Oracle Fusion Financial Training in Bangalore

Benefits of Oracle Fusion Financials

Oracle Fusion Financials provides a number of benefits to its users. With the help of Oracle Fusion Financials, the user would be able to:

• Gain real-time access to live financial data
• Comply with global accounting standards and multiple legislative, industry, or geographic requirements
• Proactively resolve issues to expedite automated processing
• Improve decision making and increase accuracy during transaction entry
• Reduce transaction processing costs and data entry errors
• Utilise a cooperative system to work on, since the hardware, software, and processes are engineered to work together efficiently.

Fusion Terminologies

Some of the common terminologies used when talking about Oracle Fusion have been explained below:

Functional Setup Manager (FSM)

It is a tool used to configure applications across a project in Fusion.

Oracle Identity Manager (OIM)

The OIM is a tool used for user authentication, which includes validating user credentials, creating new users, managing users, deleting users, etc.

Authorization Policy Manager (APM)

The APM is another user-related tool used for user authorization, which deals with granting users access to particular areas.

Weblogic Server

The weblogic server is the server on which the business logic, pages, and codes are hosted.

Business Unit

A business unit is an entity that performs relevant business functions.

Business Functions

They are business-related functions that include payables invoicing, payment, requisitioning, customer payment processing, billing, etc. They are enabled through business units.

Reference Set

A reference set consists of a set of configuration settings that can be used across business units, like payment terms, payment type, etc.

Date Effective Hierarchies

This is a feature of Oracle Fusion, where hierarchies can be given an ‘End Date,’ after which a new version of the hierarchy will be used. Reports can also be generated from earlier versions of the hierarchies.

COA Structure and Instances

• Chart of Accounts (COA) are divided into two levels: structures and instances.
• The COA structure describes the number of segments, sequence of the segments, segment labels, etc., along with a default value set for each of those segments.
• COA instances use the COA structures to define the required segments, which can have modified value sets according to the instance.

Role Based Access Control (RBAC)

This is a feature of Oracle Fusion, which means that the access of users to certain pages and functions is dependent on the role(s) associated with the particular user that have been defined in the OIM or APM.

Essbase Cube

It is a multidimensional database that stores data in a pre-aggregate format. This allows the data to be used in reports instantaneously, instead of waiting for a batch process to be submitted and run.

Reasons to Choose Oracle ERP Cloud Financials

• The Oracle ERP Cloud applications in general, and Fusion Financials specifically, offer customers the first true cloud-based Enterprise class back-office platform for full accounting support leveraging the power of the Cloud Computing paradigm.
• The advantages are both subtle and significant as the market moves rapidly to embrace this compelling new platform. This eBook will highlight the top 10 factors you should consider when evaluating Oracle Enterprise Resource Planning (ERP) Cloud Financials verses traditional ERP applications such as Oracle E-Business Suite.

FOCUS

• Fundamentally, the cloud is an enabling technology allowing companies to shift their focus away from systems and applications management towards increasing business value added areas such as business process and enterprise performance management. Fast forward 5 or 10 years into the future and it seems clear (and obvious) that all companies will leverage cloud based applications as opposed to investing corporate resources on such non-core areas as applications and infrastructure management – outsourcing the application management function to those service providers who are fundamentally focused on this as their core competency.
• While there have been successful cloud providers in the market at a departmental level for some time, the Oracle ERP Cloud represents the first robust Enterprise Application Platform available in a fully cloud-enabled model.

RELIABILITY

• The corollary to #10 is that a cloud model is inherently more reliable than an in-house managed platform as companies are no longer tasked with customizing core application functionality or extensions. By adopting a cloud platform, customers will immediately benefit by eliminating in-house risks.
• Cloud adoption will also greatly reduce cycle times for adopting new functionality for each new release – a task which has been costly and time consuming due to in-house customizations which need to be re-engineered and tested with each new software version/release.

PERSONALIZATIONS

• With the composer tools, customers are not constrained to accept pre-built vendor definitions, screen layouts, canned reports or inflexible process models. As a result, the implementers’ focus has shifted to one of enhanced usability/adoption in an earlier stage of the implementation life cycle.
• This powerful model allows for continual process improvement – that is the ability to implement for today but with confidence that the screens/data/business flow will be flexible to support future business models as they evolve.

