Oracle Modern Best Practice—Predicted

The Future of Business Processes—Predicted
The Future of Business
Processes—Predicted

Artificial intelligence (AI), machine learning, blockchain, and augmented and virtual reality are going to revolutionize Oracle Modern Best Practice.

Modern Best Practice—Predicted: A Brave New World

Enterprise applications built on machine learning will change everything. The future of work will be different—every task, role, and process. So, five years after the launch of Oracle Modern Best Practice, it’s clear that the next big technological breakthroughs are taking place. The original six technology enablers of Oracle Modern Best Practice—mobile, social, analytics, the Internet of Things, big data, and cloud—are now mature and broadly available.

Today, a new set of emerging technologies will pervasively transform the business world. AI, machine learning, blockchain, and augmented and virtual reality are a few of the game changers. These changes will be so momentous that they will revolutionize how things are done. Which is why Oracle is predicting how business processes will evolve. “Oracle Modern Best Practice—Predicted” is complementary to our existing ebook, “Modern Best Practice—Explained.”


Period Close to Financial Reports—Today—8 Steps

Today, a typical period close to financial reports workflow takes eight steps.


  • Close Subledger

    Monitor enterprise-wide close status. Interact on and finalize outstanding subledger transactions and exceptions.

  • Pro-Forma Close Ledgers

    Prepare and review preliminary financial statements. Prioritize outstanding transactions based on initial results.

  • Reconcile Accounts

    Reconcile subledgers to general ledger, automatically matching transactions to entries.

  • Close Ledgers

    Route close tasks to task owners automatically. Collaborate to streamline the close for each entity. Monitor enterprise-wide close status.


Modern Best Practice—Prediction #1—3 Steps

According to CFO magazine, the best-performing companies achieve period close in 4.8 days.* Our CFO customers tell us that most of this time is spent chasing down information and waiting for a response. By applying machine learning, that time could be significantly reduced. With machine learning, that information would always be readily available. Which means that the new best practice for Period Close to Financial Reports is predicted to require only three steps.

*CFO, “Metric of the Month: Cycle Time for Monthly Close,” Perry D. Wiggins, March 8, 2018.

Continuous Virtual Close

Automate repetitive tasks and continuously close processes for ledgers, subledgers, currency, posting, and transaction processing.

Manage Exceptions and Reviews

Recommendation-driven exceptions based on policy, business rules, compliance requirements, and user preference. Includes user confirmation of automated handling of similar exceptions and anomalies, subject to rule-based approvals.

Close and Securely Publish

Distribute financial statements to all interested parties, leveraging collaboration to incorporate feedback.


Supplier Invoice to Payment—Today—6 Steps

Today, a typical supplier invoice to payment workflow takes six steps.


  • Manage Supplier Invoices

    Use rule-driven routing to automate invoice processing electronically or by scanning invoices. Use spreadsheets to speed up manual entry.

  • Manage Audits, Disputes, and Approvals

    Manage rule-driven approvals from any device or desktop. Resolve disputes and holds using a role-based dashboard and secure social interaction.

  • Manage Prepayments and Discounts

    Manage prepayments from multiple devices. Leverage competitive payment terms to optimize discount opportunities.

  • Settle Liabilities

    Actively monitor and process supplier and statutory liabilities via secure interaction. Process electronic payments, automated pay runs, or off-cycle payments.

  • Review Daily Activity

    Review and analyze the day’s financial activity and monthly progress.

  • Schedule Payables Close

    Stay on a predetermined close schedule. Review payables register, trial balance, and reconciliation reports. Close the payables period.


Modern Best Practice—Prediction #2— 3 Steps

In 2015, the American Productivity and Quality Center reported that regardless of company size, the average finance organization spends 50 percent of its time on transaction processing.* That won’t be sustainable in the 2020s. But we can change that. With the impact of emerging technologies, the new best practice for Supplier Invoice to Payment is predicted to require only three steps.

*CFO, “Metric of the Month: How Finance People Spend Their Time,” Mary C. Driscoll, December 4, 2015.

Process Supplier Transactions

Automate invoice processing, audits, disputes, approvals, prepayments, discounts, and liabilities on a continuous basis.

Manage Exceptions and Reviews

Recommendation-driven exceptions based on policy, business rules, compliance requirements, and user preference. Includes user confirmation of automated handling of similar exceptions and anomalies, subject to rule-based approvals.

Close and Securely Publish

Follow regular payables schedule to complete and close supplier transactions.

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