Finance professionals face reporting and analysis challenges in many financial processes and across all industry sectors. These include dealing with data volume, synthesizing information quickly, managing time pressure for reporting and financial close, and leveraging multiple source systems. Modern analytics platforms —such as Oracle Analytics— address these issues and provide significant benefits to finance teams helping increase their acumen, speed their decision making, and improve their operational efficiency. Here are five examples of companies and their stories of innovation in finance.
TrueBlue, a leader in specialized workforce solutions, helps clients achieve business growth and improve productivity. TrueBlue had been using several homegrown front-end or point of sale customer-facing systems that were unique, but getting access to the data was difficult, and data reliability was questionable. Previously, it would take days past the quarter for management to get a clear view into results, but now the time required has been cut by half.
TrueBlue uses Oracle Fusion ERP Analytics for a management reporting package that provides a month-to-date, quarter-to-date, and year-to-date view of the top-line and bottom-line performance of various lines of business, including details to understand the context of individual KPIs. Read the TrueBlue story.
Nabil Foods manufactures a wide range of frozen and chilled products that it sells to retail, catering, and quick service restaurant customers in more than 25 countries throughout the world. Established in 1945, the Jordan-based company’s meals range from lasagna to kubbeh balls to fajitas. Nabil Foods greatly enhanced business agility with Oracle. The time required to prepare monthly reports has decreased from three weeks to three days after closing the financial periods in Oracle E-Business Suite.
Business users across finance, sales, marketing, and manufacturing can access data in real-time to build multi-faceted reports and dashboards of key performance indicators such cost of goods sold or average selling price on their own. Users can access them from anywhere on any device using either text or voice search, without IT support. Faster response times for complex financial queries bring a better user experience and faster decision making. By leveraging Oracle Analytics Cloud’s embedded machine learning capabilities, they can surface new insights, predict likely outcomes, and reduce time to market for new product innovations. Read the Nabil Foods story.
With Oracle Analytics Cloud, Yescom USA combined customer information with sales trends to course-correct and help head off any potential declines in sales performance. Now, business executives have data association and data drilling capabilities to help understand the reasons behind a set of data, increasing problem diagnosis by 50%.
Yescom also analyzed SKU net profit, advertising ROI, and conducted shopping basket analysis to optimize operations, save costs, and increase revenue. The SKU analysis helped determine opportunities and risks, and make informed decisions to support business operations. Finance and sales departments can now control input and output, refined to the product level. They can discover business opportunities by breaking data down to multiple combinations of channels, customer types, and time periods.
With Oracle Autonomous Data Warehouse, we can safely and reliably store all business information on a unified data platform. In combination with Oracle Analytics Cloud, we can extend data analysis capabilities to sales, HR, supply chain, CX, logistics, and many other business areas. - Amy Chan
General Manager of China, Yescom USA
For Lyft’s finance team, closing the financial books faster isn’t just an accounting timesaver, but also a means to grow faster by democratizing access to data. “When I get data fast and get it into the hands of my stakeholders, they can really run with business decisions to grow the company, which is our ultimate goal and our North Star,” says Lisa Blackwood-Kapral, Lyft’s chief accounting officer.
The Oracle Cloud applications’ built-in business best practices let Lyft implement them with no customizations, helping the company improve existing processes rather than just automate them. “A successful implementation to me is finding what you could do differently to get the data faster, as opposed to doing it the way you do today,” Blackwood-Kapral says.
Oracle also offered capabilities to help Lyft expand internationally, such as multicurrency, multilingual application services. Having finance, operations, and analytics on one system will ensure that everyone at Lyft knows where to turn for information and insights. Read the Lyft story and view the video.
Certegy provides banking authorization and risk management of $43 billion in check processing for more than 4,000 retailers. Preventing fraud is critical for retailers that strive to provide superior customer service yet must decide to either accept or reject payroll checks or government-issued income assistance checks. Processing and analyzing banking payment data for 100 million unique consumers requires speed and accuracy to stay one step ahead of criminal activity.
Certegy chose Oracle Analytics and Autonomous Data Warehouse for better data integration of multiple sources. Oracle Analytics Cloud has made data more accessible to the company’s 25 risk analysts and data scientists to better manage overall risk strategies with an intuitive, extensive toolset. Certegy can share interactive risk performance and assessment reports with retail clients in live presentations to better understand their current and past trends. With a robust data and analytics platform from Oracle, Certegy is expanding to mobile payments. This will allow retailers to accept payments directly from consumers’ bank accounts in a fast, simple, and secure way that reduces costs with lower interchange fees. In addition, retailers don’t store any private information, and can process more sales transactions without physical contact.
By using the Oracle Analytics and Autonomous Data Warehouse, our goal is to apply machine learning and spatial analysis to better track check cashing behavior that mitigates risk and prevents fraud in real time to help businesses and consumers more confidently engage in commerce. - Eric Probst
Senior Manager, Fraud Analytics, Certegy
Oracle Analytics empowers finance teams and leaders to quickly understand financial performance including trends, variances and potential outcomes in any part of the business. When combined with Oracle Fusion ERP Cloud and Oracle EPM Cloud applications, Oracle provides a comprehensive, unmatched solution for the finance organization.
Watch this video: Oracle Analytics-A Day in the Life of Tomorrow’s CFO
Take the Analytics for Finance Self-assessment here