A new report created by Oracle and the WHU suggests that whilst many businesses may have invested in the right technology, they may be lacking the culture, skills and behaviour to really improve business efficiency.

Research by Oracle and the Otto Beisheim School of Management have discovered that business efficiency can improve by over 60% when the correct technology is introduced alongside several vital factors. According to the report, many companies have selected the best technologies, but are showing signs of a lack of focus on culture, skills or the right behaviours to really harness the benefits. The report suggests that without these core factors business efficiency will increase when technology is implemented, but at a much lower level.

The core factors highlighted in the report include:

• Decision making driven by data
• Flexibility and willingness to change
• An entrepreneurial attitude and culture
• A shared approach towards digital technology
• Critical questioning and thinking
• A learning culture
• Open and transparent communication  and collaboration

The report involved studying the opinions of 850 HR Directors and over 5,000 employees spanning 23 nations. Researchers at the WHU highlight that the potential to be adaptable and agile is essential for businesses if they intend to compete in today’s market and provide market-leading propositions. Adaptable represents better support for users and is also an essential factor for any company wanting to attract and retain their employees. Businesses that are not prepared for constant change will not be in a position to compete for the skills required in the current and future digital market.

The rate of progress is an essential driving factor for companies in this marketplace and adaptability and agility should be viewed as essential for technology companies, according to the WHU. Oracle believes that this provides an opportunity for HR teams to manage workforce transformation and really highlight the productivity benefits of technology to a company.

There is still a perception that technology will replace traditional work activities but Oracle believes that business efficiency and further development will only come from the two sides working together. Oracle highlights that with any technology introduction, there needs to be a complete culture change and training of staff to be capable of working with machines and technology. Oracle states that the digital skills from this process that contribute to the seven core factors are essential to really understand the true benefits of any new technology and for a business to become flexible.

A leading business specialising in performance management and BI integration has launched an innovative solution with BlackLine, the main provider of cloud software that automates the financial close process for businesses. 

The integration will enable OneCloud to support BlackLine customers with an effective way of improving the financial close process by combining the capabilities across multiple applications including Host Analytics, Anaplan, Oracle Cloud EPM/ERP, IBM Planning Analytics and many more. The integration will also enhance the financial reporting process, improving the ability to work across multiple applications and reduce the overall implementation costs. 

Quin Eddy, the CEO of OneCloud explains that to support the automated financial close process delivered by Blackline, it is essential to utilise the data available from the various applications that focus on corporate consolidation and planning. Eddy states that the BlackLine OneCloud integration means customers can efficiently integrate this content into BlackLine in a seamless and effective manner to allow for efficient end-to-end integration and automation. 

OneCloud also confirmed the launch of a new BlackLine BizApp within its OneCloud platform. Michael Otto, the VP of Alliances at BlackLine explains that OneCloud has strong expertise within financial integration. OneCloud provides a solid set of capabilities that support BlackLine’s goal of enhancing and modernising financial close, according to Otto. 

About Blackline 

Blackline is a leader in cloud-based solutions that enhance finance and accounting through automation and streamlining the process of financial closing. The system compliments all ERP and financial systems including SAP, Oracle and NetSuite. BlackLine improves overall operational procedures, control and compliance to allow financial close and accounting automation from a single, combined platform. BlackLine customers can enhance their finance and accounting operations through intelligent automation, generating accurate and insightful financial information allowing for a more effective financial close. 

About OneCloud 

OneCloud provides insightful integration for EPM and BI technologies, enabling the automation and integration of key applications that exist on-premise and in the cloud. OneCloud is used by a range of leading businesses and can be used alongside other technology partners to deliver intelligent integration and automation for businesses.

Leading provider of connected financial planning and close solutions strengthened its plans on company expansion to other global markets with the confirmation of a series of new partnerships in the UK, Australia and South Africa. The announcement included new agreements with leading EPM solution providers within each region, including RSM in the UK, Satori Group in Australia and Altron Karabina in South Africa.

Host Analytics has stated that they forecast a considerable rise in worldwide sales in the coming year due to their recent expansion into key global markets. The leading provider highlighted that these partnerships are the first in a series of planned developments and will further solidify their dedication to expanding their business worldwide via agreements with leading businesses.

