Elire recently implemented Cloud General Ledger for a subsidiary of the 5th Largest Bank, headquartered in Minneapolis. The nation’s most active tax credit investor and community development lender. They Provide innovative financing solutions to meet the community and economic development needs of our partners and those they serve.
Top Customer Objectives and Challenges
Implement Oracle Cloud General Ledger
Reduce the amount of manual work performed
Increase Internal Controls and Reduce Risk to Client
Reduce the burden of audit cycles, internal and external
Improve the Financial Reporting Processes
Success Delivered – Project Results
The project went live on December 1st, 2018 with Parallel, full cutover on January 1st, 2019
Automated Journal Interface to Corporate saved time in two ways
No more paper copies to be passed around and maintained.
Automated Entry and workflow speed up the transaction processing time. Any investigation into a specific Journal is as easy as “clicking through”.
Expanded Financial Reporting Capabilities with the Implementation of Oracle Cloud GL, giving more granular transactional detail to support Managerial, Business, Regulatory, Audit, and Tax Reporting Requirements
Oracle hosted an Oracle Partner Network (OPN) webcast yesterday with some exciting updates to Oracle Cloud ERP and EPM.
Market Highlights include:
ERP SaaS market will reach $23.8 Billion in 2018 for 17% CAGR since 2013 (IDC); ERP includes accounting & finance, procurement, supply chain, and HR
Accounting and Finance was ~25% of the ERP market in 2016 (BCC Research)
Procurement Market (full Source-to-Pay) is growing rapidly with total revenues of $7.9 Billion in 2017 for 13% CAGR (Forrester)
Mid-size companies are expected to make up the majority of cloud customers
Oracle has around 10,000 E-Business Suite customers, of wich over half are mid-size
Organizations are reducing their TCO by over 50% and increasing their ROI by 3.2 when moving to Oracle Cloud
Industry Trends & Challenges you should know:
81% say staying current on technology is a top benefit of ERP Cloud (ERP Trends)
Average age of ERP systems nearing 20 years (ERP Trends)
Average lifespan of an ERP system is from 10-20 years (e2bteknologies)
ERP performing more routine, core processing typically done in Excel (CIO.com)
Compliance with SOX, GDPR, etc. becoming more critical for ERP (CIO.com)
Oracle Cloud ERP Benefits:
Simultaneously access real-time financial data & automate processes
Improve cash inflows and manage cash positions across the enterprise
Reduce transaction processing costs, data entry errors, and delays
Comply with global accounting standards, legislative, & industry requirements
Modernize, simplify, and accelerate project planning and execution
Improve collaboration and productivity among project teams and managers
Realize maximum savings and simplify purchasing with self-service procurement
Standardize and streamline sourcing negotiations and contract creation
Ensure contract compliance by monitoring for standard language deviations
Want an introduction to Oracle Cloud ERP? Join our next webinar, “Streamline & Simplify: An Intro to Oracle Cloud Financials” on February 19th. Register Here.
ONE event. NUMEROUS takeaways to help drive results for your business all year long! COLLABORATE 19 is the premier, user-led, technology and applications forum for the Oracle community. Produced by three independent user groups, IOUG, OAUG and Quest, COLLABORATE 19 is your event – created by users for users.
• 1,000+ sessions and panels packed with customers sharing their stories, case studies and practical “how-to” content
• Community-sourced education led by experts – for everyone, at every stage of their technology journey
• Breaking product news, roadmaps and insider information from Oracle executive management and developers
• Education and training for functional, technical and hybrid users
• Access to hundreds of other customers across industries to build your personal and professional network, including special interest group (SIG) meetings, geographic networking events and receptions
• An Exhibitor Showcase packed with products and solutions providers who can help you solve your specific challenges
• Unique events such as the Women in Technology Forum—connect with key women who are examples of success in a fast-changing environment
Team Elire will be exhibiting at Booth #442 as well as presenting SEVEN Sessions on our Industry Best Practices and recent client successes! Add our sessions to your schedule below:
106840 – Rewarding a Talented Global Workforce: Talent Profile and Workforce Compensation; a Yum! Case Study 10:30 AM – 11:30 AM | April 8, 2019 | CC 3RD FL 303A
106660 – Springfield Clinic Case Study: Lean Something New with Oracle Learning Management Cloud 10:30 AM – 11:30 AM | April 9, 2019 | CC 3RD FL 303A
105320 – PTF – Automation in Testing; Configuration; Conversion; and Production 2:00 PM – 3:00 PM | April 9, 2019 | GH 3RD FL BONHAM D
106640 – Rethinking Performance Reviews with a Rapid Implementation of Oracle HCM Performance Management 4:30 PM – 5:30 PM | April 9, 2019 | CC 3RD FL 303B
106570 – Implementation and Beyond: An Evolution of BI Cloud Reporting Strategies 8:00 AM – 9:00 AM | April 10, 2019 | CC 3RD FL 302A
105440 – Money in the Bank – Cloud ERP Implementation Success 4:30 PM – 5:30 PM | April 10, 2019 | CC 3RD FL 302B
103320 – Winning Tactics – PeopleSoft Treasury in a Regulated World 8:00 AM – 9:00 AM | April 11, 2019 | GH 3RD FL PRESIDIO B
Ready to access a wealth of information to help you navigate your technology journey? COLLABORATE 19 takes place April 7-11, 2019 at Henry B. Gonzáles Convention Center in San Antonio, TX.
