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.
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
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 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
We reimagined Oracle Finance with a unique transformation framework, bringing excellence in operations and experiences to both customers and employees.
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.
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.
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.
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.
We have been able to achieve a significant return on investment with Oracle Cloud including the following metrics (to date):
With Oracle Cloud, employees submit expenses 60% faster and express 90% satisfaction with the experience. The deeper details behind that success story include:
In this new certificate series from Association of International Certified Professional Accountants (AICPA), Oracle@Oracle executives share their business transformation stories.
Learn how cloud technology can help finance become a true partner to the business. Oracle’s SVP of global business finance shares our story.
Oracle’s SVP and corporate controller shares how and why we achieved the fastest close on the S&P—and the ultimate vision we’re pursuing.
Hear about this milestone cloud migration firsthand from Oracle’s SVP of global finance operations.
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Douglas Kehring, Executive Vice President, Corporate Operations
Business transformation is a journey, not a destination—but that doesn’t mean it should be approached at a walking pace. Here at Oracle, we understand that moving quickly and making continuous advancements is mission-critical to our success. And that’s why we’ll never stop reimagining how we use our technology, equip our people, and refine our processes internally to power our business. It makes no sense to stop, when our underlying mandate is to stay ahead of our customers’ ever-evolving expectations.Read the full article
The Automated Close – How Oracle Closes Its Books and Reports Earnings in Less than 12 Days