By Ryan Chew, Product Marketing Analyst, Oracle
At a successful customer event earlier this year, we had the opportunity to interview a few of our many wonderful Oracle partners who attended. These partners are integral to successful EPM Cloud projects with many of our customers and we appreciate their vast knowledge, professionalism and experience. In a series of video interviews, they spoke about the key features of Oracle EPM Cloud that help streamline manual, day-to-day tasks, and so much more.
Here are the 6 important partner insights you need to know about Oracle EPM Cloud:
- Process automation helps reduce manual tasks—for example, financial close activities. CEO of EPMI, Nihar Parikh, explains that “the process automation piece is something where we see the theory around AI, machine learning, and robotics actually comes to fruition, especially when it comes to things that have manual tasks like the financial close.”
- Automating processes and a lower total cost of ownership (TCO) are common benefits of cloud EPM. Vice president of Peloton, Patricia Campono, adds that pre-built components in Oracle EPM Cloud automate the manual work, reducing the use of spreadsheets and lowering the total cost of ownership.
- Minimize the learning curve for finance with one integrated suite—only one common platform and interface for multiple teams to get acclimated to. Practice Manager of Alithya, David Pabst, focuses on a key benefit for most organizations: minimizing the learning curve of new financial systems. For many finance teams, learning a new technology or tool takes up too much valuable time. As Oracle EPM Cloud is one integrated suite, there is only one common interface for multiple teams to get acclimated to—whether they work on planning and budgeting, the financial close or tax reporting.
- Data export errors and corruption are less frequent with less “paper-passing” from team to team. Managing Director of Alithya, Ryan Meester, believes that sharing the same data set in Oracle EPM Cloud also breaks down the silos amongst teams such as FP&A, treasury, and corporate development.
- Stay current with frequent updates in the cloud, rather than on-premise upgrades that take several years to roll out. CEO of interRel, Edward Roske, touches upon the advantages of frequent updates. Unlike on-premise upgrades, which only happen every few years and can take months (or even years) to implement, EPM Cloud enables your team to use any update, as soon as it’s released, across all systems. This helps ensure that, “your world-class system now is still your world-class system in five years.”
- If your finance organization is not ready to go to the cloud fully now, start with an Oracle EPM Cloud process to add value to your current, on-premise systems. Managing Director of Huron Consulting, John Bridges, acknowledged that some companies are hesitant to switch their entire on-premise ERP system over to Oracle ERP Cloud all at once. Instead, they tend to dip their toe in the water using an Oracle EPM Cloud process first, such as planning and budgeting. They find that the EPM processes enhance the analytics and reporting in their native ERP system, helping them to support the eventual move to the cloud.