Benefits of Oracle EPM Cloud for Your Business

October 18, 2022
Jhansi Rani
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Published On October 18, 2022

Enterprise Performance Management (EPM) software helps organizations plan, budget, report, and forecast business performance. EPM also helps businesses consolidate and close their books. The finance department mainly uses it for financial planning. In contrast, other functional areas, such as IT, HR, sales, and marketing, use it for operational planning, budgeting, reporting, and forecasting.

EPM systems complement their ERP counterparts by providing management and operational insights. EPM systems help you analyze, understand, and report on your business performance, while ERP systems help you manage day-to-day operations. With EPM software, you can improve organizational performance by comparing financial and operational results against organizational goals and forecasts.

EPM in the Cloud

EPM systems have led the finance transition from spreadsheets to more robust solutions, enabling businesses to move their focus away from low-value tasks like reconciliations towards high-value tasks like analysis and forecasting.

EPM in the cloud lowers CAPEX and OPEX, eliminating the need for companies to purchase expensive hardware and software or hire additional IT staff. Without supporting costly infrastructure, businesses can invest in growth and expansion, while employees can focus on more valuable initiatives instead of managing IT. A cloud EPM suite also offers greater advantages when compared to point solutions for consolidation, tax reporting, or planning and budgeting. Integrate performance management processes across the enterprise, aligning strategy with execution and providing employees better visibility into all aspects of the business. An integrated, cloud EPM suite also offers seamless data and process integration with other enterprise applications – both on-premise and in the cloud.

Oracle EPM Cloud offers the next generation of EPM, incorporating advanced technologies such as artificial intelligence and machine learning. AI & ML help improve financial and operational decision-making by detecting hidden patterns and insights in historical data. An Oracle EPM Cloud Consulting Partner can automate routine tasks, minimizing manual labor and reducing human errors. Automation frees up valuable time for your workforce to uncover strategic insights and provide forward-looking guidance to your management.

Benefits of Oracle EPM Cloud

Optimize the financial close

Modern businesses must adapt quickly to change in an uncertain regulatory environment and deliver faster, more accurate insights to all stakeholders. Oracle EPM Cloud Financial Consolidation and Close helps you streamline the financial close and confidently generate accurate reports.

Streamline account reconciliation

Account reconciliation is usually the main reason for your close financial process delays. Oracle EPM Cloud Account Reconciliation helps you to manage and streamline global account reconciliation efficiently. An Oracle EPM Cloud consulting partner can help you leverage automation and handle the security and operational risks associated with financial close.

Support integrated planning

Modern businesses need more than just spreadsheets and siloed department-level planning processes. Oracle EPM Cloud Planning enables integrated planning that seamlessly connects your entire organization for better planning and outcomes. An Oracle EPM Cloud Consulting Partner can help you align planning across the enterprise to develop accurate forecasts for all functional departments and adapt to change quickly and effectively.

Control costs and drive profitability

Businesses must be able to keep costs down and drive profitability to survive in uncertain times. Oracle EPM Cloud Profitability and Cost Management provide deep insights into dimensions of cost and profitability, helping you determine where to deploy limited resources. The right Oracle EPM Cloud partner can help you get up and running within weeks instead of months.

Streamline tax reporting

Continuously changing tax laws are causing complexities in how global organizations plan and manage their tax processes. An Oracle EPM Cloud implementation can transform your tax reporting. Oracle EPM Cloud Tax Reporting connects the data and processes common to the tax and finance departments, such as data used in financial planning, account reconciliation, financial close, and statutory reporting.

Add context to your report

Oracle EPM Cloud Narrative Reporting helps you manage your internal and external reporting processes, no matter how many reporting standards you must comply with. Remove the need for multiple reporting systems, use existing reports, and collaborate across the report creation process to define, author, publish, and share your reports. An Oracle EPM Cloud implementation can provide context to your report by combining financial statements and data with a text-based narrative.

Take advantage of Oracle EPM Cloud to achieve the highest and most optimum results. Rite Software provides the complete ERP implementation services together with excellent customer support around-the-clock that can boost the performance of your business.