Published on : 3rd September 2015
Global economies are reeling under unpredictable and turbulent economic conditions. This situation is directly impacting businesses across industry verticals and geographies, making it imperative for executives to chart out a sustainable growth plan based on constrained strategic resource provisions (e.g. capital, manpower) and in expedited timelines.
Effectively managing capital (long term equity as well as short term working/ cash) and other strategic resources (e.g. manpower, capital assets, intellectual property) is critical for achieving ambitious business growth objectives. Effective resource management mandates accurate measurement, calculation, planning and projections of metrics with state-of-the-art financial management enterprise applications. Such IT investment, in turn, poses incremental resource constraints on available capital – almost a ‘Catch 22’ situation.
In the above context, it becomes critical to understand different ways on how executives overcome the technology adoption barriers and work towards integrating visible business outcomes. This is where disruptive technologies like the Cloud can play a leading role. Cloud offers tangible benefits to users in terms of speed, agility, cost benefits and overall efficiency. This is where the integrated Oracle Cloud platform can make a difference. This platform offers diverse application functionality across finance applications to enable effective, customized yet lean transformation across finance processes.
It is important to bear in mind that one needs to create functionality across the enterprise level. Driver based, end user driven financial and resource planning process can be configured in Oracle Planning and Budgeting Cloud Service. It is possible to incorporate business specific logic and process participant roles across the enterprise, making it seamless and highly effective way to create visible value. This offering in particular, enables flexible subscription for low TCO, in addition to robust security protocols inherent in the Oracle Data Centre and proactively schedules maintenance and patching from Oracle support.
Narrative reporting on company financial results is possible. This feature helps in giving meaningful, contextual insights into company performance at various organizational hierarchy levels by respective stakeholders. This benefit is easily achievable using Oracle Enterprise Performance Reporting Cloud Service.
This enriched set of financial reports facilitates holistic view of company performance to diverse internal (executive management, shareholders and holding company executives) as well as external stakeholders (independent auditors, government/ regulatory bodies and financial institutions).
Financial Consolidation – coming soon!
Oracle’s strategy brief on Enterprise Performance Management product suite clearly outlines plans to make Hyperion Financial Management, industry leading financial consolidation tool, available on Oracle Cloud, though Oracle Financial Consolidation and Close Cloud Service (in active development).
Enterprises are constantly looking at ways to establish leaner and more efficient financial performance systems. Now, they can leverage Oracle Cloud’s distinct value propositions easily, effectively with clear transformational goals.
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Author – Rahul Athalye – Oracle BI and EPM