Subscribe

Share

Big Ideas

Release 12 Financials at a Glance

An excerpt from Terrance Wampler's executive blog

July 2007

Terrance Wampler, Oracle vice president of financial products strategy, is responsible for driving product direction and recommending business strategies for Oracle's financial products set. He blogs frequently about issues and challenges related to corporate financial management at blogs.oracle.com/terrancewampler.

For many of us in development, the general availability of Oracle E-Business Suite Financials Release 12 marks a significant accomplishment in our Oracle careers. Personally, with this release, I feel much like I expect to feel soon when my oldest attends her first day of kindergarten: happy with the progress she has made yet excited about her future. Professionally, I am pleased that much of the functionality for Release 12 Financials was driven by customer requirements that originated from our customer advisory board and focus groups. For these customers, it's been a long wait, but hopefully, well worth it.

  • Release 12 objective. The mandate from customers was clear: simplify the ability to manage across business functions, organizations, and locations.
  • Key requirements.
  • Improve support for shared service operations; ease access to aggregated data for management reporting; ensure accurate accounting, tax, and currency treatment of transactions.

In response, we separated operational activities from financial management tasks; defined new, logical business structures to easily group information, and rationalized trading partner data into a single location. The results are

  • A single responsibility to access and transact on multiple organizations
  • A single ledger to manage multiple currencies
  • Ledger sets to manage accounting processes across ledgers
  • Centralized rules engines for tax, accounting, and intercompany transactions
  • A separate and simple payment creation and delivery solution
  • Centralized trading partner management (suppliers, banks, legal entities)
  • Netting across trading partners
  • A boatload of other really cool features

With more than 2,000 new features in Release 12, there is a lot of information to consume. To ease the learning curve, I recommend you start with Oracle's Centralized Solution Set. Additionally, we will be delivering a series of advisor Webcasts on OracleMetaLink, starting with "What's New in Oracle E-Business Suite Financials R12." As you progress on your journey to understanding Release 12, what enhancements do you see simplifying the way you manage your business?

Applications Unlimited @ Oracle OpenWorld

With Oracle OpenWorld just around the corner,
Profit readers are already making plans for travel to San Francisco. To get a glimpse of this year's hot topics, visit Profit Online for the Oracle OpenWorld Special Report. The agenda for the November 11—15 show will include

Applications Unlimited. Get regular updates about developments to all of Oracle's application product lines.
Getting to Fusion. Practical advice about the steps you need to take to adopt Oracle's next-generation enterprise applications platform.
Oracle Database 11g. Find out how the latest version of Oracle's flagship product will deliver better business performance, management, and results.
Industry insight. Oracle experts know how your business operates. Learn how Oracle's industry investments will improve the results on your shop floor.

Visit oracle.com/profit/features/oow_specialreport.html for an ongoing preview of Oracle OpenWorld.

For More Information

Oracle E-Business Suite 12
Oracle Application Integration Architecture
Siebel CRM On Demand
Oracle Financials Centralized Solution Set
Advisor Webcasts on OracleMetaLink
Oracle WebCenter
Oracle Human Capital Management

Photography by Shutterstock