Oracle Modern Best Practice—Predicted
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.
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Close Subledger
Monitor enterprise-wide close status. Interact on and finalize outstanding subledger transactions and exceptions.
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Pro-Forma Close Ledgers
Prepare and review preliminary financial statements. Prioritize outstanding transactions based on initial results.
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Reconcile Accounts
Reconcile subledgers to general ledger, automatically matching transactions to entries.
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Close Ledgers
Route close tasks to task owners automatically. Collaborate to streamline the close for each entity. Monitor enterprise-wide close status.
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Consolidate Subsidiaries
Transfer each subsidiary’s results to the corporate chart of accounts. Revalue nonmonetary balances and translate to the corporate currency. Eliminate intercompany activity and minority interest.
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Review and Confirm Financial and Management Reports
Review consolidated results using the same reports for each subsidiary where applicable. Enter final adjustments.
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Publish and Securely Share Financial Statements
Distribute financial statements to all interested parties, leveraging collaboration to incorporate feedback.
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Update Financial Forecast
Modify forecasts and financial plans in light of the results from the just closed period.
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.
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Manage Supplier Invoices
Use rule-driven routing to automate invoice processing electronically or by scanning invoices. Use spreadsheets to speed up manual entry.
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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.
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Manage Prepayments and Discounts
Manage prepayments from multiple devices. Leverage competitive payment terms to optimize discount opportunities.
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Settle Liabilities
Actively monitor and process supplier and statutory liabilities via secure interaction. Process electronic payments, automated pay runs, or off-cycle payments.
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Review Daily Activity
Review and analyze the day’s financial activity and monthly progress.
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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.
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.
Oracle Modern Best Practice—Predicted process models are subject to Oracle’s Safe Harbor Statement and copyright.
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