Wednesday Dec 12, 2012

Join the Cloud - Just Like Lending Club

See why Lending Club, the leading platform for investing in and obtaining personal loans, selected Oracle Fusion Financials to help improve decision-making and workflow, implement robust reporting, and take advantage of the scalability and cost savings provided by the cloud.

Watch the Lending Club video.

Additional Resources:

Monday Dec 10, 2012

Red Robin is Serving Up an Unbridled Experience of Burgers & Fries using Oracle Cloud Solutions

Looking to make investments in the core systems that speak to the heart and soul of their business, Red Robin chose Oracle Cloud Solutions.  Now their team can focus on business transformation, manage food costs more efficiently, and reduce the amount of hours spent on inventory and production planning. Listen to their story here.

Thursday Dec 06, 2012

The Challenges of Corporate Financial Reporting

Many finance professionals face serious challenges in managing and reporting their company’s financial data, despite recent investments in financial reporting systems. Oracle and Accenture launched this research report to help finance professionals better understand the state of corporate financial reporting today, and why recent investments may have fallen short.

The study reveals a key central issue: Organizations have been taking a piecemeal—rather than holistic—approach to investing. Without a vision and strategy that addresses process improvement, data integrity, and user adoption software, investments alone will not meet the needs or expectations of most organizations.

The research found that the majority of finance teams in 12 countries—including the U.K., USA, France, Germany, Russia, and Spain—have made substantial investments in corporate financial management processes and systems over the last three years. However, many of these solutions, which were expected to improve close, reporting, and filing processes, are ineffective, resulting in a lack of visibility, quality, and confidence in financial data.

Download the full report

Friday Nov 30, 2012

Oracle E-Business Suite is Helping to Save Lives at the National Marrow Donor Program

To improve the management of its life-saving operations, the National Marrow Donor Program recently modernized its financial and procurement operations by upgrading to Oracle E-Business Suite 12.1.  

As the global leader in bone marrow and umbilical cord blood transplants, the NMDP manages a complex ecosystem of donor, patient, hospital, and biological data.

“Maintaining accurate data and having an efficient matching process is essential, particularly as our global database of bone marrow patients grows and donor lists expand,” says Bruce Schmaltz, director of finance/controller. “We rely on the Oracle E-Business Suite to ensure our procurement and financial management processes meet the highest standards, enabling our growing non-profit to work swiftly and efficiently to help improve and save lives.”

As the non-profit organization and its registry grew larger, NMDP needed a modern platform to store and integrate its financial information and complicated procurement process. It selected Oracle E-Business Suite for its ability to fit seamlessly into NMDP’s enterprise architecture. NMDP initially implemented Oracle E-Business Suite release 12 by leveraging Oracle Business Accelerators, which are rapid implementation tools and templates that help reduce implementation time and costs.

With Oracle Financial Management and Oracle Procurement, NMDP has streamlined back-office processes and integrated its procure-to-pay business processes by leveraging industry leading accounts payable, accounts receivable, and general ledger modules.

NMDP is currently rolling out Oracle Hyperion Performance Management applications and plans to implement Oracle Order Management and Oracle Advanced Pricing by the end of 2012.

Read more details about NMDP’s modernization efforts. 

For more updates on Oracle Financial Management Solutions, view our November 2012 Oracle Information InDepth Financial Management newsletter. Subscribe Now. 

Friday Nov 16, 2012

Join our webinar: What CFOs Want From IT -- Unlocking Growth with Emerging Technologies

According to the 2012 Gartner-FEI research, big data, analytics, and new mobile, social & cloud computing platforms are increasingly on the CFOs radar screen because of their potential to unlock new growth opportunities.

Join Oracle Chair Jeff Henley, & Oracle's Reggie Bradford & Rich Clayton as they explore CFO strategies & best practices for driving real value from IT investments in these areas:

  • Why CFOs should get involved in big data and business analytics projects, and what best practices they can adopt to ensure their success
  • How CFOs are leveraging new mobile and cloud computing platforms to address enterprise demands quickly and cost effectively
  • How CFOs can partner with CMOs to maximize the value of IT investments in social technologies that can help create new growth opportunities

CFOs have more responsibility over IT than ever before.  Learn how Oracle unlocks the transformative power of IT to take your business to the next level of performance.  

