Agile Finance and How Oracle EPM can Assist?


The first thought might be: Agile and Finance, really? Isn't Finance bounded by statutory guidelines and timelines which finance can't afford to miss? 
Is anyone using Agile Finance? If yes, is success envisioned? 
How Finance can relate to Agile manifestos? 
How to know If I am heading towards Agile Finance? 
How EPM can help?

We will try to address these in today's blog post.

Today, successful CFOs are thinking Agile, they empowered with tools and technology to make informed decisions quickly, adapt to constant change, and implement new strategies with accelerated speed.

The Association of International Certified Professional Accountants (AICPA) surveyed nearly 500 senior finance executives in organizations across the USA and Canada and found that 89% of businesses embracing an agile finance approach are more likely to report positive revenue growth, and 95% are more likely to report increasing profitability1.

Am I magically and logically heading towards Agile finance?

This can be evaluated by looking into the following questions: 
  • Are accounting operations being scalable and efficient? In other words, can we redeploy resources quickly in response to market changes?
  • Are value drivers align with business model and corporate strategy? 
  • Is business Integrated cross functionally – horizontally and vertically? How much is the lag and response time?
  • Are insights avaiable based on key dimensions/business drivers, for example: by Customer, segment, product?
  • Do we having the right data slicing and dicing capabilities to compare granular KPIs?
  • Are modern techs: AI, ML and RPAs leveraged?
  • Are we riding on digital accelerators to enhance decision velocity?
  • Are solutions self-serviced and zero Information asymmetry is achieved?
 The answers to these questions might help in setting transformation roadmap, however, there are very few organizations which are able to check all of these boxes. It is not just about buying a tool which can facilitate these functionalities, however, its more about setting the right foundation by imporving the processes, setting the right change management process to empowering users and removing bottlenecks and dependencies.

Here is a five step methodology you can follow for aligning uncoordinated silos and to support integrated strategic and operational goals and achieve the vision of connected Enterprise Performance Management (EPM).




How EPM can help:

Oracle Enterprise Performance Management (EPM) is loaded almost fully integrated primary four sets of tools:
  • Master Data Management (EDMCS)
  • Recon, Consolidation, and Close (ARCS, Tax Reporting, FCCS)
  • Planning, Budgeting, forecasting and Allocation (EPBCS, PCMCS)
  • Reporting, Dashboarding and Narrative reporting (ERPCS, some of the reporting tools are getting combined)
These tools, along with ERP, CX and SCM can be tactically leveraged to achieve the connected enterprise and agile finance vision. 

Cheers!
Rahul S.

#EPM #AgileFinance #EPMCloud

References:
1: https://explore.oracle.com/resilientfinance/complete-guide-epm?topic=Financial%20Best%20Practices&source=:ow:o:h:feb::RC_WWMK201007P00108:HPBanner&intcmp=:ow:o:h:feb::RC_WWMK201007P00108:HPBanner&cmid=WWMK201007P00108?intcmp=OHP1023


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