The FINANCIAL — Accenture and Oracle have developed a new cloud-based financial solution designed to help hospitality companies improve business management by giving them better access to real-time financial data.
Today, hotels typically use manual processes to pull together data from separate systems from each hotel property, which creates challenges to consolidate and accurately report and analyze the data. The Accenture Oracle Business Group’s new Hospitality Finance Cloud Solution enables companies to access financial data in real-time from multiple data sources – such as internal property management systems and external financial institutions – and connects to existing on-property systems to automate workflow approvals and establish standardized operations processes, according to Oracle.
Designed to help hospitality businesses achieve cloud integration through digital transformation across property portfolios regardless of hotel brand, on-property system or infrastructure environment, the Hospitality Finance Cloud Solution can help clients make better-informed financial management decisions and potentially improve compliance capabilities.
The solution lets businesses capitalize on the key benefits of the cloud, which include gaining real-time access to information through mobile devices, tablets and computers; decreasing the effort and time needed to keep technology current; and reducing unnecessary risks and infrastructure costs. Offered on the Oracle Public Cloud, the solution can scale according to the requirements of the business to create potential monetary savings that both help simplify and streamline the finance and reporting process.
The Hospitality Finance Cloud Solution is the first industry-specific solution from the Accenture Oracle Business Group. The new solution reflects Accenture’s Cloud First agenda that is focused on helping clients move to the cloud to address their digital transformation goals.
“We are excited to unveil the Hospitality Finance Cloud Solution by the Accenture Oracle Business Group, which helps hospitality businesses realize the benefits of cloud,” said Rich Geraffo, senior vice president of Oracle’s North America Technology Division. “The combination of Oracle’s and Accenture’s cloud technologies, skills and experience will provide hospitality businesses with the capability to access finance and reporting information in real-time speed and on industry-specific extensions, facilitating an extensive level of transparency to help them make decisions quickly and with less risk.”
Paul Loftus, senior managing director of Accenture Hospitality, Travel, Transit and Tolling, said, “Hotel operations will now have the ability to use the power of the cloud to connect faster and across various properties, thereby facilitating rapid digital development. Through this move to the cloud, finance and reporting operations can react more quickly to changing business and economic conditions to remain competitive in the market. Oracle’s expansive set of cloud solutions and platform combined with Accenture’s Cloud First agenda and broad industry, technology and delivery experience can usher in a new era of digital enterprise needed in the hospitality industry.”