Accelerate Your Financial and Digital Transformation Projects with Oracle Enterprise Data Management
A survey of more than 500 finance professionals revealed their greatest challenges in managing and aligning structural changes across the organization: inefficient manual processes, cumbersome reporting, lack of data integrity and complex mapping for chart of accounts to ERPs.
Learn how leading organizations are able to overcome these challenges by automating their data validation and enrichment processes using Oracle Enterprise Data Management (EDM).
But first, what is Oracle EDM?
Oracle EDM is a change-management solution that enables organizations to adapt and respond to business change faster by aligning and governing financial master data across ERP, EPM and other enterprise applications. Its use cases include managing new or existing enterprise data in one cloud-based application; connecting disparate enterprise applications; distributing changes to downstream applications; and providing a system of reference for all enterprise data across business domains.
Common Challenges
Significant business events (mergers, divestitures, reorganizations) are challenging for any organization, regardless of industry, size, or location. Without a master data solution, the challenges are even more daunting.
Data Complexity: As data volumes increases, it can be difficult to keep up with different data types, structures, and formats. Data may also be spread across various silos which can make it challenging to create a single view. Additionally, as data volume increases, the solution must be able to keep up so as to not impact performance or productivity.
Long Implementation Time: Implementing traditional MDM solutions, integrating with existing systems, creating a unified data model and defining data governance policies can take extensive time and resources. Additionally, many traditional MDM solutions require ongoing maintenance and support which can be time-consuming and expensive.
Limited Scalability: Traditional MDM solutions may struggle to scale to meet the growing demands of a modern business or lack robust data governance capabilities, making it challenging to ensure data quality, compliance and security.
Benefits to the Business
One customer case study features a large financial organization who was able to automate their data validation and enrichment processes, resulting in a 40% reduction in manual effort and a 70% reduction in data errors.
And according to an Oracle study, EDM is helping many other organizations achieve a 5x increase in data accuracy, a 4x increase in productivity, and a 3x increase in efficiency when compared to manual data management processes.
Additional benefits include:
- Improved master data quality that is consistent, accurate and up-to-date, which helps to reduce errors and improve decision-making across the organization
- Streamlined data management processes and reduction in time and effort required to manage and maintain master data, which helps to improve productivity and reduce costs.
- Better data governance capabilities, enabling organizations to enforce data policies, standards and compliance requirements. This helps to reduce the risk of data breaches, errors and other compliance issues.
- Better collaboration and sharing of master data across departments and geographies.
Finance and IT teams can also benefit from:
- Improved Accuracy and Consistency
- Increased Efficiency
- Better Regulatory Compliance
- Improved Financial Reporting
- Increased Visibility
- Better Collaboration
- Scalability
- Improved Security
Solution: Oracle Enterprise Data Management
What is your current data management process like? How do you currently manage your master data, and what challenges are you facing?
EDM eliminates the need for on-premises infrastructure, reducing the complexity of managing a data management solution. It provides a user-friendly interface that can be accessed from anywhere with an internet connection, making it easier for users across the organization to access and use master data. Additionally, EDM can be quickly and easily deployed and can be scaled up or down based on changing needs, providing greater agility and responsiveness.