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April 11, 2017
Top 3 Best Practices of an Oracle Cloud Implementation for Finance
Frederic Portal, Ataway Director of Alliance and Strategy
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Today, more than ever, businesses are relying on their Finance departments, personnel and solutions to drive organizational growth and maximize a strong ROI. Finance organizations must be able to respond in real-time to the fluctuating needs of the business and analyze large amounts of data to drive productivity and efficiency. Oracle ERP and EPM Cloud for Finance provide organizations of all sizes and in all industries a modern, advanced solution for all financial and business needs, including mobile and social collaboration features, analytics, reporting and processes that are streamlined and automated. Oracle Cloud for Finance allows organizations to enhance financial operations, and ultimately, result in enhanced business performance. Finance organizations now have a platform to not just report revenue, but truly drive the strategy behind business decisions that will have an impact on the organization as a whole.

According to Oracle’s Oracle Cloud for Finance eBook, Oracle Financials Cloud can automate and assist in tasks such as sourcing and procurement, balancing the general ledger, calculating revenue, closing a quarter, preparing budgets and more.  Oracle Financials Cloud offers organizations an agile solution, flexing to meet the needs of users while keeping organizations in compliance with rules and regulations.

With Oracle Financials Cloud, the Core financials include accounts payable, accounts receivable, fixed assets, general ledger and cash management.

Another Oracle Cloud for Finance solution that many organizations are able to utilize is Oracle Procurement Cloud. Oracle Procurement Cloud allows businesses to monitor, track and manage spending within the organization to lower costs while enhancing levels of revenue. Oracle Procurement Cloud successfully automates and enhances the procure-to-pay cycle, ensuring that spending is within defined and designated amounts. Oracle Procurement Cloud also makes the invoice and collections processes significantly smoother and cuts back on the number of mistakes due to manual processes.

With Oracle Project Portfolio Management Cloud, organizations can bolster their project overview and management from start to finish. Project managers can track project performance along the way, make adjustments and set the strategic directions in a designated amount of time and with designated resources. Oracle Project Portfolio Management Cloud is a mobile friendly solution, allowing the project manager and project team members to stay connected and in the loop while on the go. Oracle Project Portfolio Management Cloud makes it easy to measure deliverables and increase levels of efficiency.

Oracle Planning and Budgeting Cloud allows organizations adopt plans and budgets faster while providing a platform to create cohesive plans and budgets across the entirety of the organization. Employees spend less time planning and budgeting and more time carrying out the plans. This results in significant cost savings and more accurate forecasts while looking into the organization’s future.

Another solution within Oracle Cloud is the Oracle Enterprise Performance Reporting Cloud. The Oracle Enterprise Performance Reporting Cloud provides modern tools for organizations to generate detailed reports with current data. These reports aid in decision making and allow the organization as a whole as well as individual departments and users to create next steps and action plans. The reports are secure, with access granted based on role, to ensure that only the individuals that need access to the reports are able to view them.

 

Oracle Policy Automation Cloud provides a way for organizations to make changes and adjustments to policies, processes rules and regulations in a simple way that ensures that organizations remain in compliance throughout. Now, business users can make these critical changes quickly and easily, reducing bottlenecks while making sure that organizations stay up to date with any changes.

Lastly, Oracle Revenue Management Cloud provides another great set of tools to organizations looking to streamline their financials processes. Oracle Revenue Management Cloud assists organizations in recognizing revenue and following accounting standards put in place by the federal government.

 

Oracle Cloud solutions offer a number of great benefits to leaders and line of business users alike. Here are the top three best practices of an Oracle Cloud implementation for Finance.

 

Utilize the platform as it was intended
One of the top best implementation practices for implementing Oracle Cloud for Finance is to keep the number of modifications and customizations to a minimum. While customizing a Cloud solution may be convenient in the short term, in the long term customizations can result in higher costs to maintain and upgrade the system. Extensions are easy with Oracle Platform as a Service solution (PaaS) and can be easily integrated to provide organizations with the personalized solutions they are looking for.

 

Take it as an opportunity to start fresh
Rather than redoing the financial systems and processes that are already put in place, a best practice is to take the opportunity during an Oracle Cloud implementation to look at what can be combined, reduced and centralized to make things simpler. By removing unnecessary tasks and automating processes, organizations can save valuable time and money.

 

Take the implementation step-by-step
Another Oracle Cloud for Finance implementation best practice is to take the implementation step-by-step in a staged approach. Modules can be implemented one by one without causing any system downtime. By taking a staged approach, the implementation is smooth and painless.

 

Oracle Cloud for Finance allows leadership to make informed decisions based on real-time data and insights while reducing the high costs of infrastructure. Whether you are moving all operations to the Cloud or choosing a hybrid approach, maximizing your current IT investment, the Oracle Cloud for Finance provides an industry-leading, viable solution to many organizations to streamline their financials processes. 

 

For more information on Oracle Cloud for Finance, you can check out Oracle’s eBook here.

 

Interested in learning more about how you can take advantage of Oracle ERP Cloud’s solutions, or are you looking for some help on defining your Cloud strategy to support your digital transformation? The Ataway Cloud team is here to help you and make your digital transformation a success. Consider talking to one of our local Ataway offices. Ataway has worked on several Cloud activations and can help you. Consult with Ataway’s team of experts today to learn more. 

 

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