As many organizations struggle to unlock the full potential of their existing tools, fragmented data across silos, limited reporting capabilities and concerns about security and integration can impede decision-making and leave users with an incomplete toolbox.
According to a recent insightsoftware.com/resources/the-state-of-operational-reporting-in-2023/">report from insightsoftware and Hanover Research, at least 72 percent of Oracle users spend at least five to six hours each week recreating financial reports. While reporting helps drive informed decision-making, 24 hours every month spent on manual reporting diverts focus and attention away from critical initiatives.
The same research found that 99 percent of finance teams on Oracle look to data outside of their ERP to better understand their finances – including human resources, supply chain and customer data. While including this data in analyses can help improve data-informed decisions, it can be challenging to integrate data from these other systems and platforms. These challenges also lead to complex tooling from disparate vendors to help improve the state of data integration, further complicating the reporting process.
In addition, manual data consolidation is time-consuming and prone to errors and it could lead to conflicting reports and metrics (making it difficult to track progress and measure success accurately); inefficient decision-making (hindering the ability to react quickly to market changes) and wasted resources (which could be better spent on strategic initiatives).
Helping complete the Oracle toolkit
To help organizations in situations where they have to rely on IT for reports that don’t come in Oracle’s kit, insightsoftware believes teams can benefit from an additional solution to complete their Oracle data toolbox.
For this reason, the company has created insightsoftware Oracle tools that integrate with Oracle software to provide finance professionals with greater functionality and add new capabilities.
Some of these include self-service access to advanced analytics and robust reporting features; best-of-breed integration to bridge the gap between Oracle’s ecosystem and other applications for unified insights; and effortless data flow to create a unified platform for companies’ data needs.
As organizations run the risk of working with incomplete toolboxes, unwillingly locking themselves in data silos or struggling to create reports, exploring their options to eliminate these obstacles to their investments can see them benefiting from improved decision-making and more time dedicated to key functions.
