The regulation on GDPR is clear on what needs to be done; however, organisations are struggling with how to do it. Protecting and securing data isn’t achieved by locking it away but by making it transparent across the organisation. To ensure GDPR compliance, organisations must be clear on where data is held and who is responsible for that data. It not only your responsibility to ensure data is secure, you must also be able to prove everything is being done to protect the subject’s data and the rights of the subject itself.

The ability to report on data is vital to breach notifications. Under the regulation, companies must report certain data breaches within 72 hours. Failure to do so will result in a fine.


IFRS 15, 16 & 17

IFRS15

This was developed to address differences in the definition of revenue between the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). It is an International Financial Reporting Standard (IFRS) initiated by the IASB that provides guidance on accounting for revenue derived from customer contracts. It is a joint project with the FASB, which issues accounting guidance in the United States and becomes effective 1st January 2018. Broader impact:Changing revenue recognition methods will impact many parts of an organisation including financial accounting, IT, executive management, sales, legal, human resources, tax, investor relations, share and bond holders. Revenue modelThe IFRS15 revenue model has five steps:

1) Identify contract with a customer

According to IFRS 15, the following criteria have to be met before a contract can be identified:a - Each party has to approve the contract and be committed to its fulfillment.b - Each party’s rights and obligations can be identified in terms of the contract, there are clear payment terms in the contract and the contract has “commercial substance”.

2) Identify individual performance obligations within the contract

A good or service that is to be delivered in terms of a contract with a customer qualifies as a performance obligation if the good or service is “distinct”. In this context a good or service is distinct if the contracted item can be consumed by the customer, either on its own, or in combination with other items that are regularly available to the customer and the promise to transfer goods or services to a customer can be separately identified from other transfers stipulated in the contract.

3) Determine transaction price

In most cases the transaction price payable is laid out in the contract and is simple to calculate, however certain circumstances require the transaction price to be calculated by other methods.

4) Allocate the price to the performance obligations

Firstly, an entity has to measure the amount of non-cash consideration in a contract in terms of IFRS 13: fair value measurement.

Secondly, a contract can have variable consideration (for example, the transaction price is subject to settlement discount should the client pay within a certain time frame). In this case, the transaction price can be calculated by two methods:

The most likely amount: the amount with the highest probability of being realized will be measured as the transaction price, or the expected value approach. In this instance the weighted average of possible amounts is measured as the transaction price. Both methods are estimates and if the actuals differ, the entity will apply the change retrospectively.

Finally IFRS15 requires the entity to test for the existence of a “significant financing component” in the contract, which will occur if: “the timing of payments agreed by the parties to the contract provides the customer or the entity with a significant benefit of financing the transfer of goods or services to the customer”.

If the above mentioned is applicable, the transaction price will be adjusted to eliminate the effect of this benefit. This is simply done by calculating the net present value of the payments (if the satisfaction of performance obligations is prior to the payment date), or by calculating the net future value (if the payment date is prior to the satisfaction of performance obligations). The difference (between the amount recognized after adjustment for a significant financing component and amount of consideration to be received) is simply recognized as interest income/expense in terms of the accrual basis of accounting as mentioned in IAS 1.

5) Recognize revenue as the performance obligations are fulfilled

An entity can recognize revenue when performance obligations have been settled defined as when the customer has received all the benefits associated with the performance obligation and is able to use and enjoy the asset.

IFRS16

The International Accounting Standards Board (IASB) issued IFRS 16 Leases in January 2016 which sets out the principles for recognition, measurement, presentation and disclosure of leases for both parties to a contract. IFRS 16 becomes effective from 1 January 2019; however, it can be applied before this date if an organisation also applies IFRS 15 Revenue from Contracts with Customers. IFRS 16 completes the IASB’s project to improve lease financial reporting and replaces IAS 17.

