Advice and Information for Finance Professionals

Oracle CEO Mark Hurd on the Potential for Collaboration through Cloud Finance Applications

Lynne Sampson
Managing Editor

In today’s modern workplace, employees are increasingly reliant on digital communication to collaborate. Implementing social technology can substantially increase productivity. In fact, according to one report, using social technologies can increase the productivity of knowledge workers by 20% to 25%. Instant communication can spur more efficient, productive work as a result of data sharing, leading to a reduction of errors and downtime. The same report highlights that the average worker spends an estimated 28% of the work week managing email and nearly 20% looking for internal information or tracking down colleagues to help with specific tasks. According to Oracle CEO Mark Hurd, “siloed information breeds inconsistency.”

Oracle’s social capabilities are built into individual applications (e.g. Financials and Procurement). For example, project team members using Project Management in Oracle ERP Cloud can collaborate on tasks, track status of deliverables, exchange documents, and share data. This empowers team members through alignment and easy access to key information. It can also help keep projects completed on time across global teams by allowing various participants to discuss work in real-time. The system allows for improved communication with team members by simply adding them as followers. The streamlined approach requires minimal administration effort since access to work-based collaboration honors the security of the project.

Collaboration reduces errors and increases efficiency. Enterprise Data Management in Oracle EPM Cloud offers an intelligent inference engine that can dynamically invite and dismiss stakeholders to participate in workflow conversation at relevant times. Conversation threads can loop in participants. The crowdsourcing approaches within the app enable the sharing of entire dimensions or subsets with one's own application while paving the way for broader information-sharing initiatives. Today, most performance reporting processes are time-consuming and flawed with inefficient collaboration. Errors are routinely made in combining data and narrative, especially when the data is compiled into various reports. The Narrative Reporting in Oracle EPM Cloud enables collaborative and authoring review phases. It provides a check-in and check-out process for the report, and its reviewer tools facilitate collaboration through access controls, notifications, status centers, and change comparisons.

Collaboration empowers employees and enables more efficient decision making. In his book, The Value Factor, Mark Hurd writes, “Create a global culture of empowerment and knowledge sharing.” Business managers depend on services that can seamlessly blend people, processes, and communications as part of a cohesive workflow. While the sharing of data and documents is important, content must be contextually relevant to the tasks at hand. Broader access to data and analysis leads to higher levels of employee participation. Through the cloud, team members have an equal opportunity to provide input regardless of location or time differential. The instant and improved access to key data can prevent delays or disruptions in business workflows and lead to more successful outcomes from employee work.

Want to learn more about how Oracle Cloud supports collaboration? Register for Oracle OpenWorld.

Oracle OpenWorld 2019

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