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Advice and Information for Finance Professionals

Change Agents of Finance Awards, Part III

Can working in the back office be transformative?  We think so, especially if you’re a visionary looking to make finance a force for change across the entire organization. In Part I and Part II of my blog series on Oracle’s Change Agents of Finance Awards, I described what we were looking for in nominees for the Fast Finance Award, the Top Talent Award, the Oracle Billion Dollar Story Honorary Award, the Modern Close Award, the Crystal Ball Award and the Roll With It Award.

In my third and final post, I’ll explore four more Change Agent awards honoring back office heroes who are leveraging Oracle Cloud for Finance applications to simplify, standardize, centralize and automate routine finance processes. It is thanks to their efforts that funds and finance talent can be freed up for more strategic endeavors that drive profitability and digital-age success. The categories in this section include:

  • Better Together
  • Shared Services Superstar
  • Frugal Finance Award
  • Procure-to-Payday Award

Better Together:  ERP+ (HCM or PPM or SCM) Category

While office romances are often doomed to fail, back office “romances” can make for the kind of synergies businesses can fall in love with. That’s why we’re launching the Better Together Award.

Just as many people feel incomplete without the perfect partner, ERP cloud solutions can be turbocharged when paired with other cloud solutions. We’re looking to honor those teams that have successfully deployed Oracle ERP Cloud plus Oracle HCM Cloud, Oracle Supply Chain Cloud, and/or Project Portfolio Management Cloud to realize tighter integration and benefits across the enterprise.

Special consideration will be given to case studies that demonstrate quantitative benefits achieved through the deployment of an integrated suite of applications.

Shared Services Superstar Award

Is there a robot in your shared services organization? If yes, give yourself and your robot a high five, then sit down and apply for the Shared Services Superstar Award. Why? Because according to McKinsey, you’re in the top quartile, meaning that three-quarters of enterprises have not developed digital capabilities like robotics process automation in their shared services organizations, to free up capacity to focus on customer or revenue-generating activities.

The Shared Services Superstar Award recognizes a shared services team using Oracle Cloud for Finance applications to develop digital capabilities to achieve best-in-class service delivery. Special consideration will be given to organizations that can demonstrate:

  • Development of centers of expertise to support strategic processes
  • Development of analytics-based capabilities that support improved decision-making
  • Incorporation of next-generation technologies and methodologies, such as robotics process automation,  artificial intelligence, or agile methodologies to drive large-scale automation, free up capacity, and increase organizational flexibility

Frugal Finance Award

“A penny saved is two pence clear,” wrote Benjamin Franklin in his 1737 almanac. Franklin certainly knew the value of a dollar (his face is on it), but not even he could imagine the power of cloud ERP applications in helping organizations save big bucks in the back office.  Not only do cloud ERP applications deliver 2.1 times the ROI of on-premises deployments, but they are driving down the cost of doing business by automating core finance transaction processing, improving decision-making with embedded analytics, and eliminating the risks associated with manual processes.

We created the Frugal Finance Award to honor a finance leader or finance team that has achieved dramatic cost savings using Oracle Cloud for Finance applications (ERP or EPM Cloud), based on the following criteria:

  • Implementation cost savings, including savings due to lower initial and ongoing costs to implement, such as the ability to deliver greater value over time without the cost and disruption associated with upgrading, expanding, or changing business applications. 
  • Process-driven cost savings, due to automation of key back office processes or roll-out of new cost-reduction strategies such as zero-based budgeting.

Procure-to-Payday Award

When it comes to procurement, everything’s better when everyone is connected, whether that is your internal procurement store or your global supply chain.  You’re a master integrator, helping everyone automate and improve collaboration across procurement processes.   And your payday is seeing procurement become more strategic to the business, leveraging supplier and spend analytics to understand opportunities to negotiate better terms for the business.

The Procure-to-Payday Award honors an outstanding procurement officer or procurement team which has transformed the P2P process using Oracle Procurement Cloud, based on the following criteria:

  • Uses self-service procurement to control maverick or off-contract spend
  • Uses spend analytics to make the P2P process more strategic, negotiating better contracts with key suppliers and predicting future spending patterns
  • Automates the payables process with touch-less transactions, to strengthen control and eliminate errors

The Future of Finance: Calling All Change Agents

Ten award categories. Hundreds of change agents worldwide, all working to elevate the role of finance into the business guidance system of the future. If you think that you, your team, or even someone you know is transforming the finance function in one of these areas, we want to hear from you! Here’s how to get started:

Oracle OpenWorld. If you plan to attend Oracle OpenWorld, visit us at ERP Central at Moscone West for more details on how to nominate yourself or someone you know. Kiosks will be available to submit nominations onsite.

Online. Submit a nomination online, and check back frequently to review peer submissions across all ten categories. 

As we get closer to the Modern Finance Experience in Boston, April 11-13, 2017, you will want to cast your vote for your favorite submissions across all ten categories. Winners will be honored by Oracle CEO and head of finance Safra Catz and her finance executive team at the Modern Finance Experience. The entries with the most compelling submissions and the most votes across the Oracle global finance user community will win (only one vote per person, per category is allowed), so sharpen your pencils, start your calculators, and start submitting.

Oracle looks forward to celebrating your success as a Change Agent of Finance!

 

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