Arranging a lease results in a company (the lessee) obtaining the right to use an asset at the start of the lease and if lease payments are made over time, also obtaining financing. IFRS 16 eliminates the classification of leases as either operating leases or finance leases as is required by IAS 17 and, instead, introduces a single lessee accounting model.

Lessees

A lessee is required to recognise:

(a) assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value; and

(b) depreciation of lease assets separately from interest on lease liabilities in the income statement.

Lessors

IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17. Accordingly, a lessor continues to classify its leases as operating leases or finance leases, and to account for those two types of leases differently.

Primary challenges

Data collection. The need to enable hundreds of thousands of leases to be held within a flexible model, efficiently storing all levels of granular data required for IFRS 16.

Complexity. Lease structures can be complex, as can the accounting scenarios. Leases can be of multiple types and can be further impacted by multi-GAAP and multi-currency considerations. The system needs to support both the full retrospective and cumulative catch-up approaches to cater for the period of transition.

Audit & Disclosure. Ensuring a consistent approach that is fully auditable and traceable is a key part of implementing any new accounting standard. This is of particular importance as the IFRS 16 accounting standard requires judgements and decisions to be made at various points across the accounting process.

IFRS 9 & 15 Compliant. IFRS 16 is one of a number of new accounting standards. It needs to co-exist with IFRS 15 revenue recognition for asset fair value calculation, plus any asset impairment charges under IFRS 9.

Technology. Most lease administration systems are old, poorly integrated and hard to change. The accounting functionality is usually limited and inflexible and therefore a tailored solution is required.

Finance & Lease Sub Ledger: The move to IFRS 16 lease accounting can result in a significant increase in journal entries driven by multiple events over the lifetime of the lease. A Lease Sub Ledger allows detailed finance and lease information to be held in a centralized accounting hub to drive detailed reporting across the organisation of key movements and ratios. All data is validated with online balance to journal to lease drill down and enquiry.

A Sub Ledger provides a great alternative to overloading the existing Oracle or SAP GL. The sub-ledger provides great flexibility around account codes, hierarchies, accounting periods, calendars, and transactional, reporting and base currencies. Multiple balance types are stored allowing for financial, non-financial and lease aligned reporting. Both IFRS 16 and existing IAS 17 balances can be held simultaneously for comparative reporting.

IFRS 16 Finance Data Model. The best practice IFRS 16 data model caters for the most complex of lease structures and organisation or party relationships. The system stores a rich source of information to meet financial and lease based reporting requirements. To ensure complete financial reporting integrity and record the accounting information and the full lease life cycle event simultaneously.

Detailed payment schedules, index linked rates, terms, lease options and other key data items should be stored in the data model with full traceability and audit with the accounting entry.

Solution

Millennium works with several technology vendors who supply appropriate solutions that overcome the challenges associated with IFRS16. We can help you choose the right solution and integrate it to JD Edwards.

IFRS17

The new standard for insurance contract accounting, IFRS17 will become active from January 2021 and will replace IFRS4. The new standard will be complex and have fundamental differences concerning current accounting in both liability measurement and profit recognition. The financial and operational implications of IFRS17 will require a fundamental change in insurers’ accounting practices and provide a major challenge for much of the industry. There are, however, opportunities to optimise adoption, both operationally and in terms of financial performance.

The principles underlying the new standard are broadly similar to current practices, however the detailed requirements are markedly different. These changes will re-shape primary statements and change financial statement disclosures and changes to the data gathered and maintained will also be necessary.

A structured approach to planning your IFRS17 implementation project will help you overcome the coming challenge and Millennium Affine is well placed to help. Our mix of industry, regulatory technology and change management experience ensures we are well placed to support you.


ERP Migration

ERP migration

If you are looking to undertake an ERP migration or consolidation project please click HERE for further details.


If you are interested in the latest financial regulation requirements and you would like to understand how they may affect you please contact us and we can call you or visit you to understand which of the regulations affect you and how to implement the best solution to meet your needs. Alternatively please complete the form below and we will contact you.

Project Solutions
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