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Date Published: June 15, 2015
LinkedIn Profile: Ulrich Scheuber
Abstract:
highlights two critical aspects in financial management – Financial Master Data Management and its related concept, Financial Data Governance. These practices are essential for making well-informed decisions based on accurate, auditable, transparent information provided promptly.
While often focused solely on numerical data like €1.8 million stated below:
Our sales revenue from selling sneakers to retl shops in the second quarter of last year was €1,800,000.
Understanding the accuracy and correctness of this statement requires much more contextual detl – including what 'sneakers' are defined as, what 'retl shops' entl, the specific fiscal or calar year mentioned, and which quarter it refers to.
Effective Financial Master Data Management addresses such concerns by ensuring that all relevant aspects like product categories, business partners, financial periods, etc., are correctly classified and consistently related. This foundational management ensures that financial operations, planning, reporting, closure processes, among others, operate with the correct data context.
Oracle's solution for Financial Master Data Management consists of two powerful tools: Oracle Data Relationship Management DRM and Data Relationship Governance DRG. Combined, they provide organizations with comprehensive control over their financial master data. From managing alternate dimensions, hierarchies, reference data, mappings, attributes across applications to related departments, these tools facilitate easy-to-use technology, robust tools, processes, ensuring data accuracy.
These systems enable organizations to oversee and manage core non-transactional information within multiple general ledgers and connected systems. Business users can now handle crucial financial data for planning, reporting, and closure in a transparent and consistent manner. This setup supports lean finance management by providing a stable data foundation while reducing overall costs associated with IT operations.
To learn more about customer experiences managing their Financial Master Data:
Any views or opinions expressed are personal. Comments are always welcome.
Key Benefits:
Improved accuracy in financial calculations
Enhanced transparency for stakeholders
Streamlined decision-making based on consistent data
Reduced risk of errors due to misaligned information sets
Increased efficiency through automated management processes
To explore more about how customers manage their Financial Master Data:
Listen to Oracle's webinar with Seismi partner insights on tackling the challenges of Financial Master Data Management within complex, heterogeneous environments and IT landscapes. Discover how organizations can achieve control over their financial data across multiple ledgers and systems.
Any views or opinions expressed are personal. Comments are always welcome.
The webinar provides a deep dive into:
Overcoming complexity in IT landscapes
Implementing efficient management strategies
Leveraging technology for streamlined processes
For further inquiries, explore other articles on this topic to gn insights from industry leaders and professionals.
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Streamlining Decision Making Processes Financial Master Data Management Strategies Enhancing Accuracy in Financial Reporting Governance of Financial Data Practices Oracle DRM and DRG Solutions Efficient IT Landscape Management Tips