By Di Seghposs-Oracle on Apr 30, 2013
A word from Joe Gum, Senior Director, Fusion Financials Product Strategy
A word from Joe Gum, Senior Director, Fusion Financials Product Strategy
Oracle product development is excited to announce that it has implemented the W3C Provenance (PROV) standard in the 8.6.4 release of Oracle Advanced Controls for E-Business Suite and Advanced Controls for PeopleSoft. This is a significant achievement for Oracle to implement this standard and demonstrates Oracle’s leadership position in the technology industry.
This announcement is important because it allows Oracle’s partners and customers to quickly and easily integrate and connect their advanced control solutions with heterogeneous ERP systems.
According to Reza B’far, Oracle Senior Development Director, "Oracle has implemented various parts of the W3C Provenance standard to continue to enhance its support of auditing transaction and configuration controls temporally over heterogeneous environments. W3C's Provenance standard has been implemented as a part of standard RESTful web services that the Oracle GRC Control Suite provides to its customers for integration."
There have been many substantial academic, government, and commercial organizations involved in the creation of the standard including University of Southern California (USC), Oracle USA, NASA, University of Oxford, University of Manchester, Rensselaer Polytechnic Institute, University of Southampton, Newcastle University, and others.
The W3C Provenance effort started with an incubator in 2009 and has continued to date, resulting in finalization of the first version of the standard in 2013.
You can follow the W3C Provenance Incubator Group on Twitter.
you know up to 64% of IT budgets are spent running day-to-day operations?
Imagine what you could achieve if these resources were focused on encouraging
business growth and driving innovation.
A recent Tech Strategy article by Financial Executives International shows how you can transform back office operations, replace expensive, fixed capital investments with scalable, cost-effective solutions, and redirect resources to enhance operational efficiency and improve business performance.
To find out more – read the full article and explore a wealth of instantly-available resources showing how your organization can:
Gartner has outdone themselves with this excellent report that clearly and concisely explains transaction controls monitoring (TCM) and the related benefits. In Gartner’s “Transaction Controls Monitoring Can Improve Productivity and Financial Governance” report, the Analysis section is particularly effective when it talks about your ERP system controls and that:
“…the existence of these built-in automated controls does not ensure that they are turned on, that they are configured appropriately, and that they are not regularly overridden or bypassed — thus establishing the need for a solution that can monitor these controls.”
If you are in the market for a TCM solution, the report’s Selection Guidelines are particularly effective to help you make effective decisions.
Like much in the technology world, once you get a handle on all the acronyms, you are well under way to becoming a TCM expert!
Click here for access to the full report. As always, we welcome your comments and interesting stories about how you are using TCM solutions.
Oracle's commitment to PeopleSoft continues. Building off a proven 25-year history of best-in-class solutions, PeopleSoft 9.2 delivers revolutionary innovation by creating an improved user experience that fundamentally changes how users interact with PeopleSoft. In addition to over 1,000 new features and enhancements that make it a robust solution and lowers the total cost of ownership, PeopleSoft 9.2 takes the user experience to the next level—with a more intuitive, easy-to-use interface that incorporates the consumer internet experience.
A Whole New User Experience
PeopleSoft 9.2 users navigate effortlessly with a global, free text search and have the ability to act directly on the search results. Information is presented in the most visual manner possible, making it easy for casual users to navigate and work faster. Out-of-the-box WorkCenters help high frequency users dramatically boost productivity by consolidating user tasks, exceptions, alerts, links, reports, and queries into a single, secure, role-based, cockpit-style “command center” that can be personalized.
Over 1,000 Enhancements
In addition to an innovative new user experience, PeopleSoft 9.2 delivers comprehensive business and industry solutions designed to address the most intricate requirements in HR, financials, and supply chain management, including:
Reducing the Cost to Stay Current
PeopleSoft 9.2 transforms the maintenance process. PeopleSoft Update Manager helps minimize costs and disruptions associated with applying maintenance and maximize the impact of desired updates. With it, customers can:
Invest in Innovation: Upgrade to PeopleSoft 9.2
Oracle is continuing to invest in PeopleSoft applications and technology to deliver value to PeopleSoft customers around the world. Don’t get left behind. Protect your PeopleSoft investment.
If your organization is like most, you have devoted enormous resources to optimizing business processes. From utilizing shared service centers, to automating workflow approvals, no doubt your processes are in great shape.
