Part Two - Why moving away from Excel and into Oracle EPM Cloud Planning is beneficial to your company
Imagine a platform which will offer you a “Single Source of Truth” for your data, budgeting, planning and collective information, providing the ability to share this source across all departments and offices in your company. The simplicity of sharing much needed data and being able to access this information from CFO to department managers to team colleagues, will ease the strain of collating reports for a deadline. The implementation of Oracle EPM Cloud Planning will achieve this solution for your integrating datasets problems while using Excel. With GK EPM Consultancy at the helm, sail your business into a brighter, more efficient, and evolving future for your success.
Example areas of your business greatly improved by moving to Oracle EPM Cloud Planning
Integrating Departments - Working effectively as one team
When you are a small business, you and your staff will often work multiple roles across a few departments, making it manageable to track the operational functions and tasks on a day-to-day basis. As you grow and develop it inevitably becomes harder to keep track of the daily updates when you are no longer the person carrying out these tasks and processes. Is marketing sending enough leads to sales? Is the sales guy selling enough to keep the services team busy? Is the services team able to keep up with the amount of work coming through? The CEO or department manager must flick through various applications to find out the status of each department, or ask staff constantly for updates, needing to collate all this data into one spreadsheet. This process is laborious, frustrating and ultimately very time consuming. Your staff are busy working and don’t want to stop to give updates. You spend your life generating reports from one app and another, but you really need to see multi-departmental reports. Oracle EPM Cloud Planning works as one platform for all your applications across the business. Sales, marketing, project management, manufacturing, accounting and finance are all handled in one interface. This single platform to run your business shows the manager how each department is performing. Oracle EPM Cloud Planning can turn a sales order into a work order, which will automatically create a bill of materials and deduct it from available resources. The net result for the customer should be a much better experience. Every department and member of staff will be able to track and view the complete client pathway from first contact to completed business transaction or project. Thus, achieving a better workflow and both cost and time saving benefits for your business.
A current example of how the Excel system of integrating data from other departments or sources majorly failed is in the case of Public Health England (PHE) and the recorded, tracking and reporting of Coronavirus cases. The issue was caused by the way the agency brought together logs produced by commercial firms paid to analyse swab tests of the public, to discover who has the virus. They filed their results in the form of text-based lists – known as CSV files – without issue. PHE had set up an automatic process to pull this data together into Excel templates so that it could then be uploaded to a central system and made available to the NHS Test and Trace team, as well as other government computer dashboards.
The problem is that PHE’s own developers picked an old file format to do this – known as XLS. Consequently, each template could handle only about 65,000 rows of data rather than the one million-plus rows that Excel is actually capable of. Since each test result created several rows of data, in practice it meant that each template was limited to about 1,400 cases. When that total was reached, further cases were simply left off. For a bit of context, Excel’s XLS file format dates back to 1987. It was superseded by XLSX in 2007. Had this been used, it would have handled 16 times the number of cases. Having one central platform such as Oracle EPM Cloud Planning for all your data sets, information and applications to function from will considerably reduce the risk of these types of major errors happening within your business.
Link to BBC article https://www.bbc.co.uk/news/technology-54423988
Budgeting - Using one "Single Source of the Truth"
Time is money as they say. Income statements, balance sheets, invoicing and forecasts are the epicentre of your businesses cashflow. When you have a lag in the data of these records’, money is trickling away from the business profits. Budgeting processes need to be collaborative with common assumptions and aggregated in real time. Implementing Oracle EPM Cloud with GK EPM as your consultancy will greatly improve your finance processes, analysis capabilities, along with the visibility and agility of your businesses budgeting. Producing profitability in your end of year results. As a CFO will have better and quicker decision-making abilities with more agility and improved efficiencies. Although Excel is a tried and tested method of data tracking, there is a disparity between the period of collecting and entering data from differing departments, creating a delay in real time knowledge if you are on target for varying projects or planning. Have your staff already passed the agreed budget? If they have, will the client pay the overage? It is much harder to correct these adjustments after the fact. When you have that real time view through Oracle EPM Cloud Planning, you will be in the best position to judge if your project is working to or possibly under budget. The automated updating reduces risk of multiple versions of the same data or manual errors, giving you pinpoint analysis. Not only are you being more accurate in your records for the project and client, but the business is also saving money. As a CFO you can to see your companies’ vital data sets live as it is added and updated to your one “Single Source of Truth”. You can see assumptions that your team are using, as they will no longer be hidden behind the cells of Excel in complex formulas. This collaborative sharing of information becomes bottom up and top down in tandem, underpinning the entire companies’ working data. With greater confidence in the data, more time can be spent analysing the company and scenarios collectively.
Every business wants this for their long-term plans and growth.
Oracle EPM Cloud Planning will give your business that single platform you need to improve, grow and succeed.
Make your business management system work for you, not you work around it