From Laggard to Leader : Finance Modernisation in Oracle

As we hurtle forward in a market-dominated world, finance teams are under increasing pressure to deliver real-time insights, optimise operations, and support strategic decision-making. Traditional finance systems, often slow and cumbersome, struggle to keep pace with these demands.

This is where Oracle's Finance Modernization solutions come into play, and we at CGB build a bridge between you and advanced technology, offering a comprehensive approach to transform your financial core with agility.

Oracle Finance Modernization:

Oracle Finance Modernization for banking Oracle Finance Modernization was created in response to customer requests for the ability to spend more time generating value for their financial institutions. The solution offers data-driven integrated finance; real-time analytical insights; centralized accounting; connected planning; reporting across regulatory, statutory, and management functions; and the unmatched security and power of Oracle Cloud Infrastructure. Tools such as machine learning, artificial intelligence (AI), and digital assistants (chatbots) give finance teams the opportunity to focus on operational tasks and financial transformation projects.

The solution accelerates the close process and uses a smart approach to data (for example, getting complete data reconciliation from the individual customer transaction all the way up to the general ledger) for increased accuracy and timeliness of statutory, regulatory, and management reports. Oracle’s solution also offers the ability to drill down from the general ledger journal to customer transactions and back from anywhere on a single, integrated system. Oracle Cloud capabilities provide a modular, agile approach to modernization so that CFOs and their teams can leverage flexibility, security, and innovation in their workplace.

With a faster way to close the books, finance will be able to better prioritize opportunities while addressing the growing need to contribute to their organization’s bottom line. A cloud-first approach allows banks to extend their competitive edge, deploy solutions incrementally, and continuously enhance reporting and processing.

Finance Modernization Trend-setting Characteristics

Several factors are fueling the need for finance modernization:

Data-Driven Decisions: Businesses require real-time access to accurate financial data to make informed decisions. Legacy systems often lack the capabilities to handle complex data volumes.

Take investing, for example. Presently, it’s so easy for all of us to use third-party platforms to invest our money into the stocks of companies, or IPOs etc. In order to make the correct decisions in this sense, we need to have access to a company's entire, unadulterated balance sheet, annual report, cash flow statements, etc. To handle this plethora of data efficiently, we need more than just manforce, we need automation and Oracle’s Finance Modernization techniques.

Regulatory Compliance: Evolving regulations demand robust reporting and audit trails. Modern finance solutions streamline compliance processes and ensure adherence to constantly changing regulations.

By prioritising a proactive approach and utilising all available assistance, we can ensure we remain fully compliant with regulations. Keeping a clean and updated audit trail is one the best ways to ensure the same. Not only does it make it easier to track activities related to the company, but also keeps a check on the operational activities and ensures they remain under compliance protocols.

Process Automation: Manual tasks and outdated workflows hinder efficiency. Modernization automates repetitive tasks, freeing finance teams to focus on strategic initiatives.

Automation is the smarter tactic for tedious work. You must remember that computers don’t make mistakes and are faster. These are the only two qualities you require to finish up hours of entry/copy/paste work in excel sheets. Finance modernisation is a cost-cutting powerhouse, mitigating time wastage and simultaneously boosting creative productivity.

Improved Collaboration: Siloed financial systems create communication gaps. Modern solutions facilitate seamless collaboration across departments and empower stakeholders with centralised access to financial data.

Transparency is a key factor when it comes to mergers and partnerships. With two teams being privy to the same information with real-time access, there is a higher potential for demands being met and goals being achieved.

Enhanced User Experience: Traditional interfaces can be lagging and time-consuming. Modern finance solutions offer intuitive interfaces and self-service capabilities, improving user experience and productivity.

Cloud Migration: Moving finance systems to the cloud is a major trend. Cloud-based solutions offer scalability, flexibility, and access to advanced features like artificial intelligence (AI) and machine learning (ML).

Think of data as the amount of water on Earth and cloud as an interconnection of oceans, seas and deltas of rivers. Once your data is on cloud, it’s surrounded with robust security, as well as so deeply synchronised with all the available data of cloud that it undergoes constant self-upgradation.

Case Study : Kellogg’s Unpredictable Jackpot

A recent study by Gartner, a reputable research firm, explored the impact of Oracle Finance Modernization on Kellogg Company, a leading global food manufacturer—yes, the same one that makes your favourite cereals. Prior to implementing the tech, Kellogg struggled with manual data entry processes that led to errors and lengthy closing times, often exceeding 30 days. After adopting Oracle Finance Modernization, Kellogg reported a dramatic 75% reduction in closing time, achieving a close within just 7.5 days.

