The critical need to update and maintain the latest technology for your business in today’s world arises due to the simple fact that in order to succeed in the current business environment, not only must your business be able to meet the local competition, but also compete on a global level. With the pandemic and the shifts in consumer behaviour and entrepreneurial response it has resulted in, technology’s contribution of any business’ ability to hold its own. Today, organizations know and accept that without the technological backing to access a comprehensive view of customers, suppliers, partners, and operations across various verticals on a global level, there can be no hope of survival, let alone growth. In order to stay competitive, firms have made it a priority to be able to operate across the globe while meeting local compliance and human resources requirements. Therefore, to manage and coordinate global operations, they must centralize all their financials, including tax, payment, and banking functions, in order to save money, streamline functions, and eliminate redundancy.
This is where Oracle comes in with its EBS Release 12. Oracle E-Business Suite Release 12 has been designed specifically keeping in mind the unique and varied challenges that firms are likely to face when competing at a global stage. As such, the main objective of the service is to give companies, business owners, executives and managers, the technology and tools that they require to operate across multiple countries and time zones. Lift and Shift to Oracle Cloud infrastructure to streamline and customize solutions for the unique challenges that your business faces.
In their own words, Oracle, had this to say: “When we started development of Release 12, our goal was to deliver a single, seamless solution that would allow customers to run their business anywhere that they do business. Our aim was to allow customers to buy or sell anything to anyone, anywhere, at any time.” Oracle also offers inbuilt upgrade and suppport services such as Oracle EBS Upgrade Services, EBS R12 upgrade and Oracle EBS support, apart from the Oracle E-Business Suite Applications Services.
Oracle E-Business Suite Release 12 was also created to aid customers who find that as their businesses grow, managing those businesses becomes more complex. Effective finance organizations are standardizing on global business processes and driving constant process improvement to better manage complexity and improve transparency. “They are also moving toward common data definitions to improve accuracy via a single source of truth and to decrease maintenance,” Oracle says. “Standardizing and simplifying are critical, because that empowers organizations to manage the complexity that comes with growth, rather than be hindered by it.” In fact you can now Modernize your Oracle EBS and Migrate from EBS Application to Fusion Cloud
Managing Growth and Scalability
Along with these, Oracle E-Business Suite Release 12 also includes several functions that help companies handle growth and expansion as their business prospers. For example, Oracle Profitability Manager expands its users’ ability to perform profitability analysis and reporting along any dimension of the business, including products, channels, and segments. It also makes it possible to simplify and offer easier access to these resources for individual customers.
Oracle’s Strategic Network Optimization option let users continuously evaluate the cost and revenue implications of any decision affecting a company’s global supply chain. Oracle Project Portfolio Analysis is a tool that give firms the ability to choose, fund, and prioritize global projects based on risk, cost, and scenario analysis. Oracle Human Resources’ expanded country support allow organizations to manage all employees within a single system, while adhering to local regulations. Oracle Advanced Procurement is a tool that provides a consolidated procurement work center to help companies manage suppliers more efficiently, thus simplifying procurement processes.
Tracking Global Finances
With Release 12, Oracle’s aim was to significantly simplify “financials management operations while maintaining security and control”. According to Oracle, they’ve “allowed people to separate their operational activities from some of their financial management activities”.
To track your firm’s finances across the globe, the EBS Release 12 includes more than 300 enhancements. These Oracle Financials allow for a single transaction to create multiple accounting entries based on corporate or local generally accepted accounting principles (GAAP). Therefore, it ensures that a large multinational company which has its own internal consistent method of financial reporting also meets local requirements.
The software’s new ledger architecture enables a single ledger that can manage multiple currencies. The subledger accounting architecture provides the ability to integrate legacy applications into a company’s centralized accounting architecture. The centralized trading community architecture provides one data model for a single source of truth to consistently model all trading partners, including first parties, banks, customers, and suppliers. Companies can also simplify their financial reporting via the centralized tax management solution, which allow users to configure their tax applicability as per their own parameters or requirements.
Consolidate Shared Services
By far one of the most popular features of Oracle E-Business Suite Release 12, especially with multinational corporations with a global footprint, is the ‘Shared Services Center’. The shared services center allows firms to centralize various services to a single location, which not only lets them consolidate financial systems, standardize business processes, and identify global process owners, but also reduces or altogether eliminate redundancies. Apart from an invaluable cost-saving benefit, this module also give firms an opportunity to improve internal governance and reduce their audit costs by designing better in-built controls into their process. Shared service organizations also provide better customer service and more-timely and more-consistent information.
In fact, Oracle itself shared its insights into its EBS Release 12 offering. “Global shared service organizations have enabled our customers to centralize business functions, improve process efficiency, and take advantage of a global workforce that is engaged across time zones. Coupled with automation provided by technology advances, these investments present an opportunity for amazing productivity gains and significant cost savings.”
Given the volume of incoming information processed by multinational companies, which is then accumulated by all of their systems, overwhelmed business processes and a constant backlog should come as no surprise. Oracle E-Business Suite Release 12 standardizes and streamlines many procedures and functions, saving time and cost. For many of Oracle’s multinational customers, the key driver for Release 12 is to simplify the ability to manage across business functions, organizations, and locations. These companies aim to find an easier way to manage across its business functions and leverage architectural enhancements that make it easier to provide standardization, consistency, and visibility into operations across lines of business, geographies, and organizations.
However, the benefits of Oracle E-Business Suite Release 12 are not limited only for businesses that operate globally. The many bounties of EBS Release 12 can also be utilized by companies that operate in a single location, due to an infrastructure that provides increased visibility across operations. Oracle’s reasoning behind this feature was that taking a global perspective will allow a firm to drive out financial complexity and focus on value-added activities, and the principles can then be applied to any level of operation or size of enterprise. Oracle EBS caters to customers, suppliers, management, and employees who expect easier access to their data, with trust in its consistency, quality, and timeliness with the proliferation of information available today.
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