September 6, 2023 - Blog

Top Indicators Your Business Needs Oracle EPM (Enterprise Performance Management) Cloud

You know the scenario: a sea of Excel spreadsheets filled with critical financial data but lacking checks or audit trails. Or reports that paint an inaccurate financial picture, leaving you unable to make informed decisions. 

The fast-paced, ever-changing business environment needs efficient, streamlined financial operations. If your finance team is struggling with outdated systems and cumbersome processes, it’s time to consider an upgrade. But how do you recognise the signs? 

Signs It’s Time for a Change 

If you’re experiencing any of the following indicators, your current operations might be holding you back and it’s time to consider a move to a more modern financial system, like Oracle EPM Cloud.  

Spreadsheet Overload: A CFO’s nightmare 

Excel is the go-to tool for many financial tasks, but it’s not built for collaborative, real-time financial management. An over-reliance on spreadsheets creates an environment ripe for errors and inefficiencies.

Oracle EPM Cloud centralises and secures all your financial data, reducing the risks and inefficiencies associated with a tangled web of Excel files. 

Ineffective Reporting: Poor Visibility, Poor Decisions 

Manual reporting can turn into a full-time job, especially when the C-suite is asking for customised reports or real-time updates. The loop of data collection, validation, and formatting can slow down strategic initiatives. When your financial reports are cumbersome to produce and lacking in real-time data, it compromises your entire decision-making process.

Oracle EPM Cloud comes with advanced reporting capabilities, offering real-time insights through visually appealing dashboards, making it easier for finance leaders to make informed decisions. 

Here is a tour of the Oracle Fusion EPM Platform.

Limited Analytical Insight: Data Rich, Information Poor 

The power of data in financial decision-making is undisputed. However, if analysts are spending their days manually gathering data, the real power of that data is still untapped.
Oracle EPM Cloud offers advanced analytics features, including AI (Artificial Intelligence) and machine learning, that can automate data gathering and initial results, freeing your analysts to do what they do best — supply actionable insights. 

Rigid Systems: The Growth Stoppers 

Imagine needing to adjust your financial processes to enter a new market or introduce a new product line, but your legacy systems are not up to the task. The cost, time, and resources needed to upgrade can be debilitating. Legacy systems might be holding your business back from scaling effectively. The very thought of migrating to a new system can be daunting, but the cost of not changing often outweighs the investment in a new platform.

Oracle EPM Cloud is built to scale your business, adapting to new challenges and opportunities as they arise. 

Financial Planning Challenges: A Roadblock to Success 

Outdated systems make it difficult to incorporate real-time data into your planning and forecasting. As a result, strategies are often based on historical data that may not reflect current market conditions.  

Oracle EPM Cloud uses real-time data and predictive analytics to provide more accurate and agile planning processes. This allows financial leaders to quickly adapt to market changes and realign business strategies with financial goals. 

Compliance and Governance: Necessary Evils 

Navigating the maze of regulatory requirements and governance policies can be a draining task but not following them can result in fines or reputational damage. Managing compliance manually is not just labour-intensive but also error-prone. 

Oracle EPM Cloud simplifies compliance by integrating governance and risk management into your financial processes, reducing both the time and cost associated with staying compliant.
 

High Total Cost of Ownership (TCO): The Silent Drain on Resources 

Older systems need patches, updates, and a great deal of manual input, contributing to a high TCO. Required specialised maintenance skills add to their cost. Moreover, the patchwork of systems and solutions can result in high integration costs.  

Oracle EPM Cloud offers a unified platform that reduces both direct and indirect costs, contributing to a lower TCO. 

 

Embrace Financial Transformation with Oracle EPM Cloud 

If the challenges of spreadsheet overload, ineffective reporting, and rigid systems resonate with you, Oracle EPM Cloud offers a transformative suite of EPM solutions tailored for today’s fast-paced business environment. 

5 Benefits of Oracle EPM Cloud for Financial Transformation
 

  1. Improved Financial Planning and Forecasting: Move away from Excel nightmares and embrace What-if analysis and predictive analytics. These advanced features help you foresee changes and adapt your financial strategies proactively.
  2. Increased Visibility into Financial Performance: The piecemeal approach to data collection and analysis is over. Oracle EPM Cloud consolidates all financial data into a single source of truth. This ensures accurate data that empowers your insights.
  3. Faster Financial Close: Say goodbye to manual processes that are both time-consuming and error-prone. Automating your financial close helps you save time, reduce errors, and focus on strategic initiatives.
  4. Enhanced Compliance: Regulatory compliance is no longer a resource-intensive chore. Oracle EPM Cloud comes with built-in compliance and governance features that simplify and reduce the cost of regulatory reporting.
  5. Improved Decision-making: Real-time analytics and reporting tools offer you insights right when you need them, turning your raw financial data into actionable knowledge. 

If these benefits are making you reconsider your current financial management systems, then Oracle EPM Cloud could be the transformational change your organisation needs.

To get started you can:

  • Visit our EPM Service to understand how we can help you transition smoothly into a modern EPM environment.
  • If you’re eager to see EPM in action book a demo with our Oracle experts.
  • Contact us to start your Oracle EPM Cloud journey today.

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