Tuesday, November 27, 2012

8:00 a.m. PST / 11:00 a.m. EST

Register now.

Tuesday Nov 06, 2012

Reminder: Oracle OpenWorld Presentations Available for Download

A little over 30 days ago 45,000 Oracle OpenWorld conference attendees stormed San Francisco to battle the heat in search of Oracle solutions to address their business needs. With so much activity from Keynotes, General Sessions, and Conference Panels to Meet the Experts and the Exhibit Halls, perhaps there was some Oracle Financials sessions you missed!  Keynotes and sessions are now available for download on the OpenWorld site. For a complete list of sessions and session IDs, view any of the Focus on Documents located on the OpenWorld site.

Friday Oct 26, 2012

Oracle Financials In the News

Coming off of OpenWorld and all the excitement around Oracle’s “Cloud” strategy, we thought we’d share what others had to say recently about Oracle’s financial solutions in and out of the cloud:

Information Management, the educated reader’s choice for the latest news, commentary and feature content serving the information technology and business community, had an interesting blog post from Bill McNee of Saugatuck Technology, entitled, “A Bull Market for Finance Cloud Apps”. In the post, he highlights Oracle as one of the ‘significant players’ in the space…

Oracle: As recently announced, Oracle is now aggressively marketing its Oracle Fusion Financials Cloud Service to midsize and large enterprise customers. While we anticipate that this solution set will primarily appeal to a portion of the existing Oracle customer footprint, rather than taking share from competitors, it is embedding some strong mobile and social capabilities that should help it gain traction.

Read the full article - “A Bull Market for Finance Cloud Apps”

Ventana Research, a leading benchmark research and advisory services firm, made mention to Oracle Fusion Financials in a recent blog post. While we all know ‘boring is cool’, it was cool to see Robert Kugel, SVP Research, discussing Oracle’s Fusion Financials strategy. Here’s some excerpts:

“For at least the next five years I believe Oracle has a good strategy, because the transition from the existing Oracle ERP offerings to Fusion Financials can be less painful than similar migrations…”

“Deploying Fusion GL can facilitate a more consistent and faster way to execute finance department functions.”

“Fusion Financials is the go-forward accounting and financial applications suite that will coexist…”

Whether or not it’s time to migrate, I think all users of Oracle’s E-Business Suite, Oracle Applications, PeopleSoft and JD Edwards software should consider Fusion GL as part of an ongoing program to extract more value from their core financial systems.”

Read the full article - “Oracle Fusion Financials: Boring is Cool”

Monday Oct 22, 2012

Oracle GRC in Leader’s Quadrant on Gartner’s Magic Quadrant for Enterprise Governance Risk and Compliance Platforms

Once again Gartner has recognized Oracle as a Leader in their Magic Quadrant for Enterprise Governance Risk and Compliance (EGRC) Platforms report, stating that “Oracle remains in the Leader’s quadrant based on overall corporate viability, proven execution against its road map, and advanced capabilities to integrate risk management and performance management.”  In the report, Gartner cited that Oracle clearly understands the GRC challenges faced by a number of verticals, and also the trends toward the integration of risk management and performance management. 

Gartner produces Magic Quadrant reports to provide guidance to their clients on available solutions in specific categories. This Magic Quadrant reports takes a holistic view of EGRC solutions and based on selected criteria, places vendors in one of the four quadrants - leaders, challengers, visionaries and niche. We are proud to be in the leader category! Click here to read the full report.

Congratulations to our product development, strategy, and marketing teams for creating a world-class, market-leading GRC solution!

Oracle GRC: Designed to manage risk, improve controls and reduce costs

Friday Oct 12, 2012

Lending Club Selects Oracle ERP Cloud Service

Another Oracle ERP Cloud Service customer turning to Oracle to help increase efficiencies and lower costs!! Lending Club, the leading platform for investing in and obtaining personal loans, has selected Oracle Fusion Financials to help improve decision-making and workflow, implement robust reporting, and take advantage of the scalability and cost savings provided by the cloud. After an extensive search, Lending Club selected Oracle due to the breadth and depth of capabilities and ongoing innovation of Oracle ERP Cloud Service.