Oracle’s Cloud Excellence Implementer (CEI) Program is focused on driving customer success with Oracle Software as a Service (SaaS) products by identifying, recognizing, and differentiating highly qualified consulting firms that continue to demonstration successful implementations, expertise, and superior customer satisfaction with Oracle Cloud. Elire Inc. earned this status by delivering multiple Cloud Implementations successfully across various industries and customers, as well as maintaining a fully-certified team of Cloud Implementation Specialists. Elire has long held a Gold or Platinum designation within the Oracle Partner Network, and is widely recognized as an industry leader for Cloud and PeopleSoft Implementations and Upgrades.
Value For Customers
CEI enables Oracle’s customers to have an objective view of highly qualified consulting firms in the marketplace to drive their success with Cloud Applications. The CEI program allows Oracle to better identify and engage implementation firms that best align to specific needs to maximize the customer’s potential to experience a successful Implementation and realize the full potential of their Oracle Cloud Solution.
For more information on the CEI program, visit here.
About Elire Inc.
Established in 2005, Elire is a Minneapolis based full-service consulting firm with 13+ years of experience in successfully completing projects for our customers.
We help our clients achieve success by efficiently implementing, integrating, and upgrading their software investments. In addition, we also provide strategic guidance and support to assist with a wide variety of business process improvements, and specialize in helping our clients unlock the full potential of their software investments. Learn More about Elire’s Cloud Expertise here.
About Oracle
Emerging technologies are disrupting old paradigms and unleashing new opportunities. Oracle has embedded innovative technologies in every aspect of our cloud, enabling companies to reimagine their businesses, processes, and experiences.
With the introduction of Oracle Autonomous Database, the industry’s only self-driving, self-securing, and self-repairing database, Oracle is again revolutionizing how data is managed. Oracle is the #1 provider of business software, with a broad portfolio of solutions for companies of all sizes. Today, 430,000 customers in 175 countries use Oracle technologies to seize business opportunities and solve real, tangible challenges.
Team Elire packed their bags and set off for an exciting week of networking, knowledge sharing, and Oracle product updates at Oracle OpenWorld from October 22nd-25th. While in San Francisco, the Elire team was able to take advantage of all #OOW18 had to offer – including exciting keynotes, product roadmaps, product demonstrations, customer success stories, and networking with other Oracle Partners and User Group Partners!
With four days of action-packed activities and sessions, there were a LOT of exciting announcements for the future of Oracle’s Cloud and On-Premise solutions. If you missed out, don’t worry – below are the top five takeaways and announcements you need to know!
Announcement – Oracle Gen2 Cloud – During Monday’s keynote, Larry Ellison announced the arrival of Oracle’s Generation 2 Cloud Platform. Previous Cloud Platforms relied on Shared computers for User Code and Cloud Control Code – meaning that the Cloud Provider can see your customer data and User Code can access Cloud Control Code, making the system vulnerable. Previous Cloud Technology was not meant to run “Mission Critical” business applications, and security was simply an afterthought. Oracle’s new Gen 2 Cloud is run on Separate Cloud Controlled Computers, meaning that Oracle cannot see Customer Data and no user can access Cloud Control Computer or Code. This updated platform has new Cloud Architecture with security built-in from Core to Edge, allows the easy move of Enterprise Workloads to Cloud, and has Oracle’s Autonomous technology to streamline and optimize day-to-day tasks, which enables superior price performance. Gen2 Cloud is an extensible Platform for SaaS applications as well, meaning you can run your open source programs and other applications on the Oracle Cloud with ease. For more information on Gen2 Cloud, watch Larry’s keynote here.
Security, Security, Security with Gen2 Cloud Infrastructure Services – Another part of Larry’s first keynote included the introduction of Oracle Gen2 Cloud Infrastructure Security Services. This new security infrastructure includes key management services – creating customer control of network keys for all levels. Additionally, the Cloud Access Security Broker (CASB) automatically and continuously monitors and remediates changes and threats. CASB utilizes AI technology and machine-learning to observe your network usage patterns and recognize anomalies to identify and kill security threats immediately with minimal downtime – specifically 99.9995% availability, even under attack. A press release on the announcement can be viewed here.
