Last week, we made our tenth consecutive trip to San Francisco for Oracle OpenWorld, the world’s largest conference for Oracle customers and technologists. The event, which has ballooned in attendance from 50 in 1982 to 50,000 in recent years, was once again a great opportunity to learn about forthcoming Oracle technologies, as well as the challenges and needs of Oracle users.
As of June 2017, Oracle will no longer offer even extended support for Discoverer, which is reflected in our survey findings where 64 percent of respondents said they were planning to migrate away from the reporting tool within the next year.
Business Intelligence (BI) projects can be lengthy, complex, costly and even risky. One of the top reasons such initiatives fail, according to a recent Business Intelligence Solutions Review, is user acceptance, because even the best analytics solutions still require skills some users don’t have.
As the national library of the United Kingdom, The British Library is the world’s largest by number of items catalogued. Boasting more than 1.6 million visitors yearly, the Library places great emphasis on technological changes, according to Stewart Starr, Management Accounts Assistant for the Library,
It’s no secret that many finance users find standard ERP reporting tools difficult to use. Because of the complexity of data structures in systems like SAP and Oracle, these users often find themselves dependent on IT or consulting resources to create reports ― or waiting on lengthy downloads of static information from a warehouse to where it’s formatted and analyzed, which is usually in Microsoft Excel.
Accurate and timely Cost Center reporting is essential for tracking expenses, understanding which parts of the business are contributing to revenue growth, and improving operational efficiencies to ultimately maximize profits.
At an auditor’s recommendation, your company may have been asked to better manage its spreadsheets. It may have even learned the hard way how spreadsheets can be dangerous. The risks are not unfounded. According to sources, more than 90 percent of spreadsheets contain errors, yet more than 90 percent of spreadsheet users are confident their spreadsheets are error-free.
Each year as we attend COLLABORATE, the annual Oracle Applications Users Group conference, we anticipate checking the reporting pain scale of this large group and advising on how to alleviate the aches. Our team also appreciates the opportunity to attend sessions and hear what’s coming from Oracle so we can respond to any new offerings that might simplify or complicate reporting or other processes like budgeting and journal loading.
When it comes to capital, perhaps the most difficult type for organizations to track, report and forecast is human. Unlike financial capital, employees aren’t just numbers that go up and down. Employees continually shift categories – new hire, promoted, retired, rehired – and have changing attributes – bonuses, raises, benefits, skills, and performance.
Whew – it’s over! Yearly financial planning, that is. And many corporate finance teams are breathing a collective sigh of relief. You can put those challenges of pushing and pulling budget data from your ERP system behind you, at least for another few months or so, right? Budgeting is out of sight, out of mind ― for now.