Less understood but even more problematic is process activities that negatively impact your organization’s bottom line. Affectionately referred to as financial or cash leakage, organizations are starting to realize that they are losing literally millions of dollars each year to cash leakage.
Financial leakage comes in three basic forms: 1) activities that directly impact the bottom line, 2) activities that indirectly the bottom line, and 3) activities that negatively impact cash flow and that impact on the bottom line.
Fortunately the word is getting out that Oracle’s GRC advanced control solutions are helping organizations of all sizes to dramatically reduce financial leakage. For example, duplicate vendor invoices are a major problem that directly impacts the bottom line. Advanced controls continuously monitor both supplier records and supplier invoices for potential duplicates, then alerts management about questionable invoices.
In future blog postings we plan to share intriguing ways that organizations are using their advanced control solutions to reduce financial leakage and improve their bottom line. In the meantime, we encourage you to provide comments with any use cases with your business peers.
An update from our resident IFRS expert, Seamus.....The FASB and IASB met on February 20th and put the finishing touches to the new US GAAP and IFRS Revenue recognition principle, Revenue from Contracts with Customers. As they say on their websites, all that remains is for the staff to begin drafting the final standard. They decided on the effective date of the standard for new transactions: January 1, 2017.
Both the FASB and the IASB are in agreement that early adoption will not be permitted. There are now three arrangements organizations can use during the transitional period, between now and 2017:
1) Retrospective reporting, where each revenue transaction is tracked under both the old and the new in full
It will be interesting to see how these options are explored by practitioners and professionals. They have substantially updated the disclosure requirements, introducing some qualitative elements, eliminating the onerous obligation disclosure, and adding some assumptions and methods disclosure.
Oracle's Leadership awards recognize exceptional executives who have demonstrated outstanding leadership and technology vision in the successful deployment of Oracle products and services to simplify IT, power innovation, and drive transformational change in their respective lines of business or entire organization.
Winners will be selected based on the impact of their leadership on a transformational IT project, the uniqueness of their business case, the degree of innovation in the solutions and change management methodologies employed, and the business benefits realized to their respective lines of business or entire organization. An example includes CFOs using performance management or business intelligence solutions to identify new revenue or cost-saving opportunities. Award recipients from North America and Latin America; Europe, Middle East, and Africa (EMEA); and Asia-Pacific will be honored at Oracle OpenWorld San Francisco 2013.
Nominate your qualifying CFO for the Leadership in Finance Award now at http://tinyurl.com/b8akwcu.
As companies grapple with the aftermath of the financial crisis and a two-speed global economy, they want leaders who can act as agents of change, provide comfort and confidence in an uncertain world. With their unique combination of analytical, technical and strategic capabilities, CFOs are very well placed to provide that. And, as the scope of CFO responsibility broadens to include oversight over IT, HR, Procurement, and other areas in the post-recession economy, many CFOs are becoming corporate catalysts for change, heading up transformational projects that increase efficiencies, lower costs, and improve business agility to better address ongoing economic volatility and uncertainty….all to achieve finance process excellence. Find out more by reading the white paper, The CFO as Corporate Catalyst: The Role of Finance Process Excellence, and discover the next catalyst for change in your organization. Visit, C-Central, our website for CFOs, for more information on trends and challenges in the marketplace.
Are you planning an ERP upgrade in the near future? Or is your organization about to embark on an ERP implementation? In either case, did you know that Oracle’s GRC advanced financial controls can play a vital role in the success of your project? Whether your goals are to accelerate project activities, or achieve lasting benefits after the project is completed, advanced financial controls will improve your organization’s bottom line.
But don’t take my word for it. Instead, read the Optimizing E-Business ERP projects with GRC’s advanced financial controls white paper and then ask yourself whether it is worth the risk to not use GRC’s advanced financial controls. Our esteemed colleagues at PwC wrote this white paper and provide great insight into the many challenges that confront organizations during ERP projects. They also highlight some compelling case studies such as how one company leveraged GRC’s advanced financial controls to achieve an estimated 20-percent cost savings by accelerating their configurations during an Oracle upgrade. Click here to access the white paper.
If you know about one of the successful organizations that have leveraged Oracle GRC’s advanced financial controls during an ERP project, please share your success story with the Oracle community by posting your comments to this blog.