USER INTERFACE

• Oracle ERP Cloud applications include a complete redesign of the navigational and transactional elements which support the classic ERP and financial business flows in an easier and more streamlined manner. State of the art web technologies embedded in the cloud applications allow for a more robust UI delivered via standard web/browser tools in a way that makes it easier to adopt and quicker to perform most back office functions.
• The power and consistency of the underlying search, highly configurable role-based access controls and the powerful composers allow customer-specific data, screen and process personalizations allowing customers to quickly and easily make these applications their own.

SECURITY

• With the increased risk and mitigation costs associated with managing and protecting both corporate and consumer data, the ERP Cloud represents a huge step forward in the task of ensuring data security/privacy in the rapidly changing world of an interconnected society.
• Recent security lapses in both the Retail and Financial services sectors underscore the criticality of this risk and, in almost all cases, have revealed an internal systems management flaw as being fundamental to most security breaches. The Oracle ERP Cloud employs the latest advanced technologies for data protection at every level and includes a layer of compliance that simply can not be implemented via an in-house platform.

REDUCED IMPLEMENTATION COST

• A turnkey implementation for Oracle Fusion Financials in the Cloud is 10% to 20% less costly than the classic ERP on premise implementation. The reasons for this are twofold. First, the Fusion Cloud applications have been engineered to include the latest generation software configuration techniques to enable a more rapid and more consistent application foundation.
• Second, implementers are having increased success in delivering on the promise of a streamlined, best-practice model for standard business flows. This is most apparent in the core financial modules but we are seeing signs of similar success with Procurement and we expect this to carry over to Project Portfolio Management, Supply Chain Management and also the Enterprise Planning and Budgeting process.

INTEGRATION

• The Oracle ERP Cloud is engineered to enable a wide range of industry standard web services integration points for both inbound and outbound interfacing. Customers are facing increasing requirements for robust and reliable application integrations and the Oracle platform delivers this capability in a proven architecture which allows for complex business-process driven integrations as well as bulk data movement.
• While this is currently listed as the 4th most critical benefit it has the potential to eclipse all other benefits over the next several years as the web services platform is perhaps the most critical underlying technology enabling customers to employ a hybrid strategy for implementing cloud applications. In other words, this enabling technology is akin to the plumbing that allows for the success of a large urban development.

ENHANCED REPORTING

• One of most significant benefits to the cloud customer is the ability to leverage the built-in transactional/ multi-dimensional reporting layer via the robust Oracle BI toolset. While the cloud apps include a number of canned reports customers will undoubtedly benefit from an easy to use and powerful reporting engine which is pervasive across the full suite of cloud applications.
• This includes both operational data as well as the powerful, multi-dimensional financial ledger data available through the underlying Hyperion Essbase engine. The reporting platform includes easy to use office integration as well as standard pdf output, features which customers have come to expect.

STREAMLINED BUSINESS PROCESSES

• The cloud model is designed to enable robust business flows in a more standard and streamlined manner. The Oracle ERP Cloud leverages “best of breed” business flows based on years of ERP expertise. Good examples of this include the built-in ability to utilize the Oracle approvals engine which is now standard across enterprise applications such that anywhere that it makes sense to have a configurable process to ensure company defined approval procedures can be enforced at the point of the transaction in a seamless manner.
• Powerful functionality is embedded via transactional Business Intelligence (BI), content management and identity management at the transactional level – functions which previously require significant after-market customization. These streamlined/standard cloud-based business flows offer organizations a powerful step forward in terms of leveraging “best of breed” capability with little to no incremental effort.

THE REASON TO SELECT ORACLE ERP CLOUD FINANCIALS 

• The  reason to select Oracle ERP Cloud Financials is simply because it works. The advantages have been clear for quite some time but product maturity has now progressed to the point where a complete set of required feature functionality is available and fully operational.
• Leading implementation consultants such as BizTech have been working with the Fusion platform for the past two years and are now able to confidently lead customers through a successful implementation cycle in a cost-effective manner.