The new partnerships will focus on reselling a range of Host Analytics products and supply implementation services and general support to current and new customers. Host Analytics confirmed that each partner had been selected based on overall brand strength in the region, company culture and their proven commitment to customer results and potential to offer Host Analytics to an increasing number of customers.

John Head, the VP of enterprise sales and global channels at Host Analytics explains that they are excited to have RSM, Satori Group and Altron Karabina representing Host Analytics and expanding sales potential across key markets worldwide. Head explains that with their knowledge and success in the finance market, these businesses are partnering with Host Analytics to support customers worldwide with their managing and transforming their finance operations. Head highlights that their innovative EPM platform, combined with their success in delivering and implementing new services will generate huge benefits to existing and potential customers.

Ron Baden, the CEO of Host Analytics points out that in today’s world, the planning budgeting and forecasting demands are bigger than ever and require innovative and flexible solutions. Baden explains that they have selected three significant partners within key global markets to strengthen their global sales development whilst maintaining their overall customer experience. Baden emphasises that the new partnerships will deliver more options for businesses with the tools and skills they require to really transform their finance operations.

About Host Analytics

Host Analytics is a leading provider of cloud-connected financial planning and closed solutions. The platform is developed with financial focus and a commitment to delivering customer success. Over 800 customers utilise the services of Host Analytics for their planning, budgeting, consolidation and reporting functions. Host Analytics is a private company, supported by Vector Capital, a leading private equity firm that specialises in investments into reputed technology firms.

Honeywell has recently confirmed the release of new software – Enterprise Performance Management for Operations Technology. Created as an effective and affordable solution to integrate, EPM will allow businesses from multiple industries to enhance the process of gathering and measuring data from their operational activity and act on the findings.

Named Honeywell Forge, the new software will combine with the business’s leading asset and process control system to support owners and operators of industrial and building facilities and airlines to improve overall operational efficiency.

Honeywell Forge will be capable of using large volumes of data from various equipment, processes and people and converting this information into valuable insights that can ultimately improve the overall operational monitoring system. Honeywell believes the system will enhance resource management and the general safety of businesses.

By utilising predictive analytics, Honeywell Forge will allow clients to detect maintenance faults, reduce business costs and enhance worker efficiency levels. Honeywell is also researching additional areas such as implementing the latest cybersecurity protection into the new software.

Honeywell confirmed the recent release and availability of Honeywell Forge for Buildings. The Forge solution was created to ensure downtime is kept to a minimum and to generate advanced predictive information to ensure building facilities are more efficient, safer and secure. Furthermore, Honeywell Forge will support a reduction in operational expenses, improve overall energy consumption levels and optimise space management within building plans.

Honeywell intends to expand the software solution and add further products across a range of markets including Honeywell Forge for Industrials, Airlines, Inspection Round and Cybersecurity. Honeywell believes that strong demand for its warehouse automation, IoT and Sensing products will strengthen its safety and productivity product solutions.

Many CIOs and IT professionals are completely aware that they need to invest in artificial intelligence and other similar technologies to ensure they continue to be competitive for the future. Research shows, however, that the transition takes exceptionally longer than expected.

A recent study released at the Gartner Data and Analytics Conference stated that 30% of audience participants were planning to develop AI capabilities themselves. A further 50% of the audience said that planned to use applications with AI capabilities built-in.

At this month’s SAPPHIRE Now event in Florida, SAP confirmed a number of innovations to the SAP s/4HANA ERP platform to make it simpler to integrate artificial intelligence and robotics to transform applications.

SAP explained that the new release which is due to be available this month will incorporate 100 AI and robotic automated process capabilities, supporting the business’s aim to automating half of its manual tasks within its ERP platform by 2021. The new system will include features that will enable SAP shops to stimulate new business and commercial processes, so they can measure factors such as the subscription impacts and usage pricing. SAP states that the changes would enable intelligent product design and quicker go-to-market time as improved personalised products and services. Some of the new AI capabilities SAP has highlighted includes intelligent accruals management, financial journal entry and innovative robotic process automation.

Another ERP major, Oracle confirmed a range of new AI releases within its product range, announced at the Modern Customer Experience event in Las Vegas earlier this year. Oracle states that the AI improvements would include expense reporting assistant, project management digital assistant and enhanced financials controls.