Since their online lending platform is internally developed, they chose Oracle Fusion Financials in the cloud to easily integrate with current systems, keep IT resources focused on the organization’s own platform, and reap the benefits of lowered costs in the cloud. The automation, communication and collaboration features in Oracle ERP Cloud Service will help Lending Club achieve their efficiency goals through better workflow, as well as provide greater control over financial data. Lending Club is also implementing robust analytics and reporting to improve decision-making through embedded business intelligence.

“Oracle Fusion Financials is clearly the industry leader, setting an entirely new level of insight and efficiencies for Lending Club,” said Carrie Dolan, CFO, Lending Club. “We are not only incredibly impressed with the best-of-breed capabilities and business value from our adoption of Oracle Fusion Financials, but also the commitment from Oracle to its partners, customers, and the ongoing promise of innovation to come.”


If you haven't heard about Oracle ERP Cloud Service, check it out today!

Tuesday Oct 09, 2012

Oracle OpenWorld Recap - A Walk in the Clouds (and heat in San Francisco)!

Whether you were one of the 50,000 attendees in San Francisco or one of the million+ online attendees – we’d like to thank you for joining us at Oracle OpenWorld last week! With temperatures in the 80s and 90s, attendees traveled the overheated streets to join packed keynotes and general sessions – all to find the information they came in search of – Oracle solutions to address their business requirements and challenges.

The buzz of this year’s OpenWorld was all about ‘The Cloud’. And, the financial management team joined in the cloud buzz with Thomas Kurian’s keynote which highlighted our ERP Cloud Service as the most complete cloud service on the market. Offering the full breadth of business operations, including Financial Management, Risk and Control Management, Project Portfolio Management, Procurement, Sourcing, and Inventory Management, Oracle ERP Cloud Service transforms the back office into a collaborative, efficient, and intuitive hub. And, our product marketing expert on Financial Management, Annette Melatti, provided a glimpse of what the office of finance looks like in the 21st century as well as shared what’s next for Oracle’s financial solutions discussing the future of Financial Management with Fusion Financials, E-Business Suite, PeopleSoft and the JD Edwards solutions. There were over 120 sessions from customers, partners, and Oracle experts that addressed financial management solutions along with demo pods and Meet the Experts sessions. We hope you found what you were looking for! Missed any of the keynotes or general sessions? Watch them on demand here.

At OpenWorld, we also announced that Lending Club, the leading platform for investing in and obtaining personal loans, has selected Oracle ERP Cloud Service to help improve decision-making, implement robust reporting, and take advantage of the cost savings provided by the cloud. The CFO of Lending Club, Carrie Dolan had mentioned that they “are an innovative, data-intensive, high-growth company and needed a solution and partner that could match us. We conducted a thorough review of our options, and Oracle ERP Cloud Service was the clear winner in terms of capabilities and business value as well as commitment to us as a customer.” Read the entire release here.

For now, it’s back to business as we gear up for the second half of our fiscal year and start planning for Oracle OpenWorld 2013!

Thursday Sep 27, 2012

Oracle OpenWorld - 3 Days and Counting!

If you haven’t set your schedule for OpenWorld yet, here’s your chance to reserve a seat at some of the key Financial Management sessions. There’s over 120 sessions specific to our Financials audience that will not only focus on Oracle’s financial product lines, but will also discuss controls and compliance, as well as analytics, budgeting/planning, and financial reporting and the close process. For a complete list of sessions, view any of the Focus on Documents located on the OpenWorld site.

Key Sessions:







Oracle Fusion Financials: Overview, Strategy, Customer Experiences, and Roadmap

Moscone West - 2003



Oracle Financials: Strategy, Update, and Roadmap

Moscone West - 3006



General Session: What’s Next for Financial Management Solutions at Oracle?

Moscone West - 3002/3004



Exploring Oracle Preventive Controls Governor’s Features Through Real-Life Examples

Palace Hotel - Presidio



Oracle Hyperion Enterprise Performance Management: A Bridge to Oracle Fusion Financials

Palace Hotel - Concert



Oracle Fusion Financials Coexistence with Oracle E-Business Suite

Moscone West - 2011



McDonald’s Adopts Financial Analytics to Increase Business Performance

Moscone West - 2011



User Panel: Reducing Upgrade Errors and Effort While Improving Compliance Palace Hotel

Palace Hotel - Presidio

Tuesday Sep 18, 2012

Don't Miss The OpenWorld Session: The Impact of the Upcoming Revenue Recognition and Lease Accounting Changes

Would you like to learn more about Revenue Recognition and Leases Accounting changes from subject matter experts?

