How Oracle closes the books and reports earnings faster than any company in the S&P 500

October 3, 2022 | 2 minute read
Corey West
EVP, Chief Accounting Officer, Oracle
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Over the last few years, it’s become clearer than ever that companies must be agile to succeed. In less than 36 months, we’ve experienced a global pandemic, unprecedented supply chain issues, an increasingly competitive landscape for attracting and retaining talent, and a war in Europe. No one could have predicted how vastly different the world of 2022 would look from the world of 2020. These events highlight the continuous nature of change and the importance of staying ahead – or quickly adapting – when inevitably, we face a new challenge.

Oracle faced the same challenges as our customers, and we grappled with the implications around how to adapt. Fast forward to today, we now run our entire core business operations on Oracle Cloud. We use the same data centers, the same cloud services, and the same versions as our customers. We’ve learned much along the way and have achieved great benefits as a result of our end-to-end business transformation.

In the finance department, our adoption of Oracle Fusion Cloud ERP lets us close our books and report earnings to the street in just 10 days—21 days faster than average, and faster than any other company in the S&P 500. Whereas some companies spend the majority of their quarter looking backwards, this kind of speed allows us to spend ten of twelve weeks each quarter on strategy and innovation for the future.

And we’re not stopping at 10 days. Our goal is to continuously run a fully automated close, enabling us to understand and report on the company’s financials at all times. 

To hear more about Oracle’s move to cloud, the benefits we’re achieving, the lessons we’ve learned, and how we continue to innovate and accelerate our close process, join my team at the Plan, Adopt, Innovate experience at Oracle CloudWorld. You’ll also hear from other Oracle executives leading our business transformation, alongside executives from our customers across industries who are using Oracle technology to address their biggest challenges, transform their businesses, and achieve their goals.

Register now to attend Oracle CloudWorld, October 17-20 in Las Vegas.

Corey West

EVP, Chief Accounting Officer, Oracle

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