Oracle transforms finance in the cloud
Oracle transforms the business from end to end—and finance leads the way with Oracle Cloud ERP and EPM.
“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 also learn from our customers, so it’s a win-win story.”
Oracle is a $40 billion company with 138,000 employees serving 430,000 customers in 175 countries.
As part of our transformation from a product-oriented to a cloud-based services-oriented company, we needed to shift to a subscription-based revenue model. The finance team was called on to play a critical role in guiding that transformation, but it would need to streamline and simplify processes; empower employees with new, up-to-date sources of information; and make that information easier to find, understand, and act on.
Why Oracle@Oracle Chose Oracle
Oracle selected the Oracle Cloud ERP and Oracle Cloud EPM suites of applications to transform its finance organization and achieve industry-leading operating efficiency, enabling the funding of current operations and the investment for future growth.
We implemented the same version of the public cloud as our customers—with no customizations—so that we can experience the same level of service and anticipate and address challenges together as we receive quarterly application updates.
We wanted to transition our finance teams from helping the business make decisions based on rear-view analysis and reporting to serving as a proactive contributor to and influencer of innovation and growth, providing real-time updates and forward-looking recommendations in context for business owners. We also wanted to enable our employees to complete more routine activities, like expense submissions, effortlessly by leveraging the built-in machine learning and artificial intelligence capabilities in our cloud services.
We have been able to achieve a significant return on investment with the Oracle Cloud ERP and EPM applications, including the following metrics (to date):
Financial close: It now takes fewer than 12 days to close the books and report earnings. We’ve reduced the time to complete the monthly accounts payable close by 30%, and we’ve reduced the amount of manual accounting activities by 35%. Now, 40% of balance sheet reconciliations are prepared globally.
Planning: We’ve eliminated about 2,000 hours per month of data gathering and eliminated 1,000 manual spreadsheets.
Expenses: We’ve reduced the time it takes to reimburse employee expenses from seven days to five. We’re now able to auto classify 50% of credit card transactions.