Oracle Fusion Cloud Financials is an all-in-one suite that enables modern and flexible finance management with streamlined operations and better decision-making. Oracle Fusion financial supports businesses worldwide to meet their customers’ growing needs. It provides vast functionalities and continuous advancements in major technologies like AI, machine learning, intelligent automation, and analytics, all hosted in the cloud to achieve more with fewer resources.
Benefits of Oracle Fusion Financials:
- Faster Implementation & Easier Integration
Cloud ERP systems can be set up much quicker than traditional on-premises ones. While on-premises systems can take at least a year and cost millions in consulting fees, cloud ERP can be implemented within weeks to months. They’re modular and simpler to integrate than on-premises systems. Modern cloud ERP applications are designed to pull data from various sources while keeping security intact. For instance, integrating an ERP application with an HR system could let the finance team see employee-to-sales ratios.
- Real-Time Data with Stronger Security
Major cloud providers have bigger security teams solely focused on protecting their systems & customers’ data. Companies running their ERP systems in-house often delay critical security patches due to limited IT resources. Cloud providers usually make it simpler for customers to apply role-based access controls. Cloud ERP applications integrate with various data sources, allowing data to instantly display in users’ dashboards instead of through daily updates as seen with legacy systems. For instance, the procurement team getting timely updates can step up production faster in response to increased customer demands.
- More Flexibility & Better Support
With cloud ERP, rolling out new IT capabilities becomes easier for companies. Starting with cloud financials, organizations can add risk management, procurement & other functionalities later on. Cloud providers, keen on retaining customers due to easy switching options, offer strong 24/7 support and almost zero downtime (99.999%). Providers know their applications best & thus can deliver better support compared to a company’s internal IT which handles various applications.
- Easier Scalability & Collaboration
Cloud ERP systems handle fluctuating usage without needing the customer’s IT to manage server capacity or storage spikes. Users can adjust subscriptions as needed over time unlike on-premises deployments that require dedicated IT resources for software and hardware changes when opening new offices or acquiring firms. Cloud ERP systems enable stakeholders access from any location and allow reporting and analysis from a single data source in real-time.
- Faster Updates with Lower Operating Costs
Cloud ERP applications get updated frequently with the latest features without system downtimes unlike legacy applications which get major upgrades every few years. This includes aligning with GAAP, Sarbanes-Oxley among other financial standards aiding compliance. Businesses pay only for the number of users accessing the applications & can scale this as required. Cloud services shift maintenance tasks away from businesses to providers reducing consultant needs & cutting down in-house IT staff burdens.
- Improved Visibility and Efficiency
Unlike siloed legacy systems which isolate data making it inaccessible for many users, cloud ERP makes aggregating & analyzing data from multiple sources easier (like marketing or inventory). Integrated data helps improve revenue forecast accuracy & cash management effectiveness. Cloud ERP lets users access data from mobile devices even out of office improving efficiency by providing a single data source for both internal/external reporting.
- Mobile Accessibility
ERP and other cloud apps work on any browser across mobile devices, often including specific mobile apps making task completion & report generation straightforward (e.g., managers approving expenses via a mobile app). This feature is crucial for businesses whose workforce is constantly traveling or working off-site needing real-time updates.
Key Benefits Of Corporate Training:
- Increase productivity and enable timely actions.
- Make effective data-driven decisions.
- Boost Productivity.
- Increasing Employee Income.
- Employee Motivation.
- Improve Brand Reputation.
- Corporate Unity.
FAQ
1. What is the future scope of corporate training?
Simulation training can effectively train your workforce without real-world errors creeping in – preventing bad habits spread among employees. During training sessions you’ll gain exposure to the corporate world exploring various job paths based on interests (like IT).
2. Why is Corporate Training Important?
A company valuing learning opportunities invests in corporate training providing formal education:
- Online Learning: Also called e-learning which helps meet staff demands maintaining competitiveness.
- Classroom-Based Training: Ideal for specific scenarios like case studies through classic presentation settings.
- On-the-Job Training: Learning new tech directly while performing jobs; job shadowing being quite time-intensive yet effective.
3. What are the Oracle Financials modules?
- General ledger,
- Accounts payable,
- Accounts receivable,
- Asset management,
- Cash management,
- Financial planning & analysis,
- Risk management and compliance,
- Vendor management.
4. Is Oracle Fusion easy to learn?
No specific prerequisites exist; however knowledge of SQL aids comprehension significantly enhancing application understanding especially those taking courses such as Oracle Fusion HCM ideally meant for graduates familiar with HR operations basics being advantageous.
