Don't just fix your finance data. Fix all your data.

January 19, 2023 | 3 minute read
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As organizations look for competitive advantage, many are on the hunt for innovative digitization strategies to give them an edge. Counterintuitively, adopting new technology can often reveal deficiencies in the ways organizations manage data that enterprise applications generate and consume; as it turns out, consistent enterprise data is key to supporting the applications that underpin strategic digitization initiatives.

A growing body of evidence shows that managing central enterprise data structures (such as the chart of accounts) in a consistent, governed manner across multiple financial and analytic applications should be treated as a core competence. It is a foundational enabler that accelerates strategic efforts such as integrating an acquired business, migrating enterprise systems to the cloud, or managing a finance transformation.

Changes are coming

Our conversations with customers over the past year show a clear inflection point in their appreciation of enterprise master data management. We’ve seen a significant uptick in customers’ interest in Oracle Fusion Cloud Enterprise Data Management (EDM) because of the value it brings to cloud migration and finance transformation initiatives. Let’s review some real-world use cases that illustrate specific requirements and business value drivers.

1. Finance transformation

A leading North American grocer migrated from 30+-year-old financial systems to Oracle Fusion Cloud ERP and EPM. Oracle EDM enabled a chart of accounts redesign as part of their finance transformation. Today, the customer systematically manages every chart of account and hierarchy change through Oracle EDM. According to the customer, “With EDM, I can tell audit with 100% confidence that every single piece of data across applications is on a report and didn’t get dropped.”

2. Financial data governance

A global logistics provider implemented Oracle EDM as the foundation for financial data governance in their move to Oracle Fusion Cloud ERP. The implementation included integrating mergers and acquisitions into the chart of accounts for consistent and accurate “day one” reporting.

3. Rationalized reporting

A major US energy company implemented Oracle EDM as part of their transformation to Oracle Fusion Cloud ERP and EPM. Oracle EDM helped align enterprise data across the organization and rationalize reporting. They went from having 2000+ reports down to about 400. The company eliminated the use of spreadsheets to manage reporting metadata and reduced change management processing times by 80%.

4. Real-time audit

A major manufacturer of farm equipment components implemented Oracle EDM to author their chart of accounts as part of an ERP transformation. They reduced their time-to-close by 33% while simplifying and accelerating the process of managing new accounts across multiple systems. Today they reap the benefits of real-time auditing of new accounts and have the assurance that comes with automated approval tracking.

Get a competitive edge in 2023

We encourage you to review these use cases and compare notes with your peers through Oracle Cloud Customer ConnectOur research shows that Oracle EDM customers improved their productivity and change management efficiency, with a majority of them realizing these benefits in as little as three to six months. These organizations adapt and respond to business changes faster while also gaining efficiencies and transparency. We’re confident that Oracle EDM can help your organization get a competitive edge, too.

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Fusion Development

The Fusion Development team is responsible for building, maintaining, and driving innovation on the Oracle Fusion Cloud Applications Suite, which includes Oracle ERP, EPM, SCM, HCM, and CX. Its members are based throughout the world with central offices in the US, India, Mexico, The Philippines, and Romania.

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