The Gartner study further highlighted a 20% increase in operational efficiency due to automation, freeing up valuable staff time for analysis and strategic planning. These results showcase the significant time-saving potential of Oracle Finance Modernization, allowing companies like Kellogg to streamline their financial processes and dedicate more resources to strategic growth initiatives like new product development or market expansion.

Oracle's Finance Modernization Suite-

Oracle offers a comprehensive suite of solutions to address your unique finance modernization needs. Here are some key components:

Oracle Cloud ERP: Imagine this as your central financial command centre. It's a cloud-based system that integrates all your core financial processes, from tracking accounts to managing payments and cash flow. This means no more juggling separate spreadsheets or struggling with manual data entry. CGB can help you implement Oracle Cloud ERP so you have a single, unified platform for all your financial needs.

Oracle Analytics Cloud: Imagine this as your financial crystal ball. It provides self-service analytics and business intelligence tools that allow you to easily analyse your financial data. You no longer have to wait for reports from IT—you can drill down into your numbers, identify trends, and gain valuable insights to make smarter business decisions. CGB can help you unlock the power of Oracle Analytics Cloud and turn your financial data into actionable intelligence.

Oracle Enterprise Performance Management (EPM) Cloud: This is like your financial GPS. It offers a suite of applications specifically designed for budgeting, planning, forecasting, and consolidation. With EPM Cloud, you can create realistic budgets, develop strategic plans, and forecast future performance with greater accuracy. CGB can help you leverage EPM Cloud to gain a clear picture of your financial future and make data-driven decisions for sustainable growth.

Oracle Blockchain Platform: Security is paramount and there’s no better way to ascertain that than Oracle’s Blockchain Platform. It enables secure and transparent financial transactions, improving auditability and traceability. This means greater security for your financial data and peace of your mind knowing your transactions are tamper-proof. Here at CGB, we can help you implement Oracle Blockchain Platform to enhance the security and transparency of your financial operations.

Transform Finance from Burden to Business Driver with CGB:

Modern finance is the engine that drives informed decision-making, cultivates agility, and empowers growth. Yet, many businesses struggle with legacy systems hindering efficiency and hindering access to valuable financial insights. This is where CGB steps in as your trusted partner in Oracle Finance Modernization.

We offer a comprehensive suite of services designed to unlock the full potential of your finance function, regardless of your specific needs. Our team of experts, with their deep understanding of Oracle solutions and extensive experience, can help you:

Streamline core financial processes: Automate weary tasks like accounts payable/receivable, cash management, and general ledger, freeing up your finance team to focus on strategic initiatives.

Gain real-time financial visibility: Leverage data-driven insights to gain a comprehensive understanding of your financial health and make informed decisions with confidence.

Enhance regulatory compliance: Modernise your finance systems to meet evolving regulations and ensure seamless adherence to reporting requirements.

Boost collaboration and efficiency: Break down data silos and empower teams across the organisation with centralised access to financial data, fostering better collaboration and streamlining workflows.

Improve risk management: Mitigate financial risks through robust controls, improved audit trails, and real-time insights.

Future-proof your finance core: We help you implement a scalable and adaptable Oracle finance solution that can grow and evolve with your business needs.

Conclusion:

Modernizing your financial core with Oracle solutions isn't just a technological upgrade – it's a strategic transformation. By empowering your finance team with automation, data-driven insights, and real-time visibility, you unlock a new level of financial agility that ripples across your entire organization. This translates to:

Enhanced decision-making: Finance sheds its reactive role and becomes a proactive partner, providing insights that inform strategic planning and drive growth across all departments.

Industry-specific optimization: Oracle Finance Modernization caters to diverse industries. From streamlining complex inventory management in manufacturing to streamlining complex inventory management in manufacturing, for instance, Oracle can automate processes like forecasting, demand planning, and material requirements planning (MRP). This not only reduces errors and saves time but also allows for better visibility into inventory levels, leading to optimized production cycles and reduced costs.

Partnering with CGB Solution-

By choosing CGB as your Oracle Finance Modernization partner, you gain more than just technology expertise. We bring a deep understanding of your industry's unique challenges and financial complexities. We'll work closely with you to:

Develop a customized implementation plan: Tailored solutions that address your specific needs and ensure a smooth transition.

Maximize your ROI: We focus on delivering measurable results that contribute to your organization's overall growth strategy.

Provide ongoing support: Our dedicated team remains by your side throughout your journey, offering ongoing support and ensuring the continued success of your finance modernization initiatives.

Don't settle for outdated financial systems that hinder your growth. Embrace the power of Oracle Finance Modernization and unlock the true potential of your finance function. Partner with CGB, and together, we'll transform your finance department into a strategic driver of sustainable growth for your organization.

For more information, reach out to us at:

Call us: +91 9888912909

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