Implementing new AI capabilities to the SAP and Oracle platforms are a vital part of long term plans for these major vendors. Amit Zavery, the executive vice president of Oracle Cloud Platform states that every company is now looking into data science and machine learning as a vital method to create a competitive advantage. Zavery points out that lack of tooling and machine learning capabilities can, however, cause many of these projects to be unsuccessful.

According to research by Gartner, many companies start data science and machine learning projects using free or low-cost software and cloud services but generally tend to move onto commercial systems. Gartner predicts that AI technology will be integrated into nearly every new software products by 2020.

The personal greeting on websites is becoming a more common tool and often is the first interaction a user has with a business and therefore can be a vital influence in understanding how customers are treated at this particular business. Quite often, it will be a chatbot or a digital assistant providing this service, rather than an actual human.

Digital assistants are text-based platforms that are created to work within a single purpose application. Services are continuing to improve algorithms based on user behaviour and language conversion to enhance digital assistant development and improve the overall user experience. Many industry leaders believe that digital assistants will have a great influence on the way financial professionals operator. Digital assistants can enable finance teams to simplify and automate certain repetitive tasks, enabling finance professionals to spend more time on value-focused activities.

Technology businesses are integrating voice assistant into software support with processes such as recommending suppliers, completing expense reports and providing support on which invoices to pay first. Oracle is implementing innovative digital assistants into a product to assist in capturing and monitoring expenses, claims and generate useful algorithms that recommend the most suitable suppliers to engage with.

Automation to enhance business efficiency

Oracle believes that digital assistants will begin to support improvements to year end, budget management and financial forecasting. Businesses will start to use intelligent assistants to remove duties previously performed by employees, enabling teams to use their skills to develop insights and create more informed business decisions. A fine example of digital assistants in action is at Exelon who implement digital assistant to create a rapid customer service experience. Exelon was looking for quick digital assistant implementation to cover a number of platforms that include web, social media and voice assistants like Alexa. Exelon utilised the rapid digital assistant tools from Oracle Mobile Cloud and created faster response times, reduced costs due to lower call centre expenses and over 10 million users covered via the service.

In the finance industry, digital assistants can offer similar functions to automate and cover repetitive processes that are generally time-consuming for employees, time that could be used to focus on high-level jobs that influence the financial performance of a business. Digital assistants will potentially provide informed answers to specific questions such as ‘annual spend on travel and expenses’. Information like this can allow a financial manager to determine how much budget is available for employee spend.

Industry leaders believe that digital assistants will soon be able to automate complete financial processes, eliminating the need for human involvement. Financial employees will be given more freedom from repetitive jobs and the ability to spend more time on the critical and necessary work. This means more benefits in terms of a business and its financial strategy as well as keeping employees more engaged and challenged at work. Innovative digital assistants are likely to be a vital part of empowering employees and enhancing business performance.

Insightsoftware, the leading financial reporting and enterprise performance manager supplier has confirmed the acquisition of Jet Global Data Technologies, a worldwide provider in reporting, analytics and budgeting tools for Microsoft Dynamics.

The latest acquisition adds to Insightsoftware’s key objective to generate a diverse portfolio of leading reporting platforms, enabling businesses of all sizes efficient access and the means to distribute insightful financial data. Furthermore, the latest acquisition will strengthen the advanced excel-base reporting capabilities used specifically for users of the top ERP reporting platform, Microsoft Dynamics. The new plans will further strengthen the commitment of Insightsoftware to its international partner network.

Operating in 14 countries, Jet Global provides a simplistic alternative to conventional reporting systems, which generally involve manual work, are time-consuming and can be over complicated. Jet Global offers a solution and rapid access to data, a flexible reporting system from any Microsoft Dynamics source, including Microsoft Dynamics AX, NAV and GP. Jet Global has over 14,000 customers spanning over 90 countries and includes major global brands such as Amnesty International.

Mike Lipps, CEO of Insightsoftware explains that businesses are currently sitting on a ‘virtual treasure of data’, but points out that the opportunity to utilise and act on this data pool in real time is generally lost in the complications and rigidity of ERP solutions. Lipps believes their business is providing a leading reporting portfolio and transforming this process. With the acquisition of Jet Global, Insightsoftware can offer even more flexibility, additional reporting, analytics and budgeting capabilities to empower customers to make quicker and more informed decisions that really influence their business.

