By Jenntoomey-Oracle on May 05, 2015
In today’s Digital Age, the ability for management to clearly explain the quality and sustainability of corporate performance has become more important than ever. Increasingly, the ability to value and explain the value of intangible assets is becoming a competitive differentiator. Global and regulatory mandates around narrative reporting are also emerging, with the EU Directive on Non-Financial Reporting and SEC interest in making financial disclosure more effective.
While there is a clear need for increased commentary and narrative in reporting, most performance reporting processes remain manual and ad-hoc. The effort is time consuming, lacking process rigor and collaboration. Errors are made in combining ‘data’ (what) with ‘narrative’ (who, when, why), especially with re-keying data. In addition, organizations lack the ability to analyze the data to validate the narrative. The disconnected nature of the process means it is difficult to bring subject matter experts into the process for centralized commentary. Finally, there are auditability concerns and weak security around supporting “need to know” access to content.
In fact, in a recent survey, 90% of respondents agreed that expanding qualitative commentary in management reporting processes was critical to their organization. Yet, more than half of respondents were not confident in their tools to provide sufficient collaboration to produce that qualitative commentary.
Oracle Enterprise Performance Reporting Cloud, the newest offering in Oracle Enterprise Performance Management (EPM) Cloud, helps address these challenges. It uniquely combines management, narrative and statutory reporting needs in a single, secure, and collaborative solution. Complete authoring, collaboration, commentary, and report delivery capabilities streamline the process. You can easily combine system of record data for more accurate reporting. Secure, role-based auditable access on desktop and mobile devices enables the delivery of faster, meaningful insights to all stakeholders, anytime, anywhere.
Oracle Enterprise Performance Reporting Cloud combines data and narrative, providing a single web interface for report package contributors. Report package owners define, manage, monitor and interact with content through this interface, while assigned users see only the content applicable to the role they have been assigned. In addition, users can easily take a deeper dive into the data without leaving the application. Oracle Enterprise Performance Reporting Cloud includes the ability to perform multi-dimensional and other analysis on financial data.
The solution enables business users to participate in the narrative reporting process through the web interface on a variety of devices, including desktops and tablets. Collaboration throughout the process is key to getting the most accurate picture possible, and helps shrink the time it takes to define, produce and deliver reports.
Increased demand, both internally and externally, for information, plus many data sources can make it challenging to have confidence in the results reported. Oracle Enterprise Performance Reporting Cloud enables you to easily combine system of record data into your narrative reporting. Authors can integrate both on-premises and cloud-based EPM and BI data sources directly, as well as integrate data from Oracle and other ERP systems, thereby leveraging existing IT investments. This helps provide trust and reliability that the numbers and information are accurate.
We have seen tremendous interest from customers looking to “standardize” on a platform for narrative-based performance reporting. Reporting needs range from quarterly or annual reports for external stakeholders, to internal management and business performance reviews, as well as periodic reports submitted to industry agencies, sustainability reporting, and more.
“We find Oracle Enterprise Performance Reporting Cloud extremely intuitive and easy to use. The cloud-based nature of this solution, along with strong collaborative and security features, will help streamline the time it takes our clients to produce and deliver reports.” Neil Sellers, Director Qubix
Stay tuned for more exciting news around customer adoption in the coming months!
To learn more about Oracle Enterprise Performance Reporting Cloud, click here.