Oracle@Oracle—Finance
With Oracle Fusion Cloud ERP and EPM, we close our books and report earnings in 10 days—faster than any other S&P 500 company. We’re able to spend much more time looking forward while empowering our finance team to be strategic partners across our business.
We’re ready to help you transform finance
Let us put the insight and experience of our own cloud transformation to work for you. With Oracle Cloud, our finance team reduced manual accounting, slashed hours of data gathering, and shortened time to close—focusing instead on predictions that steer the business forward.
Products: Oracle Cloud ERP, Oracle Cloud EPM, Oracle Analytics Cloud
The Oracle@Oracle mission
To meet the service expectations of our customers, Oracle has embarked on an end-to-end transformation, with customer success at its center. Finance played a critical role in our transformation. Moving to the cloud helped shift to a subscription-based revenue model, invest in our global data center program, and develop new KPIs and insights to support the evolution of our business.
We achieved industry-leading efficiency on the same public cloud we offer customers
We operate on the same public cloud as our customers—without customizations and using the same level of service—so we can continuously innovate with you as we receive quarterly updates.
On our cloud, Oracle finance increased operating efficiency, funding current operations and investment for future growth. This enables the finance team to serve as a proactive contributor to growth and to provide real-time recommendations to business owners. Our employees complete routine expense submissions effortlessly through built-in machine learning and AI in our cloud.
We want to be the best deployment of Oracle Cloud ERP and EPM on the planet, because we believe that’s how we can help our customers to be successful. We will also learn from our customers, so it’s a win-win story.Maria Smith Senior Vice President and Corporate Controller, Oracle
Delivering exceptional experience to customers and employees
We reimagined Oracle Finance with a unique transformation framework, bringing excellence in operations and experiences to both customers and employees.
Streamline
Empower
Delight
Automate
Streamline
We designed and implemented a single, global chart of accounts and one common accounting language. This simplified reporting and data management and created report consistency across our lines of business and business units. To improve forecasting, we eliminated handoffs and defined a core set of KPIs as transparent and consistent business drivers. Finally, we reduced the number of expense categories and eliminated unnecessary information that employees were previously required to provide.
Empower
Empowering employees to use financial data and automate expenses lets our finance team focus on high-value activities such as strategic planning and agile, insight-driven decision making. Employees can develop reports and proposals without outside resources or review, with access to comprehensive real-time finance data and system resource capacity. They can also submit and validate expenses using text and photo.
Delight
Finance employees use built-in AI and machine learning insights and calculations and a single user-friendly tool. Business leaders can check forecasts, budgets, and other key information as easily as checking the score of a basketball game using powerful data visualization, mobile dashboards, and chatbot functionality. It’s never been easier for employees and managers to submit and expenses—no application interaction required.
Automate
Not only does Oracle Cloud ERP and EPM help us maximize efficiency and effectiveness, make smarter decisions, and delight those we serve, it’s also helping us build resiliency into our finance processes and leverage real-time insights for continuous improvement and innovation.
Results
We have been able to achieve a significant return on investment with Oracle Cloud including the following metrics (to date):
Financial close
- 10 days to close the books and report earnings
- 30% reduction in time to complete monthly accounts payable close
- 49% reduction in manual accounting
- 97% of banking transactions are automatically matched
- 40% of balance sheet reconciliations now prepared globally (to date)
- 98% reduction in global expense allocations
- 99% reduction in global PO accruals preparation time
- Global intercompany tie out (1.5 hours per month)
Planning
- Eliminated 2,000 hours of data gathering
- Eliminated 1000 manual spreadsheets
Expenses
With Oracle Cloud, employees submit expenses 60% faster and express 90% satisfaction with the experience. The deeper details behind that success story include:
- Management of over 95,000 corporate cards
- Handling submission of 30,000 expense reports per week
- Processing of 550,000 card transactions per week
- Auto-classification of 50% of card transactions
- Reimbursement of $19M per week
- 30% reduction in average global expense reimbursement cycle time (7 days down to 5)
Our finance transformation stories help other professionals take the lead
