The periodic reporting process is a high-pressure environment for the CFO team; data must be extracted, loaded and consolidated precisely and without errors in order to meet the organization's strict schedules and needs of quality information, while at the same time following all regulatory requirements for traceability and auditability.
The ever shortening window in which companies aim to close their financial reporting cycle only adds to this complexity and pressure. As the reporting team scrambles to collect their data, they are faced with challenges related to the weak integration of their source systems and financial planning tools. Data load failures and mismatches on new data sets like GL accounts or profit centers result in additional time consuming activities that interrupt the cycle. Furthermore, finance analysts have little or no access to real-time information from underlying ERP systems, leaving them to force manual adjustments into the planning and consolidation solution.
Unfortunately, for most organizations, it is the first step of the month end close procedure that consumes the most time in the end-to-end process; In some cases, this phase, known as "data collection", takes up nearly 50% of time spent on the overall financial close process. In stark contrast, for some organizations, the most critical part of the process, the analysis, represents only about 20% of the overall process.
Finance analysts are spending more time to perform actions, often manual, to ensure data accuracy rather than to use their skills in value added activities, hindering the organizations ability to develop more meaningful actions and insights from their periodic reporting
For organizations running or evaluating Oracle® EPM (on premise or cloud) for their consolidation, planning and analytics processes, and SAP HANA® as their ERP, there is now an opportunity to significantly change that scenario. Utilizing the SAP HANA® connector available in the latest Financial Data Managament (FDMEE) released by Oracle®, data collection can be reduced from 2.5 hours to only 2 minutes, which in turn allows the reporting team to delve deeper into their data to draw more meaningful insights and business decisions.
Apart from the increased time to analyze data during the financial month end close process, the new SAP HANA® connector included in the latest Oracle® FDMEE release also unleashes speed, power and user transparency.
Launch your SAP HANA® connection to Oracle® EPM in five weeks by leveraging our rapid deployment solution, which includes everything you need to start using this solution end to end.
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