The change in day-to-day life caused by the pandemic sheds light on how critical technology is to maintaining business operations through black swan events. We’ve seen a drastic contrast of forward-thinking organizations versus those who relied on legacy financial processes and/or tools.
For executive teams, that little voice in the back of their head was right; aging financial systems can no longer support the agility required to lead through uncertainty. The way the world does business has fundamentally changed. Manual integration points supporting obsolete data structures risk producing inaccurate financial reports that do not reflect the true performance of an organization.
Beyond that, finance teams have been challenged on short notice to create strategic contingency plans, all while still trying to make it out the door to their kid’s soccer game. Rapid and reliable results require agile tools. Finance leaders can no longer rely on complex excel models or heavily customized on premise solutions.
In Oracle’s recent Enterprise Performance Management (EPM) Value Survey, finance leaders around the world attested to the benefits of implementing Oracle Cloud EPM.
Productivity and Collaboration
Distributed operations require collaborative monthly financial close task lists. It’s a bit tougher to check on your staff’s progress when you can’t swing by their desk.
- 84% of EPM customers report a reduction in time to complete the financial close
- The EPM Task Manager can be deployed across close, planning, reconciliations and more for a fully integrated workflow management system.
%
EPM customers report a reduction in time to complete the financial close
Value in Planning and Forecasting
With Cloud EPM’s predictive planning engine, FP&A teams can have a baseline estimate when gauging expectations for the next fiscal year, creating all the versions they need to answer CFO’s what-if questions.
%
88% of EPM customers report leveraging scenario modeling to build what-if scenarios in the wake of COVID
%
56% of EPM customers reduced the time in the annual planning cycle
Cloud Streamlines the Financial Close
Gone are the days of manually validating intercompany transactions, or mapping data from disparate ERPs to generate an accurate income statement.
%
77% of EPM customers decreased their reliance on spreadsheets for inter-company activity
%
54% of EPM customers saw efficiency gains by automating manual transaction matches either internally or with external financial systems
What’s the result?
Oracle Cloud EPM drives process efficiency through automation where and when it matters most: Producing accurate financial data, eliminating manual effort, and allowing your team to end work at a reasonable hour.
Source:
Measuring the Value of Oracle Fusion Cloud Enterprise Performance Management (EPM)