Oracle Finance: 5 missions of an operational consultant

Oracle Finance: what is it?

Oracle ERP Cloud Financial, also known as Oracle Finance, is a cloud-based application suite dedicated to enterprise financial management .

 

This solution makes it possible to centralize, automate and make reliable all financial processes, such as:

• General and auxiliary accounting,
• Accounting closings,
• Cash management,
• Budget management,
• Purchasing and sales management,
• Fixed assets,
• Taxation,
• Financial reporting,
• …

How does Oracle Finance work?

Oracle Finance is built on a Software as a Service (SaaS) architecture), and runs entirely in the cloud. As a result, no local installation is required, and all applications can be accessed through a web browser.

 

The solution uses artificial intelligence, machine learning, and deep learning technologies to automate certain financial and accounting processess. In addition, Oracle provides regular updates to ensure compliance with the latest accounting and tax regulations.

Installing Oracle Finance in your company: what are the advantages?

Implementing Oracle Finance in your business has several advantages, such as:

• Optimized financial management: all accounting processes are automated and standardized, allowing finance teams to focus on higher value-added missions, such as managing financial performance;
• Saving time on time-consuming manual tasks (bank reconciliations, entering accounting entries, monthly closing, generating tax returns, editing tax returns, etc.);
  
• Fewer errors: Accounting anomalies are automatically detected, increasing the reliability of financial data and analysis.
  
• Data centralization: all financial data is centralized in one place, which offers simplified access to information and strengthens the traceability of the company’s financial data;
• Strengthened regulatory compliance thanks to the integration of legal and normative changes (IFRS standards, local regulations, etc.);
• Simplified decision-making, thanks to up-to-date and dynamic dashboards, which offer a global, real-time view of the organization’s financial health;
• Easy scalability : Oracle Finance also has the advantage of easily adapting to the company’s growth (international development, increase in transactions, acquisitions, etc.);
• Better cross-departmental collaboration : The cloud solution also promotes collaborative work between different business teams and management, with shared workflows and global visibility into financial processes;
• Controlled costs: Oracle Finance makes it possible to reduce the costs related to the maintenance of computer servers and the need for IT resources.

Why use an expert Oracle Finance operational consultant?

Calling on an operational consultant specializing in the deployment of cloud solutions such as Oracle Finance is particularly strategic to secure the implementation and handling of the software by the teams.

Thanks to his in-depth technical expertise, his solid experience in the field and his human and managerial qualities, this experienced professional will be able to accompany you at every stage and help you secure the entire digitalization of the finance function.

Oracle Finance: the 5 key missions of an operational consultant

Here are the 5 key missions of an operational consultant in the context of Oracle Finance deployment:

• Business Needs Analysis

The first key mission of an operational consultant is to analyze and understand financial processes in detail and the needs of the accounting, management control and financial management teams. It will assess the functional requirements, any sectoral specificities as well as the regulatory constraints, but also the blocking points. This preliminary phase is essential to define the scope of the project and configure a solution tailored to the real needs and realities on the ground.

• Setup and configuration

The consultant will then be able to proceed with the complete configuration of the Oracle Finance solution. This highly technical mission includes the configuration of:

• The chart of accounts;
• Organizational structures;
• Accounting calendars;
• Tax management rules;
• Approval workflows;
• Validation and automation rules;
• …

 

A perfect mastery of functional modules is essential to successfully translate business processes into system configurations.

He will then supervise the migration of historical data from the old systems, guaranteeing their consistency and reliability (accounting balances, accounting entries, repositories, etc.).

• Testing and validation

Before deploying the solution in production, the consultant is responsible for organizing an integration testing phase to ensure that the solution works properly. In particular, he will write acceptance scenarios, coordinate their execution with key users and ensure the correction of detected anomalies.

• Change management

Like any digital transformation, the success of an Oracle Finance project depends largely on its adoption by users. One of the key roles of the consultant is therefore to Supporting this change. This can be done through training, awareness-raising of new working methods, and support during the start-up phase. He must be able to respond to any fears and doubts, and to manage effectively resistance to change.

• Continuous improvement

Once it is put into production, it provides operational support to users to resolve any incidents. It also analyzes the use of the solution as well as its performance, to identify weak points and corrective areas, in order to integrate the project into the a continuous improvement approach.

 

Are you looking for an expert who can support you in the implementation of technological solutions to accelerate your digital transformation?

 

At WAYDEN, we assign a highly qualified interim manager (interim CFO, interim CIO, etc.), Expert in your industry, who accompanies you at every stage of your project. Operational as soon as he arrives, he quickly identifies the actions to be implemented, federates the teams and secures the smooth running of the transformation from start to finish.

 

Contact us to find out more.