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Oracle Modern Best Practice—Predicted

The Future of Business Processes—Predicted
The Future of Business

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. 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. A set of three accelerants: AI and machine learning, blockchain, and augmented and virtual reality are 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

Today, a typical period close to financial reports workflow takes eight complex steps.

  • Close Subledger

    Monitor enterprise-wide close status. Interact on and finalize outstanding subledger transactions and exceptions.

  • Pro-Forma Close Ledgers

    Prepare and review preliminary financial statements. Prioritize outstanding transactions based on initial results.

  • Reconcile Accounts

    Reconcile subledgers to general ledger, automatically matching transactions to entries.

  • Close Ledgers

    Route close tasks to task owners automatically. Collaborate to streamline the close for each entity. Monitor enterprise-wide close status.

Period Close to Financial Reports—Predicted

According to CFO magazine, the best-performing companies achieve period close in 4.8 days.* Why is that acceptable? Our CFO customers tell us that most of this time is spent chasing down information and waiting for a response. That should be eliminated.

By applying machine learning, that time could be significantly reduced. New finance software could anticipate what you need—based on business policy, business rules and previous usage— and present it to you—before you have to chase for it. The hours and days previously wasted on moving information around is now focused on managing exceptions, improving business policies and providing much needed insight and guidance to the organization. This exciting combination of new technologies can help you make better decisions, faster, while significantly improving business performance and productivity.

*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

This is where human intervention really matters. The experts in the team review exceptions recommended by the software, based on business policies, 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

Today, the typical workflow from receiving an invoice to paying it looks something like the following:

  • Manage Supplier Invoices

    Scan and record invoices automatically using optical character recognition and rules-driven financial software. Manually enter exceptions using spreadsheets.

  • Manage Audits, Disputes, and Approvals

    Route invoices using rules-driven software and manage approvals from any device or desktop. Resolve disputes and holds using a role-based dashboard and secure social interaction.

  • Manage Prepayments and Discounts

    Manage prepayments from multiple devices. Leverage competitive payment terms to optimize discount opportunities.

  • Settle Liabilities

    Actively monitor and securely process supplier and statutory liabilities. Process electronic payments, automated pay runs, or off-cycle payments.

  • Review Daily Activity

    Review and analyze the day’s financial activity and monthly progress.

  • Schedule Payables Close

    Stay on a predetermined close schedule. Review payables register, trial balance, and reconciliation reports. Close the payables period.

Supplier Invoice to Payment—Predicted

In this 2017 study, PricewaterhouseCoopers reported that regardless of company size and industry, the average finance organization spends more than 60 percent of its time on transactional efficiency activities.* That won’t be sustainable in the 2020s.

With the impact of emerging technologies, the supplier invoice cycle could be dramatically streamlined. Validated invoices will be paid automatically through a trusted blockchain network with optimal timing for cash flow. Humans will focus on addressing exceptions and fostering a high performing supplier base.

“Finance Effectiveness Benchmark Report 2017” *PWC, September 4, 2017.

Process Supplier Transactions

Automate invoice processing, audits, disputes, approvals, prepayments, discounts, and liabilities on a continuous basis using machine learning models that continually evolve and learn.

Manage Exceptions and Reviews

Again, human expertise is key. Purchasing team members review and approve exceptions flagged by the machine learning models. Confirm automated handling of future exceptions and anomalies, subject to business policies and compliance requirements.

Close and Securely Post

Follow regular payables schedule to complete supplier transactions and post to general ledger.

Oracle Modern Best Practice—Predicted process models are subject to Oracle’s Safe Harbor Statement and copyright.

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