Oracle Cloud ERP, is a complete software-as-a-service suite for managing business operations. It controls operations like accounting, finance, project management, and procurement.
With Oracle Cloud ERP, you can automate the day-to-day operations of your company in the background. Additionally, this ERP package provides analysis to enhance decision-making based on data.
You can utilize Oracle Financials to comprehend your financial situation fully. Then you can react swiftly and avoid financial problems. Some of its features include an accounting hub, reporting, analytics, payables, assets, collections, and cost management.
Why choose Oracle while seeking financial services?
Oracle is a market leader in the financial services sector, with more than 8,500 clients in 140 nations. Companies are migrating their trading, finance, fraud detection, and payment software to Oracle’s cloud because Oracle offers solutions covering core financial services tasks (including saving, lending, paying, protecting, and investing). In addition, Oracle fosters innovation by offering in-depth insights into customer behaviour, avoiding financial crimes, expediting the closing process, and enhancing risk management with cutting-edge technologies like blockchain, lake house analytics, and high-performance computing (HPC).
Role of Oracle Cloud in the Financial Services Industry:
The rate of change in the financial services sector is unprecedented. Security and compliance regulations have been rapidly expanded due to external causes, including remote work, increased data breaches, and partnerships with FinTech platforms. In addition, since the passage of new privacy legislation like the General Data Protection Regulation (GDPR) and the European Data Protection Board, regulatory officers have given more attention to data sovereignty issues (EDPB). The only option that uses in-house threat detection and protection at the application, platform, and infrastructure layers is Oracle Cloud, called HCM.
Oracle Cloud HCM’s built-in risk management capabilities that safeguard private data and manage security using AI assist financial services firms in ensuring security and compliance.
With the help of the Oracle cloud, you can automate more than 80% of your financial procedures, such as transfer pricing journals and intercompany tax accounting. As a result, you can reduce laborious work, produce more accurate tax returns, and finish your books more quickly. Using the Oracle cloud in the financial services industry, you can also eliminate the tedious, error-prone process of manually entering and matching invoices.
Using the Oracle cloud, you can lower the risk of money in business transactions by reducing discrepancies in intercompany accounting. You can quickly establish, settle, and report on your transactions using an automatic intercompany balance. By centralizing the processing of invoices and payments, redundant payables services can be eliminated with the help of the Oracle Cloud in the Financial Services Industry.
With a digital assistant, mobile expense entry, automated spend controls, and smart auditing, expense reporting is made easier by utilizing the Oracle Cloud. Also, Oracle Cloud helps to continually enhance exception handling based on prior experiences, and swiftly pinpoint problems that pose hazards to the business and audit.
The other outstanding features of the Oracle Cloud in Financial Services Include the following:
- Increased visibility into commitments, responsibilities, and expenditures allows for the definition and management of budgets and spending.
- To unite your organization and enable synchronized decision-making and action, standardize your chart of accounts, business processes, data model, security, and compliance controls.
- Improve the accuracy of invoice generation and management by streamlining the calculation of partner shares.
- Transform the management of asset purchase, capitalization, depreciation, and retirement from manual to automated.
- Get rid of the monthly spreadsheet-based cash projections and replace them with a daily cash forecast generated automatically using predictive algorithms.
- By automating cash-intensive financial procedures and accelerating invoice processing with automatic invoice matching, you may improve cash management and produce timely insights into your cash position.
- With the help of Oracle’s enterprise accounting and finance platform, create a solid basis for financial procedures, corporate accounting, and financial reporting.
- Deepen your understanding of operational outcomes by examining financial data from various sources, including ledgers, sub-ledgers, and supporting documents.
Convelox is an IT leader whose mission is to provide high-quality cloud consulting services, not simply another cloud consulting firm. To enable a smooth transition to the cloud, our highly qualified cloud consulting specialists have years of practical expertise and an in-depth understanding of Oracle Cloud Applications.