Would you like to better prepare your organization for the upcoming changes?

If yes, then it's not too late to register for OpenWorld 2012 and meet Christopher Smith and Ashima Jain from PwC as well as our resident accounting expert, Seamus Moran, who will be presenting at Session 9462: The Impact of the Upcoming Revenue Recognition and Lease Accounting Changes.

Here are the details about this session:

Date: Oct. 1, 2012 

Time: 10:45-11:45 a.m

Place: Moscone West Room 2005

Abstract: With the new revenue recognition rules expected to be issued this year and the lease accounting rules expected to be issued next year—both expected to be applied retroactively—businesses all around the world face many changes until the effective date of these proposed standards. In this session, learn from PricewaterhouseCoopers on the potential impact on accounting, processes, and systems and hear from Oracle about the proposed updates to Oracle E-Business Suite to assist you in assessing the impact on existing contracts, technology, and processes.

Thursday Sep 13, 2012

The 2012 Gartner-FEI CFO Technology Survey -- Reviewed by Jeff Henley, Oracle Chairman

Jeff Henley and Oracle Business Analytics VP Rich Clayton break down the findings of the 2012 Gartner-FEI CFO Technology Survey.  The survey produced by Gartner gathers CFOs perceptions about technology, trends and planned improvements to operations.  Financial executives and IT professionals can use these findings to align spending and organizational priorities and understand how technology should support corporate performance. 


Listen to the webcast with Jeff Henley and Rich Clayton - Watch Now »

Download the full report for all the details -   Read the Report » 


Key Findings

  • ·        Despite slow economic growth, CFOs expect conservative, steady IT spending.
  • ·        The CFOs role in IT investment has increased again in 2012.
  • ·        The 45% of IT leaders that report to the CFO are more than report to any other executive, and represent an increase of 3%.
  • ·        Business analytics needs technology improvement.
  • ·        CFOs are focused on business analytics and business applications more than on technology.
  • ·        Information, social, cloud and mobile technology trends are on CFOs' radar.
  • ·        Focusing on corporate performance management (CPM) projects, 63% of CFOs plan to upgrade business intelligence (BI), analytics and performance management in 2012.
  • ·        Despite advancements in strategy management technologies, CFOs still focus on lagging key performance indicators (KPIs) only.
  • ·        A pace-layered strategy for applications is needed (92% of CFOs believe IT doesn't provide transformation/differentiation).
  • ·        New applications in financial governance rank high on improving compliance and efficiency.

Thursday Sep 06, 2012

2013 U.S. GAAP Financial Reporting Taxonomy Available for Public Review and Comment

FASB recently released the proposed 2013 U.S. GAAP Reporting Taxonomy. Comments are due October 29, 2012 to be finalized and published early 2013. 

The proposed 2013 U.S. GAAP taxonomy and instructions on how to submit comments are available at the FASB’s XBRL page.

In previous blog entries, I talked about how Oracle Hyperion Disclosure Management supports the latest taxonomy, enabling financial managers to easily comply with the latest filing requirements. The taxonomy is a list of computer-readable tags in XBRL that allows companies to annotate the voluminous financial data that is included in typical long-form financial statements and related footnote disclosures. The tags allow computers to automatically search for, assemble, and process data so it can be readily accessed and analyzed by investors, analysts, journalists, and regulators.

You do not have to have Oracle Hyperion Financial Management, used for consolidating financial results, to generate XBRL. You just need Oracle Hyperion Disclosure Management to generate XBRL instance documents from financial applications, such as Oracle E-Business Suite, Oracle PeopleSoft, Oracle JD Edwards EnterpriseOne, and Oracle Fusion General Ledger.

To generate XBRL tags and complete SEC filings using your existing financial applications with Oracle Hyperion Disclosure Management, here are the steps:

  1. Download the XBRL taxonomy from the SEC or XBRL Website into Hyperion Disclosure Management to create a company taxonomy.
  2. Publish financial statements from the general ledger to Microsoft Excel or Microsoft Word.
  3. Create the SEC filing in the Microsoft programs and perform the XBRL tag mapping in Oracle Hyperion Disclosure Management.
  4. Ensure that the SEC filing meets XBRL and SEC EDGAR Filer Manual validation requirements.
  5. Validate and submit the company taxonomy and XBRL instance document to the SEC.