Analytics Data Warehouse – As a part of the closing keynote, Larry Ellison announced the new Fusion Analytics Data Warehouse, enabling extended analytics for all fusion applications. The Data Warehouse is built on Oracle Analytics Cloud and Autonomous Data Warehouse with packaged KPIs, visualizations, and dashboards. The analytics can be produced in a matter of seconds without database design, tuning, ETL, modeling, etc. Just a few clicks and your fusion data is at your fingertips!
Oracle Digital Assistant Voice UI – The closing keynote also announced the new Digital Assistant Voice User Interface, allowing you to interact with your Siri and Alexa devices for transactions throughout your Fusion applications. A video of the interaction can be viewed here.
Mark Hurd’s Predictions for 2025 – Similar to the last OpenWorld, Mark Hurd included his predictions for 2025. Predictions this year were comprised of the inclusion of AI technology in ALL Cloud Apps – predicting that these apps will have AI woven into all business apps and platform services, further distancing them from legacy apps. Mark predicted that AI will power 85% of customer interactions, which would improve service levels, engagements, and allow retailers to create personalized experiences on any channel. This would infer that hotels could run 24/7 without people constantly at the front desk and for all industries to connect with their customers in new, innovative ways. He also predicted that 60% of the IT jobs that will exist in 2025 have not been created yet – including Data Professionals, Robot Supervisors, Human to Machine UX Specialists, Smart City Technology Designers, and AI Assisted Healthcare Technicians. Interested in learning more? View Mark Hurd’s keynote here.A full list of predictions can also be found here.
Stay tuned for more information on individual product keynotes and roadmaps!
The Oracle Event of the year – Oracle OpenWorld – is upon us! For those who have not attended, Oracle OpenWorld offers 2,000+ sessions focused on transforming and planning for tomorrow’s technology – on hot topics including Oracle Cloud, Block Chain, Adaptive Intelligence (AI), Machine Learning, and more. Whether you have attended in the past or are gearing up for your first OOW experience, here are our top 5 reasons you should attend:
3,000+ Oracle Customers and Partners – Learn from the experts! Oracle’s Partner Network offers a wealth of information and best practice experience for you to leverage as a consultant, user, or learner
500+ Sessions and Case Studies on Emerging Technology – think hot button industry topics like AI and Blockchain. Leverage this opportunity to learn more about the future of technology while addressing your current technology needs
60,000 attendees from 175 countries – NETWORKING! OOW is the largest Oracle User networking opportunity in the world; take the time to connect with industries and geographies different from your own and exchange lessons learned
Give back – Oracle OOW has made a conscious effort to leave a positive impact on the community that hosts OpenWorld and to plan for the waste a conference this large entails! 100% of onsite emission is offset by Oracle, 81% of ingredients for meals are sourced from within 250 miles of San Francisco, and almost 8,500 meals were donated to local charities at OOW 2017! A conference with a purpose!
Oracle CloudFest. 18 – a full night of festivities featuring Beck, Portugal. The Man., and Bleachers where you can decompress and enjoy a fun night out with your team!
To learn more about the sessions available, visit the full session catalog here.
Visit the Oracle OpenWorld website for registration information (hotel pricing ends September 21st!) and their FAQ for useful tips and tricks.
Planning to attend? Elire will be presenting with Yum! Brands (CAS3707) and Oracle (PRO4335). Visit our booth #3025 and learn more about our sessions!
The global workforce is ever changing and transforming. In order to effectively manage you employees domestically and abroad, your organization needs a flexible and robust Human Resource enterprise solution to meet your needs. Enter Oracle Cloud Global Human Resources.
We asked Elire Consultant and Oracle Certified Cloud Global HR Implementation Specialist, Rachel Rudolph, what common obstacles our clients run into while implementing Global HR, and what best practices they should follow to get the most out of their investment.
Here’s what she had to say!
Interact with Rachel and learn more at her upcoming webinar, “Global HR from A to W: Assignments to Work Structures and everything in between.” Register for this complimentary webinar here.
To set up a call with Rachel and the Cloud HCM team, contact [email protected].
Oracle Announces Long Term Investment and Support for PeopleSoft “Through at Lease” 2030
Earlier today, Oracle extended Premier Support for PeopleSoft through 2030. Last May, Oracle announced it was extended support to 2027.
The continuing extension of Premier Support for PeopleSoft applications is seen as a gesture of good faith that Oracle will continue to not only support PeopleSoft, but also continue to add new functionality and enhance existing features for loyal PeopleSoft customers. This extension also comes with a promise to extend the currently stated Premier Support “at least” date annually bu one calendar year, allowing for a “rolling window” of 10+ years of Premier Support for all PeopleSoft applications (CRM, CS, ELM, FMS, ESA, SCM, and HCM) Continuous Innovation Releases.
