Key Terms
A solution that centralizes all LOB to organize all financial information and transactions within a business
What is ERP?
Name 3 personas that you may discuss ERP with
CFO, CAO, Controller, VP of FP&A, VP of Financial Reporting, etc.
the forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact
What is risk management?
List three competitors that ERP prospects may be utilizing
Workday, SAP, Microsoft, Blackline, Onestream, Excel
a distributed collection of servers that host software and infrastructure, and it is accessed over the Internet
What is the cloud?
a senior executive with responsibility for the financial affairs of a corporation or other institution
What is CFO?
the process of leading the work of a team to achieve all project goals within the given constraints
What is Project Management?
Name one product related objection that you may encounter in a conversation regarding ERP.
too expensive, complex, trust, etc.
the process of finalizing the financial records for a specific accounting period
This persona prepares the annual plan and long-range plan, prepares monthly, quarterly, and annual management reports comparing actuals to forecast, and assists with month-end close
What is VP of FP&A?
Name 3 benefits of implementing ERP
Gain real-time reporting and analysis of live financial data • Achieve decisive insight to power effective decision-making • Prevail over exceptions to increase accuracy and expedite transactions processing • Slash costs with increased visibility and controls over spending • Accelerate cash inflows and manage cash positions • Eliminate transaction processing costs and data entry errors • Master global accounting standards and legislative, industry and geographic requirements
What would be a good directional question for a CFO in the context of an ERP focused conversation?
1. What’s working with your current financial system? What’s not working and needs improvement? 2. How do you get decisive insight from your financial system to make effective business decisions? 3. Explain the importance to use machine learning for higher touchless transaction rates and lower error rates? 4. Describe whether your financial system can quickly adapt to manage dynamic business conditions? 5. What are your top 3 priorities for making improvements in your financial system?
The main accounting record of a company or organization
What is General Ledger?
This persona maintains completely accurate records of a business's financial transactions and uses that info and info from other departments across the company to make decisions that affect the business
What is Controller?
a process that starts with finding, negotiating with, and contracting the supplier of goods, and culminates in final payment for those goods
What is source to pay?
How would you open a call with a persona that you are hoping to discuss Oracle ERP with?
P
P
P
L
The act of sourcing suppliers and purchasing goods or services from those suppliers
What is procurement?
This persona supervises the production of high-quality financial reports and align closely with controller and head of audit
What is VP of Financial Reporting?
Name 3 processes that ERP is essential to
Evaluate Profitability and Costs • Deploy Flexible Planning and Forecasting • Streamline Source to Pay • Modernize Order to Cash • Optimize Record to Report • Control Financial Risks • Improve Cash Flow & Visibility • Achieve Tax Efficiency & Compliance • Manage Global Assets • Perform Product Cost Accounting
Name one Oracle ERP weakness
• Oracle perceived as too expensive and too complex, only for large organizations • Requires separate tool (e.g. OAC) to perform financial analysis • EBS customers concerned about limited localizations • Lack property manager & enterprise asset management that was in EBS • Lack of complete treasury solution