Get more details about Oracle Hyperion Disclosure Management.

Thursday Aug 30, 2012

Drinking Our Own Champagne: Fusion Accounting Hub at Oracle

A guest post by Corey West, Senior Vice President, Oracle's Corporate Controller and Chief Accounting Officer

There's no better story to tell than one about Oracle using its own products with blowout success. Here's how this one goes.

As you know, Oracle has increased its share of the software market through a number of high-profile acquisitions. Legally combining companies is a very complicated process -- it can take months to complete, especially for the acquisitions with offices in several countries, each with its own unique laws and regulations. It's a mission critical and time sensitive process to roll an acquired company's legacy systems (running vital operations, such as accounts receivable and general ledger (GL)) into the existing systems at Oracle.

To date, we've run our primary financial ledgers in E-Business Suite R12 -- and we've successfully met the requirements of the business and closed the books on time every single quarter. But there's always room for improvement and that comes in the form of Fusion Applications. We are now live on Fusion Accounting Hub (FAH), which is the first critical step in moving to a full Fusion Financials instance.

We started with FAH so that we could design a global chart of accounts. Eventually, every transaction in every country will originate from this global chart of accounts -- it becomes the structure for managing our business more uniformly. In conjunction, we're using Oracle Hyperion Data Relationship Management (DRM) to centralize and automate governance of our global chart of accounts and related hierarchies, which will help us lower our costs and greatly reduce risk.

Each month, we have to consolidate data from our primary general ledgers. We have been able to simplify this process considerably using FAH. We can now submit our primary ledgers running in E-Business Suite (EBS) R12 directly to FAH, eliminating the need for more than 90 redundant consolidation ledgers. Also we can submit incrementally, so if we need to book an adjustment in a primary ledger after close, we can do so without re-opening it and re-submitting. As a result, we have earlier visibility to period-end actuals during the close.

A goal of this implementation, and one that we successfully achieved, is that we are able to use FAH globally with no customization. This means we have the ability to fully deploy ledger sets at the consolidation level, plus we can use standard functionality for currency translation and mass allocations. We're able to use account monitoring and drill down functionality from the consolidation level all the way through to EBS primary ledgers and sub-ledgers, which allows someone to click through a transaction appearing at the consolidation level clear through to its original source, a significant productivity enhancement when doing research. We also see a significant improvement in reporting using Essbase cube and Hyperion Smart View. Specifically, "the addition of an Essbase cube on top of the GL gives us tremendous versatility to automate and speed our elimination process," says Claire Sebti, Senior Director of Corporate Accounting at Oracle.

A highlight of this story is that FAH is running in a co-existence environment. Our plan is to move to Fusion Financials in steps, starting with FAH. Next, our Oracle Financial Services Software subsidiary will move to a full Fusion Financials instance. Then we'll replace our EBS instance with Fusion Financials. This approach allows us to plan in steps, learn as we go, and not overwhelm our teams. It also reduces the risk that comes with moving the entire instance at once. Maria Smith, Vice President of Global Controller Operations, is confident about how they've positioned themselves to uptake more Fusion functionality and is eager to "continue to drive additional efficiency and cost savings."

In this story, the happy customers are Oracle controllers, financial analysts, accounting specialists, and our management team that get earlier access to more flexible reporting. "Fusion Accounting Hub simplifies our processes and gives us more transparency into account activity," raves Alex SanJuan, Senior Director, Record to Report Strategic Process Owner. Overall, the team has been very impressed with the usability and functionality of FAH and are pleased with the quantifiable improvements. Claire Sebti states, "Our WD5 close activities have been reduced by at least four hours of system processing time, just for the consolidation group."

Fusion Accounting Hub is an inspiring beginning to our Fusion Financials implementation story. There's no doubt it's going to be an international bestseller!

Corey West, Senior Vice President
Oracle's Corporate Controller and Chief Accounting Officer


Focusing on solutions for the Office of Finance, this blog will highlight key financial management market trends, events and other news of interest.


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