The continued support extension as well as new innovation for PeopleSoft will allow customers to have the time they need to plan their journey to the cloud, as well as have a “stable and predictable long-term support policy.”
Check out the original article from Marc Weintraub here.
So you’re considering or have made the move to the cloud – how do you ensure your reporting needs meet compliance standards and internal requirements? We asked Elire Cloud Consultant, Karen Costakes, what are best practices for effective reporting with Oracle Cloud, and what common obstacles organizations face. Here is what she had to say:
More information on Common Obstacles:
Identifying where data lives in OTBI or BI Publisher can be a challenge. There is not transparency into how data populates the front-end screens, and as such, thorough testing and validation of report results is critical
Understanding security roles necessary to view results in OTBI varies by Subject Area and can take some time to understand and provision. Use Oracle’s “OTBI Subject Area Documentation” to better understand how each specific Subject Area is built and the required security for the subject area
Not all fields a user can see on the front end are available in OTBI Subject Areas. Oracle is continuing to develop Subject Areas, but creating a report in BI Publisher may be the workaround if the field is needed. By opening enhancement request for key fields that are unavailable, users can help make OTBI an even more robust business intelligence tool
Interested in learning more? Register for Karen’s webinar on April 17th here.
Elire recently completed a five-part webinar series highlighting functionality in Oracle Cloud Cash Management. The webinar series focused on features essential to Treasury Operations – including Bank Reconciliation, Cash Forecasting, and Payments in the Cloud – while also addressing functionality in the cloud to extend and enhance these features, like Oracle Smart View.
For those interested in learning more, we’ve compiled all five webinars into one convenient post. Our experts recommend watching them in order as they build on information from previous webinars.
To set up a demo or request a call with our Cloud Cash Management Team, please contact Elire Cloud Cash Management Practice Lead, Michael Graham, at 612.486.4220 or [email protected].
Oracle Cloud is a seamless, modern, and intuitive tool used by thousands across the country. With the addition of Cash Management in Oracle Cloud, it’s time for your organization to move its Treasury operations into the future. In this first part of Elire’s Oracle Cloud Cash Management Webinar Series, Elire Principal Treasury Consultant and Certified Oracle Cloud ERP Implementation Specialist, Jason McCabe, CTP, provides an overview into Software-as-a-Service, benefits of Oracle’s Cloud Cash Management solution, Cloud Cash Management features, integration with legacy software, and tips for implementation.
In the second part of Elire’s Cloud Cash Management Webinar Series, Elire highlight’s some of the key functionality to be expected with Bank Reconciliation in the Cloud. Elire Treasury Consultant, Tony Barbato, focuses on Importing Bank Statements in the Cloud, Bank Reconciliation Matching Rules, including the One to Many rule, and Addenda Parse. Check out this opportunity to gain valuable insight into the latest Bank Reconciliation functionality and tips for a successful implementation.
Proper support of a firm’s business objectives can be achieved through the proactive management of a firm’s global cash position and forecast. Liquidity management is a core treasury function that provides knowledge for minimizing an enterprises operational risk through strategic working capital allocations. To succeed, Treasury requires insight into their functional working capital strategies through the unlocking of bank balances and the mobilization of intercompany cash. In this webinar, Elire Managing Consultant, Logan Wacker, explores how leveraging Oracle Cloud provides multi-dimensional analysis that provides deep insight into Treasury’s various liquidity strategies around cash conversion, funding requirements and the management of their strategic investments. Deploying Oracle Cloud as a Treasury work center allows an organization to manage established bank counterparties and their financial markets relationships, to fine tune a global liquidity program.
Oracle’s Cloud Payments interacts with other source products including Cash Management, Payables, Receivables, etc., serving as a funds capture and funds disbursements engine. Cloud Payments acts as a central payment engine for Cash Management by processing Bank Account Transfers and Ad-Hoc payments. It also handles Supplier Invoice payment for Cloud Payables and manages customer refunds, among others. This webinar dives into how Cloud Payments can help your company efficiently centralize the payment process by securely transmitting your disbursement transactions to your financial institutions and providing cash managers with visibility into cash inflows and outflows.
The ability to access and analyze data in real-time is essential to the modern Treasury Department. Smart View is an ad hoc analysis tool that interacts with Oracle Cloud ERP and Essbase cubes. Oracle Cloud Cash Management allows organizations to optimize user productivity with features such as Smart Query, Smart Slice, and drill to source functionality. On-demand cube updates through Smart View give users the capability to perform cash forecasts and determine liquidity positions daily. This webinar explains Smart View functionality included with Oracle Cloud CM and demonstrates how your organization can benefit from performing ad hoc analysis, while having real-time visibility into application cash flows.