Are you looking to automate the last mile of manual controls? If so, look to the advanced financial controls in Oracle’s Governance, Risk, and Compliance Application Suite just like Seadrill did. Seadrill, the experts in off-shore deep water drilling, was managing their controls in Microsoft Excel spreadsheets. Realizing the need to automate their controls and achieve a high-level of global standardization, they implemented the Oracle GRC suite. Their internal audit teams can now spend more time on analyzing and understanding results of their data instead of spending time on manual controls. Hear their story.
Under pressure to change
your financial business processes and not sure where to start? Is your enterprise resource planning (ERP)
delivering on its promise to streamline core business processes or are you
saddled with lengthy upgrades, legacy customizations, and complex integrations? You might be wondering whether cloud
technology is a viable option – is it able to handle your security requirements
for your financial data, your business complexities, and your specific needs
for cost reduction. Is it really ready?
You might be wondering whether cloud technology is a viable option – is it able to handle your security requirements for your financial data, your business complexities, and your specific needs for cost reduction. Is it really ready?
Yes, it is… Oracle cloud offers a broad portfolio of software as a service applications, platform as a service, and social capabilities, all on a subscription basis. It delivers instant value and productivity for finance professionals through functionally rich, integrated, enterprise cloud services.
With Oracle Cloud, you get enterprise-grade application services based on best-in-class business applications. Did you know that more than 25 million users rely on Oracle Cloud every day!!
Learn about the world’s most complete cloud for the enterprise at Oracle CloudWorld and in ONE DAY find out how Oracle can transform your organization! Don’t miss out, register for this FREE event today!
Come join Oracle, Smiths Medical, and PWC at this exclusive financial executive briefing.
What if you lost a tenth of a percent of your vendor spend to cash leakage?
It may not sound like much at first, but the losses quickly add up. Consider a firm that spends £1 billion and has a 5 percent profit margin. It would take an additional £20 million in incremental sales to recover cash lost due to leakage every year.
But what can you do? If you’re like most organisations, you’re already devoting too much time to manual tasks such as reviewing vendor invoices for errors, checking user access, and detecting unauthorised changes. Oracle recognises that this remaining element of manual controls presents an untapped opportunity for your organisation.
There’s a better way. Oracle offers advanced financial controls to help you:
Hear first-hand from Steve Ogilvie, Director, Governance and Security the benefits achieved by Smiths Medical from implementing Oracle’s GRC technology.
This is a must-attend event for finance executives who are ready to learn how they can increase the efficiency and effectiveness of their process controls. And if you are considering an ERP systems upgrade, this is an even more opportune time to learn how advanced financial controls can improve your bottom line.
Tuesday, November 27, 2012
8:00 a.m. PST / 11:00 a.m. EST
What is it that CFOs need to create a successful twenty-first century finance organization?
CFOs must become more strategic in their use of technology and even become a catalyst for change. Becoming a strategic CFO necessitates a greater focus on leveraging IT— looking forward as well as looking backward, focusing on the non-financial as well as the financial elements of critical decisions, and operating with an external and internal orientation. Read our executive strategy brief and explore how CFOs can develop a twenty-first century finance organization by getting the basics right, being more strategic, and becoming a catalyst for change.
Download the Twenty-First Century Finance executive strategy brief.
Still working on your new year's resolution? If you are a CFO, you might be thinking about finalizing the approach you’ll use to move your confidential finance and operations functions to the cloud. On the other hand, you might be unsure about whether you and your company are ready to take that leap of faith into the new technology. You might be wondering whether the cloud technology is able to handle your security requirements, your access rules, your business complexities, and your specific needs for cost reduction. Is it really ready?
Well, Steve Miranda, EVP, Oracle Applications Development, has an opinion to share with you. In its 2013 Looking Forward issue, Financial Executive magazine covers an article by Steve entitled “ERP in the Cloud: CFOs See the Value of Running Enterprise Applications as a Service.” In this piece, Steve states: “The fact that traditionally risk-averse CFOs are open to moving their mission-critical ERP systems into the cloud should be a clear indication to all companies that ERP cloud services are fast becoming the go-to strategy for finance executives looking to access the latest technologies quickly and cost-effectively to support their corporate objectives.”
In the article, Steve talks about Oracle ERP customers, such as Carrie Dolan, Chief Financial Officer of Lending Club and Dan Knutson, Chief Financial Officer of Land O’ Lakes, making cloud and managed cloud choices.
Read more of Steve’s opinion and Oracle customers’ perspective here.