Is Oracle ERP Financials Helping CFOs Make the Right Decisions?

In today’s fast-paced business environment, companies need to be agile, efficient, and effective. Traditional financial management systems are outdated, cumbersome, and prone to errors. Managing finances can become a challenge, leading to inefficiencies, and missed opportunities without the right tools and resources.

Being a CFO is tough. Managing financial data across multiple business units, currencies, and locations. With real-time insights into the financial data, CFOs want to ensure they make informed decisions quickly, even in fast-paced industries where time is of the essence.

CFOs Top Financial and Strategic Challenges:

• Strategic value: Asserting the importance of ERP transformation to their company’s performance, strategy, and business cases.
• Implementation: Understanding which part(s) of the business should own the project and be responsible for rolling it out.
• Pace of change: Ensuring you transform at the right speed to keep up in a disrupted market.
• Innovation: Gauging how technologically innovative you’d like your ERP transformation to be.
• Risk: Assessing the risks being taken by IT and the board, how to mitigate them, and whether they’re outweighed by the benefits.
• Scale and coverage: Confirming whether to move all ERP systems to the cloud at once or keep some systems on premises for the time being.

How CFOs Want to Reimagine Finance:

Objective #1: Drive toward Infinite Scale by eliminating human intervention in our business processes.

Objective #2: Make the smartest decisions by continuously improving reporting and analysis capabilities, particularly through AI and machine learning.

Objective #3: Outpace change by giving our teams access to the latest technology innovations.

Objective #4: Delight our customers and employees.

“82% of CFOs are accelerating their investments in digital technology”

Source: Priorities for Finance Leaders in 2022, Gartner Report

Why CFOs Consider Oracle ERP Financials Their Best Bet:

Comprehensive Financial Management: Oracle ERP financials provide a comprehensive financial management solution that can handle multiple accounting standards, currencies, and languages. This makes it easier for CFOs to manage financial data across various business units and geographies.

Real-time Insights: Oracle ERP financials offer real-time insights into financial data, which can help CFOs make informed decisions quickly. This can be especially beneficial in fast-paced industries where quick decisions are necessary.

Integration Capabilities: Oracle ERP financials can easily integrate with other Oracle products, as well as third-party applications. This allows CFOs to streamline financial processes across the organization and eliminate manual data entry, reducing the risk of errors.

Automation: Oracle ERP financials can automate many financial processes, such as accounts payable and receivable, which can reduce the workload on the finance team and free up time for more strategic activities.

Regulatory Compliance: Oracle ERP financials are designed to meet various regulatory requirements, including those related to financial reporting, tax compliance, and audit trails. This can help CFOs ensure that their organization is compliant with applicable laws and regulations.

CFOs: The Driving Force for Success in Times of Change

The fast transformation of technology and consumer behaviour has upended traditional business models, reshaping the way employees work and how consumers shop. To be successful, CFOs must win the war for talent, become strategic advisors, manage enterprise risks, address environmental, social, and governance (ESG) challenges, and take the lead on digital transformation.

Overall, CFOs may prefer Oracle ERP financials for their organization because it offers a comprehensive, integrated, and automated solution that can help them manage financial data more effectively and make informed decisions quickly.

Datavail has helped 500+ CFOs build their path to financial success with Oracle Cloud ERP. Book an appointment with our ERP experts to understand how you can simplify your current financial landscape and increase ROI by moving to cloud.