Joe Little, CEO of Jet Global highlights that over the last 16 years, Jet Global has developed into a market leader in reporting, analytics and budgeting processes for users of Microsoft Dynamics. Little points out that their services have been in great demand by enterprises requiring solutions that enable rapid access to vital data and allow for quick and informed decisions and more agility within a company. Little believes the integration with Insightsoftware will create further opportunities for customers and partners worldwide, generating a higher level of market responsiveness and solutions covering reporting, analytics and budgeting.

Global private equity and investors into insightsoftware have highlighted the progress insightsoftware has made on delivering TA’s initial vision of developing the leading reporting software for financial reporting and EPM. Hythem El-Nazer, the MD of TA Associates explains that they continue to see more opportunities for increased organic development by offering leading products and solutions that meet the requirements of their 20,000 customers worldwide.

EPM solutions enable businesses to respond quickly to changes in revenue, managing sales or marketing pipelines and having a clearer understanding of consolidated graphics of accounts. The responsibility of financial employees has changed, to become more strategic and value-focused. Finance teams are leading the transformation of business innovation as a part of the wider digital initiatives.

Today’s CFOs look beyond reporting to provide decisions that support strategies with business execution. CFO’s enable more strategic solutions, utilising EPM solutions to plan, measure, optimise and close financial results in a comprehensive framework.

In an earlier report by CEB into finance in terms of company performance, the findings suggested that analytic capabilities are vital to a finance team’s ability to influence business partners and play a critical role in driving business outcomes.

Benefits of EPM Solutions

There are a number of benefits resulting from implementing EPM solutions, including enhanced quality of data, improved management efficiency and informed decision making. EPM solutions empower finance professionals with the systems required to enhance existing systems and really transform the potential performance of a business. This includes improving the agility and speed of planning cycles, improving decision making processes and reducing the time spent on manual activities.

A business that has a range of disconnected systems with separate data systems does not have the real-time visual information and opportunities available for industry leaders. Integrated EPM solutions can improve operations and eradicate manual tasks within a business. Business managers and responder quicker to measure revenue, manage Marketing or Sales pipeline and a clear representation of accounts.

Time spent analysing excel spreadsheets, measuring discrepancies and checking formulas is time that could be spent on other value-adding activities. EPM solutions enable finance professionals to save time spent on manual activities related to management reporting, budgeting and forecasting.

In a related study delivered by BPM Partners, the results showed that over 20% of respondents use spreadsheets as the main solution for financial reporting. In the same study, 12% stated they used spreadsheets as the main solution for financial consolidation. Over the years, many businesses have upgraded spreadsheets and deployed financial and reporting applications on-premise. These solutions have proven to be time consuming and expensive.

This has increased the interest and demand for new cloud-based financial consolidation and reporting services. Many cloud-based solutions offer similar capabilities as on-premise solutions, with added advantages of considerable cost savings, quicker service deployment, reduced reliance on IT and improved security in the cloud.

With access to more accurate, consistent data and analytics systems, businesses can make quicker and intelligent decisions with EPM. Integrated planning systems enable users to perform detailed scenario analysis to understand the impacts certain decisions would have on business performance. Implementing a leading EPM solution can support the transition of conventional finance from measuring assets and financial data to supporting an enterprise and determining the factors that influence performance levels across the entire business.

AirAsia has confirmed that it will partner with Oracle to centralise and enhance its finance operations by utilising Oracle Enterprise Resource Planning (ERP) Cloud.

The new developments support the affordable airline business growth plans and its goal of being the leading travel technology business in Asia.

Tony Fernandes, the CEO of AirAsia Groups explains that the business has supported ASEAN connectivity ever since its beginning in 2001. Over the last 18 years, Fernandes explains that AirAsia has expanded its network and launched a number of new routes across Asia Pacific, delivering new services to meet their guest’s needs.

AirAsia now sees this is as the next stage in their journey, enhancing their existing business progress and brand reputation and transforming AirAsia into something more than just an airline. Fernandes explains that AirAsia intends to be the travel technology business for the region and part of this goal involves developing into an intelligent and connected enterprise.

AirAsia has connected with over 6,000 organisations covering multiple location and industries with this development. Oracle ERP Cloud enables businesses of all sizes to effectively make use of the most recent innovations in artificial intelligence, digital assistants, the Internet of Things and other services to enhance overall productivity, reduce costs and improve control.

