“With Oracle Fusion Cloud ERP as our foundation, our vision is to have a fully automated close, eliminating all manual accounting. And as we progress toward this goal, we would like to inspire our customers to do the same.”
Oracle is a $40 billion company with more than 130,000 employees serving 430,000 customers in 175 countries across the world.
As part of Oracle’s transformation from a product-oriented to a cloud-based, services-oriented company, continuous technological innovation and agility in the marketplace is key.
Oracle’s finance leaders needed the right tools and processes to aid in providing the rapid reporting, insights, and recommendations to Oracle as a business. In other words, they sought to transform from providers of rear-view analysis to key contributors and influencers of Oracle’s growth. To achieve this, they needed a platform that would allow more time for looking forward rather than backward—particularly by accelerating the quarterly close.
Why Oracle chose Oracle Cloud ERP
Notably, Oracle deployed on the public cloud in order to remain on the same foundation as its customers, seeking similar gains in speed and efficiency.
With Cloud ERP and EPM, Oracle sought benefits both from existing features as well as the ongoing innovation offered through quarterly cloud updates—all in the service of a future-proof business.
Since implementing Oracle Cloud ERP and EPM, the Oracle finance team now closes its books with ever-increasing speed. Today, Oracle reports quarterly earnings in just 10 days—faster than any other S&P 500 company. That impressive metric shows that the time-saving features of its cloud are empowering finance managers to be strategic partners across the business.
This achievement is illustrated across three key areas of finance. First, in global accounting, one journal can be entered simultaneously across all entities and be posted in the local currency of each entity. Previously, the on-premises solution required accountants to enter journals one by one, by entity. As a result of this automation, the finance team has reduced manual journals by 54%, contributing to the accelerated close.
Next, in the area of reporting, Oracle gained speed and flexibility. Finance staffers can run real time reports of P&L and BS 24 hours a day using SmartView. This is a stark improvement from the previous 8-hour wait for data refreshes on-premises. EPM Narrative Reporting has proven a key factor in accelerating the close, as it allows the finance team to work collaboratively on the same report from different locations, at the same time, and with version control.
Finally, on Oracle Cloud, 40% of balance sheet reconciliations can be prepared with one global reconciliation. The Bank and Cash area of ERP is highly automated with 97% of 100,000-plus transactions coming from AR, and AP and Payroll being automatically matched with the transaction on the bank statements.In addition, about 86% of Balance Sheet accounts are now live on EPM Account Reconciliation.
Even with these impressive metrics in practice, Oracle Finance pursues a guiding vision to harness the power of Oracle Cloud ERP and EPM to achieve a fully automated close.