Remember the 1990s when expanding the business meant making decisions based on gut instinct? Thankfully with today's cloud-based business applications, it's easier than ever to optimize the data in a company's product, sales, and marketing departments. There are tools that can be used to start projects quickly and drive conversations without the bottlenecks and silos of the past. But are there even faster paths to success?
With CEOs demanding quick turnaround in a fiercely competitive market, choosing a prebuilt, off-the-shelf solution drastically reduces time to market. To meet these business needs, Oracle is announcing a new packaged analytics solution for finance: Oracle Analytics for Fusion ERP, the first analytic application available from the Oracle Analytics for Applications product family.
Powered by Oracle Autonomous Data Warehouse and Oracle Analytics Cloud, this offering is designed for Oracle Fusion Cloud enterprise resource planning (ERP) applications—Oracle Enterprise Resource Planning (ERP) Cloud—that companies use to run financial processes. The new analytics application deploys quickly and provides ready-to-use content, such as out-of-the box dashboards, reports, key performance indicators (KPIs), and data models.
What is the difference between analytics in the Oracle ERP Cloud application and Oracle Analytics for Applications? In a nutshell, Oracle Analytics for Applications complements existing Oracle ERP Cloud transaction reporting by answering more questions for additional roles in the organization like management and executives.
The embedded transactional reporting in the Oracle ERP Cloud application provides analytics and reporting to support the day-to-day operations for people like front line managers and operations users. In accounts payable, for example, the goal is to quickly know the answers to simple questions such as, "What are the top invoices by amount for the last 60 days?"
Oracle Analytics for Applications, on the other hand, lets users delve into complex analyses, deep historic trends, predictions, cross departmental analysis, and can also include external data in the analysis.
With KPIs ready to use right out of the box, questions can be quickly answered, such as:
Oracle has started with finance because it is the division/department with many needs. Some 62 percent of companies interviewed by Ventana Research say their finance departments are buried in basic duties with little time for analytical work. With Oracle Analytics for Fusion ERP, the finance department gets a library of best practice finance KPIs to help measure performance within typical financial operations. For the first release of Oracle Analytics for Fusion ERP, the packaged KPIs answer questions by topic related to profit and loss, balance sheet, financial ratios, payables, and receivables, as shown in the table below.
Core to the user experience of the application is this notion of KPI cards and decks. The screenshot below shows this concept of a KPI card. A manager can immediately see when the KPI is trending poorly or positively. At a glance, KPI card visualizations show the actual value of the KPIs or a comparison to a particular target that the user has identified, as well as a comparison to a previous time period for a trend comparison.
These cards can be assembled into a dashboard—or deck—that allows managers to see prebuilt data pipelines that do the hard work. There is no need to do data design, extraction, transform, and load (ETL) tuning or modeling.
Each card allows for deeper understanding. The card pictured below shows first quarter revenue split between diagnostics, photonics, and imaging.
Clicking on the card itself presents the analysis in a chart form (see below). Note that the revenue dipped slightly in April, but overall is on an upward trend for the year. This level of data behind the visualization allows for deeper understanding and helps focus discussions and decision-making.
Oracle Analytics for Fusion ERP is available to use right away with the same Oracle Analytics Cloud interface. It can also be expanded with more data from external sources or from internal departmental sources such as HR, sales, or marketing to gain even deeper insights.
While starting with the finance department, Oracle expects to extend these capabilities to procurement and planning functions, and later to supporting human resource functions, supply chain management, and customer experience functions such as sales, marketing, and service.
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