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With Oracle Cloud ERP and EPM we close our books and report earnings in 10 days

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 Assistant 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):

1

Financial close

  • 10 days to close the books and report earnings
  • 30% reduction in time to complete monthly accounts payable close
  • 45% reduction in manual accounting activities
  • 94% of banking transactions are automatically matched
  • 40% of balance sheet reconciliations now prepared globally (to date)
  • Global intercompany tie out (1.5 hours per month)
2

Planning

  • Eliminated 2,000 hours of data gathering
  • Eliminated 1000 manual spreadsheets
3

Expenses

  • 29% reduction in average global expense reimbursement cycle time (7 days down to 5)
  • Auto classify 50% of credit card transactions
JULY 16, 2020

How Oracle is able to outpace change with Oracle Cloud EPM

Matt Stirrup, SVP Finance: Corp FP&A, R&D, Cloud Ops

Today's economic environment has brought the need for business agility and resilience into clear perspective for many enterprise companies. At Oracle, like many of our customers, we have had to rethink our processes and plans to prepare for an uncertain future.

Read the full article