In today’s rapidly evolving business landscape, effective financial management is the foundation of success for any organisation. To stay competitive, companies require robust and reliable solutions to manage their financial processes seamlessly.
Whether you are a CFO, financial analyst, or executive seeking to enhance your company’s financial ability with the aid of Oracle’s Enterprise Performance Management system, this blog is for you.
In this blog, we will delve into the key features and advantages of Oracle Cloud EPM, explore the role of Oracle EPM partners in implementing this powerful tool, and shed light on the invaluable benefits of Oracle EPM training.
Unlock the true potential of your financial management practices and propel your organisation toward greater success.
What is Oracle?
Oracle, a product from the esteemed Oracle Corporation, is far more than a mere relational database management system; it’s a dynamic solution that supports a wide range of data models. Known for its versatility, Oracle’s RDBMS (Relational Database Management System) comes in different product editions, catering to various business needs. These editions include Standard Edition, Enterprise Edition, Express Edition, and Personal Edition, each exhibiting scalability, security, and high-performance capabilities.
Oracle’s database solutions provide scalability, security, and high-performance capabilities for a wide array of applications. From large enterprises to small businesses, Oracle empowers organisations to efficiently manage and leverage their data.
Oracle Enterprise Performance Management (EPM) System is a comprehensive suite of applications designed to elevate financial management and decision-making processes for businesses. As part of the Oracle product portfolio, EPM solutions provide an integrated approach to financial planning, budgeting, forecasting, consolidation, and reporting. By leveraging cutting-edge technologies, Oracle EPM enables organisations to gain deeper insights into their financial data.
What are the Features of Oracle EPM?
Built-in Functionality
Oracle EPM offers a range of planning modules that can be easily crafted for your specific requirements through configuration. Seamlessly combine pre-built planning components like KPIs, models, dashboards, reports, and process accelerators to design a planning process that suits your unique needs.
Easy Deployment
Configurable planning modules can be operational in no time, and they are easy to maintain and upgrade as your business evolves. Even business users without advanced technical skills can design complex planning processes, empowering your team to drive efficiency and the ability to plan.
Unified Planning Process
Oracle EPM’s flexible architecture ensures that planning is not confined to one department but is seamlessly integrated across the entire organisation. At the same time, individual planners can maintain their autonomy and work independently, fostering collaboration and efficiency.
Forecasting
Oracle EPM delivers predictive modelling and analytics capabilities that allow businesses to create models for various scenarios, helping you assess the impact of volatility and financial or operational changes.
With the ability to analyse different what-if scenarios and a rolling forecast wizard, forecasting becomes more accurate and insightful, empowering your organisation to anticipate and adapt to changing market dynamics.
Benefits of Oracle EPM solutions in Financial Sectors
Oracle EPM solutions offer a plethora of benefits to the financial sectors, revolutionising the way businesses manage their financial processes.
Financial Consolidation and Close
The Financial Consolidation and Close feature optimise the financial close process, enabling modern businesses to adapt quickly to regulatory changes and deliver faster, more accurate insights to stakeholders. With streamlined account reconciliation through Oracle EPM Cloud Account Reconciliation, delays in the financial close process are minimised, and operational risks are efficiently managed with the help of an Oracle EPM Cloud consulting partner.
Support Integrated Planning
Spreadsheets and siloed department-level planning processes are no longer sufficient for modern businesses. Oracle EPM Cloud Planning enables integrated planning that seamlessly connects the entire organisation, leading to better planning outcomes. An Oracle EPM Cloud consulting partner like Futuresense can assist in aligning planning processes across the enterprise, developing accurate forecasts for all departments, and facilitating adaptability to changes swiftly and effectively.
Control Costs and Drive Profitability
To survive in uncertain times, businesses must keep costs down and drive profitability. Oracle EPM Profitability and Cost Management offer deep insights into cost and profitability dimensions, guiding businesses on where to deploy resources effectively. With the support of the right Oracle EPM partner, organisations can quickly implement the solution and gain valuable insights within weeks instead of months.
Reduced Risk
Oracle EPM empowers organisations to reduce risk from a security standpoint by implementing robust measures to safeguard financial data and processes. With advanced security features and encryption protocols, Oracle EPM ensures that sensitive information remains protected against unauthorised access and cyber threats. It enables role-based access controls and audit trails to provide visibility and accountability, enabling businesses to maintain data integrity and build trust with stakeholders.
Tax Reporting
The continuously changing tax laws pose complexities for global organisations. Oracle EPM Tax Reporting transforms tax reporting processes by connecting data and processes used in financial planning, account reconciliation, financial close, and statutory reporting. An Oracle EPM implementation ensures tax reporting becomes more efficient, accurate, and compliant.
Why Oracle EPM Solutions is Beneficial for Common Business Hurdles?
Cost
Through its scalable and flexible architecture, Oracle EPM allows organisations to customise their solutions, ensuring they only pay for the functionalities they need, eliminating unnecessary expenses. It also streamlines financial processes and optimises resource allocation, aiding businesses to minimise expenses.
Time to Switch
Implementing new systems can be time-consuming and disruptive, but Oracle EPM’s fast and easy deployment drastically reduces the time required for switching. Leveraging the expertise of EPM partners further accelerates the process, ensuring a seamless transition that minimises downtime and maximises productivity.
Training
When switching to a new system, users might worry about adaptability, but Oracle EPM provides extensive training programs that give users the knowledge they need to take full advantage of the platform’s capabilities. Oracle EPM training makes sure that users, regardless of their level of technical proficiency, can use the system with confidence, enabling them to boost productivity and efficiency in their everyday operations.
Why Choose Oracle EPM Solutions for Your Financial Business?
Choosing Oracle EPM Solutions for your financial business is a strategic move that promises unparalleled benefits. With its robust Enterprise Performance Management System, Oracle empowers organisations to streamline financial processes, gain deeper insights, and make data-driven decisions that fuel growth and profitability.
With its user-friendly interface and powerful abilities, it streamlines processes, empowers data-driven decision-making, and enhances data accuracy. Partnering with Oracle EPM experts ensures a smooth implementation and tailored training, enabling your financial team to unlock the platform’s full potential and drive growth and profitability in today’s competitive market.
Conclusion
Unlock the full potential of your financial business with Oracle EPM Solutions and Futuresense as your trusted provider. As organisations seek to modernise and streamline their EPM capabilities, the power of predictive analytics combined with Futuresense’s expertise can revolutionise financial processes, providing faster and more accurate insights to all stakeholders.
With a wide range of BI and analysis solutions, including dashboards, ad-hoc analysis, and data integration, Futuresense ensures secure, collaborative, and process-driven operations.
Contact us today to transform your data into actionable insights and drive your business towards success with Oracle Enterprise Performance Management System at its core. Embrace the future of financial management with Futuresense and Oracle EPM Solutions.
