Equifax Canada Inc is one of two agencies providing credit bureau and information reports for businesses, including the financial sectors. Owned by Equifax of Atlanta, Georgia, Equifax Canada is based in Toronto, Ontario. Equifax is a global data, analytics, and technology company. Equifax operates or has investments in 25 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard S Poor’s (SGP) 500″ Index. Equifax employs approximately 11,000 employees worldwide.
Equifax Canada is the first international deployment of Equifax’s vision of digital transformation and standardization across all its geographies and build a transparent, robust mechanism to serve their customers. To meet businesses’ goals for digital transformation during an international rollout, striking a balance between global norms and local needs becomes crucial. When Equifax USA, the parent company, decided to switch from a legacy system to the Oracle BRM platform for its billing and revenue management operations, Aarav Solutions was a valued partner. As the international implementation starts with Equifax Canada, the primary problems they were faced to transform from legacy system to Oracle BRM:
- First of it’s kind implementation at Equifax group for standardization and transformation internationally
- Lack of Multi-language support for operations viz. French and English
- Lack of Mutli currency support with US Dollar (USD) as well as Canadian Dollar (CAD)
- Rising Customer dissatisfaction due to improper billing invoicing, account reconciliation and real-time information
- Higher time to market due to manual process, IT silos and long time for system customizations to support business innovations
- Multiple accounts of revenue leakage due to usage reporting, lack of integration between multiple systems, manual, paper based or faulty processes and bad data
- Longer and broken processes in contract to cash cycle and hence longer time taken to recognize revenue, revenue leakage as well as time to market new plans for B2B as well as B2C businesses.
- Delayed decision making due to lack of information in form of overall operations, reporting and analytics.
- Manual Partner management leading to longer and incorrect revenue realization cycles.
To delve deeper into how Aarav Solutions partnered with Equifax Canada to overcome these challenges and facilitate a successful implementation of the Oracle BRM platform, download our detailed case study.