From manual to automatic: Ecopetrol Group speeds up its financial consolidation and growth

Exis Consulting has developed a consultancy specialized in the implementation of Financial Consolidation in Oracle EPM On-Premises solutions for Grupo Ecopetrol, focusing on optimizing the presentation and analysis of consolidated financial statements. The main objective of this project has been to ensure that the configuration of notes and reports complies with the requirements of external regulatory bodies, such as the Colombian Financial Superintendence.

With the continued growth and expansion of the Ecopetrol Group, especially with the acquisition of new companies such as ISA and its expansion into international markets, Exis Consulting has also taken on the challenge of advising and providing technical support for the integration of these new entities in the financial consolidation process. This has allowed the Group to maintain its regulatory compliance and optimize its financial operations, both in Colombia and abroad.

In addition, Exis Consulting has been responsible for anticipating and adapting to the new financial needs that arise with the growth of the Group, ensuring that the tools, reports and financial consolidation processes remain efficient and scalable over time.

The consultancy carried out by Exis Consulting for the Ecopetrol Group has had a significant impact on improving financial consolidation processes, resulting in several notable achievements:

• Decreased operating times : Thanks to the implementation of technological improvements and the optimization of processes, the time required to consolidate and report financial statements has been considerably reduced. This progress has allowed the Ecopetrol Group's financial team to dedicate more time to strategic analysis, instead of wasting it on operational and manual tasks.

  
  

• XBRL reporting configuration for the Financial Superintendence : Exis Consulting successfully implemented reports in XBRL (eXtensible Business Reporting Language) format, which are required by the Financial Superintendence of Colombia for the presentation of structured financial information. This implementation has not only ensured regulatory compliance, but has also improved the accuracy and transparency in the delivery of the consolidated financial statements of the Ecopetrol Group.

  
  

• Consulting for the inclusion of new companies in the consolidated financial statements of the Ecopetrol Group : With the recent expansion of the Group internationally, including the integration of ISA and other companies in markets such as Singapore, Exis Consulting has played a key role in advising on the correct inclusion of these new entities in the consolidated financial statements. This integration has allowed the Group to maintain a unified and updated view of its financial situation, respecting local and international regulations.

  
  

• Elimination of manual work : One of the most significant improvements has been the automation of processes that were previously manual, allowing for a more agile and accurate analysis of financial information. The implementation of control panels and data visualization tools has facilitated the monitoring and analysis of key indicators in real time, which has allowed for faster and more informed decision-making.

  
  

• Improved quality of financial analysis : By eliminating manual tasks and consolidating information automatically, Ecopetrol Group's financial team has been able to focus on detailed and in-depth analysis of financial information, generating added value in each review. This optimization has strengthened the Group's ability to identify trends, detect areas of opportunity and adjust its strategies based on reliable financial data.

  
  

• Scalability and support for Group growth : As Ecopetrol continues to expand and incorporate new entities, Exis Consulting has ensured that the solutions implemented are scalable and capable of adapting to new demands and requirements. This has allowed the consolidation process to remain agile and efficient, despite the increasing complexity of the Group's organizational and financial structure.

The consultancy provided by Exis Consulting and Oracle EPM solutions have enabled the Ecopetrol Group to significantly improve its financial consolidation processes, ensuring regulatory compliance, reducing operational times and strengthening financial analysis. This has boosted the Group's operational efficiency and provided it with a solid platform to effectively manage its growth and expansion.