The FINANCIAL — Extending its commitment to helping organizations drive predictable performance and report with confidence, Oracle on August 14 announced significant expansions to Oracle Enterprise Performance Management (EPM) Cloud.
The latest additions to Oracle EPM Cloud include new offerings for tax reporting, and profitability and cost management as well as new strategic modeling and disclosure management capabilities.
In today’s global economy, organizations need to continually refine their business models to respond to disruptive threats and competitive opportunities. To help organizations successfully manage these changes, from strategy to results, Oracle EPM Cloud empowers finance teams to quickly and effectively embrace digital technologies and modern best practices. As a result, Oracle EPM Cloud enables organizations to drive accurate and agile plans across finance and operational lines of business, accelerate financial close, streamline internal and external reporting, and ensure compliance with tax reporting regulations, according to Oracle.
“Today’s business leaders are faced with unprecedented changes that demand a rethink of traditional EPM processes and models,” said Hari Sankar, group vice president, EPM product management at Oracle. “To be effective in this new operating environment, finance leaders need to drive operations with confidence, monitor results continuously, and course correct with agility. With the latest additions to Oracle EPM Cloud, we are empowering our customers to embrace change and take advantage of the cloud to capitalize on opportunities faster than their competition.”
To further extend Oracle EPM Cloud and give organizations fast and intuitive insight into profitability and cost, Oracle has introduced Oracle Profitability and Cost Management Cloud. The new offering enables business users to take ownership of allocation-based business processes such as customer/product profitability, management allocations, and shared services costing. As a result, organizations can enhance business performance by gaining insight into hidden profit and cost drivers across key business dimensions such as products, customers, sales, and channels.
To help organizations gain complete access to the financial data and processes needed to build an efficient and transparent corporate tax function, Oracle has introduced Oracle Tax Reporting Cloud. The new offering helps streamline all tax data collection and analysis processes and enables global organizations to manage complex country-specific tax reporting requirements through automation.
In addition to the new offerings, Oracle has also extended the capabilities of Oracle EPM Cloud to help organizations of all sizes lead with confidence in the digital economy. New Strategic Modeling capabilities enable organizations to create long-range forecast models with sophisticated scenario modeling capabilities and debt and capital structure planning features, while new Disclosure Management capabilities allow users to develop regulatory filings in a unified and collaborative environment.
“Our clients are facing constant and growing disruption in their businesses and highly developed planning and analysis capabilities are a must for leading CFOs,” said Richard Beacham, principal and EPM practice lead for KPMG in the U.S. “With the new offerings and capabilities Oracle is delivering, we believe our clients will continue to adopt our Oracle EPM Cloud-enabled solutions to help transform their business and accelerate competitive advantage.”
In recognition of its Oracle EPM Cloud capabilities, Oracle was recently placed in the Leaders Quadrant in two Gartner Magic Quadrant analyst reports: the Gartner Magic Quadrant for Cloud Strategic Corporate Performance Management Solutions¹, and the Gartner Magic Quadrant for Cloud Financial Corporate Performance Management Solutions (FPCM).