By Kevin Black, Product Supervisor – Grasp Knowledge, Alithya Company
In these occasions of pandemic, it’s crucial that corporations can reply shortly to an ever-changing surroundings. However as everyone knows, modifications to enterprise fashions or processes require modifications to the techniques that underpin them, resembling enterprise useful resource planning (ERP) or provide chain. With out the fitting grasp information resolution in place, corporations wrestle simply to offer correct and well timed monetary reporting—not to mention reply to transformational enterprise occasions.
Thankfully, Oracle Enterprise Data Management (EDM) is the fitting resolution on the proper time to deal with these information administration challenges. On this submit, I’d wish to deal with 3 ways organizations have realized worth from their funding in Oracle EDM.
1. Enterprise person focus
EDM gives a visible, intuitive person interface designed for enterprise customers. EDM is not an IT instrument. With EDM, enterprise customers can handle dimensions, or measures of worth. Dimension examples embody GL account, price heart, division, and channel, that present solutions to frequent enterprise inquiries, resembling who purchased how a lot of which merchandise via what channel. Dimensions can then be organized into parent-child relationships (or reporting hierarchies) in a chart of accounts, which permits a enterprise to categorise, analyze, and mixture transactions to reply inquiries in a significant approach. With intuitive drag-and-drop and point-and-click actions in EDM, enterprise customers can handle dimensions and reporting hierarchies. Spreadsheets are utilized for bulk updates. As modifications are made to hierarchies, they’re visually highlighted for overview, earlier than the modifications are dedicated.
CareFirst (Blue Cross Blue Defend of Maryland), the most important healthcare insurer within the mid-Atlantic area, took benefit of those self-service capabilities, enabling the associated fee accounting staff to keep up a number of dimensions and dozens of hierarchies for his or her profitability and value administration fashions. CareFirst transitioned from managing dimensions and hierarchies in an on-premises resolution to a centralized, cloud grasp information resolution—which considerably lowered the hassle of grasp information administration, liberating up the staff to deal with different duties. The Oracle EDM resolution additionally eradicated the necessity for inside servers and gives the corporate with a instrument that can be utilized by different functions, which was an enormous win:
“…we were looking for a master data management tool that can manage primary and alternate hierarchies with ease of maintenance. This was one of our key pain points. Oracle EDM helped greatly in achieving that. With cloud EDM, long term integration of data management across multiple applications in the Oracle EPM suite will be more seamless.”
2. Agile, evolutionary method
Historically, grasp information administration implementations have been approached from a centralized, top-down perspective. Whereas Oracle EDM can assist these extra conventional approaches, it gives the chance to maneuver to a extra agile, evolutionary method.
Utilizing built-in connectors, EDM establishes a “contract” with every system to make sure the grasp information conforms to the principles of that system. On the identical time, EDM gives performance to make sure shared hierarchies are aligned throughout functions, with updates managed in a managed and ruled style. This permits hierarchies to organically develop and align in a bottom-up style.
Thomas Jefferson University (TJU), a serious college and hospital system within the northeastern United States, not too long ago carried out Oracle EDM. Its on-premise-to-cloud journey concerned a number of Hyperion Planning functions; the staff acknowledged that they wanted a grasp information instrument to handle reporting buildings for a rapidly-growing greater training establishment. With EDM because the underpinning, the FP&A group has been capable of deploy a number of enterprise planning fashions (monetary, capital, strategic, and workforce).
Quickly, the monetary reporting group will deploy Oracle Cloud EPM for monetary consolidation and shut, additionally supported by EDM:
“While we are still in the implementation stages of EDM, the future advantages to the enterprise have crystallized and have helped foster conversations around business process improvements that otherwise would not have been addressed. This product’s value is immeasurable as it aids in ensuring ‘one truth’ from a data standpoint, despite the use of disparate systems. For the finance department that has struggled with reconciliation of reports from different sources, this application is a game changer.”
3. Transformational occasions
Important enterprise occasions (mergers, divestitures, reorganizations) are difficult for any group, no matter business, measurement, or location. With no grasp information resolution, the challenges are much more daunting.
WillScot and Mobile Mini are two business leaders within the space of moveable storage options, cell places of work, and different momentary storage merchandise. The 2 organizations not too long ago merged. Coincidentally, Alithya was in the midst of an on-premise-to-cloud EPM mission because the merger was being negotiated and finalized.
As with most mergers, each corporations introduced ahead a disparate set of legacy, on-premises techniques together with a number of ERP, EPM, and different operational techniques—together with two chart of accounts (CoA). The finance organizations from each side tried to standardize on a single CoA by managing spreadsheets and speaking updates through e-mail and video conferences. They realized a extra environment friendly course of was required to fulfill the deadline. In just some weeks, WillScot-Cellular Mini used Oracle EDM to finalize their go-forward CoA construction, together with mappings with legacy techniques.
The staff additionally benefited from the real-time collaboration options of Oracle EDM, which lets a number of customers collaborate and replace hierarchies in real-time. On this time of digital work, the collaboration options had been invaluable.
“I loved the ease with which we could move accounts around as we were trying to align the chart of accounts. It would not have been so easy to do in Excel, which was our original plan.” — Marisa Breslow, Senior Supervisor, FP&A, WillScot Cellular Mini
“The tool gave us a single source of truth and allowed instant visualization of what the hierarchy looks like. It also was extremely easy to realign accounts or entities without having to manage various spreadsheets… Extremely efficient way to manage the hierarchy.”
EDM may help organizations of their transfer to the cloud, and assist them reply to transformational occasions whereas working remotely. In these unsure occasions, the place expertise and real-time collaboration in a digital work surroundings are “must haves,” EDM is the fitting resolution on the proper time.