Using Oracle EPM Cloud Planning for Consolidation and Tracking of Product Demand
Since the 1970's Oracle has been continuously refining the design of the Enterprise Performance Management (EPM) solution to help organizations simplify, automate, and report on vital areas of their business operations. While the finance department primarily uses Oracle EPM Cloud to plan, forecast, budget, and streamline the consolidate and close process, HR, marketing, IT, and sales can also utilize EPM for planning and budgeting within their departments. In the decades since its inception, Oracle's EPM software has helped businesses evolve from manual processes associated with business performance and financial results to automating steps like:
- Streamlining Financial Processes
- Budgeting
- Forecasting
- Planning
- Reporting
If you’re reading this, you are most likely familiar with the basic set of functionalities that Oracle EPM Cloud offers, but we believe you'll want to keep reading because there is more that sets this software apart than you may have been aware of. For example, did you know that the Oracle EPM Cloud is an excellent tool for organizations to plan and organize product demand? This valuable functionality is making waves and helping organizations plan and execute product demand functions more effectively, which we will discuss more in-depth later in this article.
Adapt Quickly to Changing Environmental Conditions
Oracle EPM has evolved from an on-premises solution where data was stored in servers located at the organization's own data center to a cloud-based solution that stores the data on a network of remote servers, referred to as "the cloud." Migrating to the cloud is helping organizations increase functionality and reduce reporting errors, all while the software is automatically updated with new features every quarter.
Deliver Sizable Return on Investment (ROI)
Now, instead of purchasing each solution separately, the Oracle cloud connects processes and allows for cross-functionality across multiple business channels, even non-Oracle applications. Those adopting the Cloud can access any of the solutions available in the Oracle Cloud Suite and pay a monthly subscription depending on their current solutions. This way, as organizations scale, they can add solutions and functionalities to meet their growing business demands. The cloud removes the need to hire IT staff to manage complicated software and hardware, making it possible for businesses to reduce expenses.
Drive Profits and Implement Strategic Planning
Strategic planning and goal setting are vital for the future success of your organization. Oracle makes it possible to do these essential functions, from analyzing to strategizing across multiple cloud solutions from one centralized place: the Oracle EPM Cloud suite. In addition to simplifying how your organization operates with time-saving automated processes, your team will have the capability to access critical data and implement more effective planning and forecasting, which in turn help to increase revenue.
Additionally, an organization's manufacturing or operations team can use the data stored within the cloud to anticipate and plan product demand needs. Many organizations generate product demand based upon time-consuming data gathering processes that include:
- Manually entering data into spreadsheets
- Uploading these spreadsheets into the database
- Spreadsheets are then collated, corrected, and compiled into a master data sheet
- Then final product demand numbers are sent to the manufacturing team for production purposes
EPM Solutions for Product Demand and Projection
This has created a problem where disparate spreadsheets cannot necessarily be trusted as being up to date or accurate, which can skew projected product demand and result in costly errors.
However, now Oracle EPM Cloud offers additional benefits which enable organizations to conduct the entire product demand process within the EPM Cloud Planning solution. Instead of having a large number of Excel files that aren't stored in a database, Accelalpha has developed a unique, customized solution based on Oracle Cloud EPM that can generate product order (PO) requests in the cloud database.
Data Management
Data has become its own kind of economic capital in recent years and how an organization manages its data is critical to its success. Whether it's the collection of data or its secure storage, Oracle EPM Cloud is the best solution for companies to obtain, store, and accurately assess data to make effective business decisions and plans. Getting accurate and up-to-date data is simplified with Oracle EPM's automated solution features. These streamline previously manual processes and allow companies to store the data across multiple channels both on-premises and in the cloud and purge data in accordance with regulatory requirements.
Migrating to the Cloud
Oracle EPM Cloud tends to be tied to and complement Oracle's Enterprise Resource Planning (ERP) system, helping to link the finance and operations functions.. Oracle ERP helps with daily business operations, and EPM is the tool that helps manage, analyze, and plan the business' financial strategies and operational performance so managers can make more informed business decisions. Using Oracle EPM Planning helps organizations stay agile and deal with industry and market changes. The Cloud's application capabilities of aggregation, process management, and reporting help organizations forecast product demand and execute more effective strategies based on information collated from disparate systems.
If you're considering implementing Oracle EPM Cloud in your organization or need assistance with Oracle EPM consulting or Oracle EPM implementation services, Accelalpha has experienced Oracle EPM consultants who can guide you through the process and help you optimize your use of the software. Request a consultation today to discover how with the right Oracle EPM consulting services, you can unlock the full potential of Oracle EPM Cloud and drive better business outcomes!