Oracle Finance Transformation
Oracle has created a set of offerings that can enable an executive’s finance strategy and vision. This can help an organization move beyond mundane transactional processing and account analysis tasks, to focus on value creation strategies.
For the organisation to be successful in a rapidly changing environment, it is critical for the Finance department to go beyond transaction processing only and take a strategic role in the organisation. The changing attitude towards Finance highlights a realisation that Finance is a key component to organisation performance and raises a unique set of challenges that the CFO must face:
- Control: How do I ensure the data the company relies on is accurate and provides the most useful information
- Efficiency: How should I organize Finance to serve the needs of the different stakeholders?
- Performance: How do I create a common language that empowers management to see themselves the way investors do?
- Execution: How do I reduce costs while continuing to add value?
- Change and transition: Being “world class” in everything seems expensive and takes too long; where should we focus?
Deloitte’s approach to Finance Transformation is unique in its holistic view of the organisation and our realisation of the varied objectives and challenges to the Finance function. It is about helping the CFO with their journey towards developing a world-class finance function.
For many organisations, finance transformation programmes are the best way to achieve their strategic objectives. Deloitte’s Finance Transformation services are designed to support these programmes by focussing on the key value drivers within the finance function: people, process, organisation and technology.
Deloitte has a unique toolset that helps CFOs to track stakeholder expectations alongside their pain points, all within a single model. This model can translate expectations and pain points into an assessment of Finance’s capabilities and helps to identify areas for improvement.
Potential benefits that can be achieved with our help include:
- Faster close cycle, freeing up Finance to add value to the business;
- Integrated reporting process that uses a consistent set of tools and provides a single view of the truth;
- Effective and well understood controls framework;
- Reliable data that is trusted by the business and Finance;
- Flexible solutions that can react to a changing environment with the minimum of fuss;
- Compliance with national and international statutory reporting requirements;
- Efficient allocation of staff across the close process.