Pattra Boosarawongse, the CFO of AirAsia Group explains that creating agile finance operations is a vital part of delivering a successful business, creating readily available financial information in real time, which can be used to make strategic business decisions. Boosarawongse highlights that AirAsia now operates in 25 markets across Asia, Australia, the Middle East and the US, making their operations rather complicated. Their finance team needs to be capable of managing a range of data currencies and perform transactions with suppliers in various countries.

Oracle ERP Cloud provides an opportunity for AirAsia to simplify, standardise and automate all financial operations within the group and allow their finance teams more time to focus on important tasks that will expand the business.

Summary of Benefits of Oracle to AirAsia:

Align chart of accounts and enterprise structure modelling: Oracle ERP Cloud integrates the business activities of AirAsia, enabling efficient operations and enhance decision making. The cloud solution provides the latest best practices and the implementation partner TransSys supports the standardising of business activities within finance and procurement.

Revenue accounting and integration of operational systems: Oracle ERP Cloud is combined with the current business systems at AirAsia delivering a single channel across all financial and procurement functions.

Direct cost and operation control: Oracle EPM Cloud will support AirAsia with global account reconciliation, enabling the business to define, review and produce financial and management reports.

Reliable data models for profit analysis: Oracle ERP and EPM cloud can support core business models and reporting, enabling AirAsia to enhance its decision making processes.

Mark Hurd, the CEO of Oracle believes AirAsia is leading innovation in their industry and provides a fine example of how technology can improve both costs and overall customer experience. Hurd explains that the Oracle systems will provide a valuable tool to enable continued development at AirAsia and strengthen their position within the ASEAN travel market.

The new developments support the affordable airline business growth plans and its goal of being the leading travel technology business in Asia.

Tony Fernandes, the CEO of AirAsia Groups explains that the business has supported ASEAN connectivity ever since its beginning in 2001. Over the last 18 years, Fernandes explains that AirAsia has expanded its network and launched a number of new routes across Asia Pacific, delivering new services to meet their guest’s needs.

AirAsia now sees this is as the next stage in their journey, enhancing their existing business progress and brand reputation and transforming AirAsia into something more than just an airline. Fernandes explains that AirAsia intends to be the travel technology business for the region and part of this goal involves developing into an intelligent and connected enterprise.

AirAsia has connected with over 6,000 organisations covering multiple location and industries with this development. Oracle ERP Cloud enables businesses of all sizes to effectively make use of the most recent innovations in artificial intelligence, digital assistants, the Internet of Things and other services to enhance overall productivity, reduce costs and improve control.

Pattra Boosarawongse, the CFO of AirAsia Group explains that creating agile finance operations is a vital part of delivering a successful business, creating readily available financial information in real time, which can be used to make strategic business decisions. Boosarawongse highlights that AirAsia now operates in 25 markets across Asia, Australia, the Middle East and the US, making their operations rather complicated. Their finance team needs to be capable of managing a range of data currencies and perform transactions with suppliers in various countries.

Oracle ERP Cloud provides an opportunity for AirAsia to simplify, standardise and automate all financial operations within the group and allow their finance teams more time to focus on important tasks that will expand the business.

Summary of Benefits of Oracle to AirAsia:

Align chart of accounts and enterprise structure modelling: Oracle ERP Cloud integrates the business activities of AirAsia, enabling efficient operations and enhance decision making. The cloud solution provides the latest best practices and the implementation partner TransSys supports the standardising of business activities within finance and procurement.

Revenue accounting and integration of operational systems: Oracle ERP Cloud is combined with the current business systems at AirAsia delivering a single channel across all financial and procurement functions.

Direct cost and operation control: Oracle EPM Cloud will support AirAsia with global account reconciliation, enabling the business to define, review and produce financial and management reports.

Reliable data models for profit analysis: Oracle ERP and EPM cloud can support core business models and reporting, enabling AirAsia to enhance its decision making processes.

Mark Hurd, the CEO of Oracle believes AirAsia is leading innovation in their industry and provides a fine example of how technology can improve both costs and overall customer experience. Hurd explains that the Oracle systems will provide a valuable tool to enable continued development at AirAsia and strengthen their position within the ASEAN travel market.