At its Modern Finance Experience 2018 in New York, Oracle announced Oracle Enterprise Data Management Cloud.Part of Oracle Enterprise Performance Management (EPM) Cloud, the new offering will help customers manage important metadata structures related to their financial applications to avoid misalignment and lack of consistency, said Hari Sankar, group vice president, EPM product management, Oracle.
According to Oracle, rapidly changing business environments present multiple data alignment challenges. Cloud adoption, mergers and acquisitions, reorganizations and restructuring can create data inconsistencies that require finance teams to reconcile disparate datasets and associated metadata. Changes to application metadata, dimensions, hierarchies, mappings and related attributes are often handled manually through spreadsheets, email, and in-person meetings.
To help finance leaders eliminate manual errors and inconsistencies and create a single view of all enterprise data, Enterprise Data Management Cloud provides centralized, self-service enterprise data maintenance, and data sharing and rationalization. The new cloud service will serve as a system of reference for managing metadata structures about the enterprise, explained Sankar.
This problem existed before the advent of the cloud, even when the world was simpler with just on-premise applications and Oracle provided an on-premise offering called Data Relationship Management, or DRM, that addressed this same problem, said Sankar.
But today cloud is adding a different dimension, expanding the scope of the problem sinc organizations have multiple applications, some of which are on-premise and some of which are in the cloud. “Most organizations are going to be living in a hybrid environment for the foreseeable future.”
Key benefits of Oracle Enterprise Data Management Cloud include the ability to migrate and map enterprise data elements and on-going changes across public, private and hybrid cloud environments from Oracle or third parties; faster business transformation through modeling M&A scenarios, reorganizations and restructuring, chart of accounts standardization and redesign; the ability to manage and align changes across front-office, back-office and performance management applications through self-service enterprise data maintenance, sharing and rationalization; and the creation of a
system of reference for all enterprise data across business domains including master data, reference data, dimensions, hierarchies, business taxonomies, associated relationships, mappings and attributes across diverse business contexts.
For additional information on Oracle EPM Cloud, visit Oracle Enterprise Performance Management (EPM) Cloud.