Oracle Fusion Financials is sub-component of fusion applications which help in improving financial business and expand their business organization for future. It contains three main components such as
- Fusion Financials: This comprises the modules as general ledger, account payables and receivables, fixed assets, and cash management.
- Report Center: It delivers the multi-dimensional reporting and analysis platform.
- Transactional Business Intelligence: This is a self-service, ad-hoc, real-time reporting of finance transactions.
Oracle Fusion delivered the Accounting Hub, provides a flexible approach to integrating financial systems and provide high-quality reporting analysis.
How can it be deployed?
Oracle Fusion offers three ways that fusion financials can be deployed. These are as follows
- Public Cloud – Implemented using oracle cloud services
- Private Cloud – Provides you the infrastructure and software in a private data center
- On Premise – Provides you the software you install it in your data center
How is it better?
There are a number of ways in which fusion financials has improved on the apps unlimited products such as JDE, PeopleSoft, and EBS.
- User Interface – Fusion Applications is an improved user interface which removes java forms and increases the way that data is deployed to users.
- Enhanced Reporting – It is used to leverage through the smart view excel add-in which allows end users to perform multi-dimensional reporting from the desktop.
- Hierarchy Trees – General Ledger has adopted the concept of trees from PeopleSoft which allows end users to construct many reporting hierarchies to analyze the business based on legal splits and geographical system.
- Oracle Transactional Business Intelligence – It supports reporting from the general ledger and sub-ledgers transaction data stored in the database without the need to export the data into separate database per the current version. It is a user-friendly and flexible tool which contains box reports.
- Coexistence – Oracle has adopted a coexistence system which allows financials and supply chain systems to live each other with a fusion financials install.
- Close Processing – The close process monitoring functionality is new one to oracle fusion financial applications, which uses a graphical view of the ledgers and sub-ledgers in the business to see the close status and resolve bugs.
- Integration with desktop tools – It has developed integration with desktop tools such as excel to allow users to transfer data from the desktop to the database quickly in large volumes.
- Mobile Expenses – Oracle has developed a fusion expense application for IOS devices to simplify the process of entering expenses.
- AP invoice imaging – It is the core product in the fusion financials, which usually required separate costs to buy and implement third party software.
- Business Processes – In the Seas Public Cloud the business processes cannot be changed in fusion It requires changes to existing process and forces a business to think about standardization.
- Time to deploy – In fusion financials, Seas Public Cloud the time to deploy can be a lot shorter which means time can be spent on more value add tasks such as process design and user adoption.
Areas for improvement
There are different ways in which the financials still needs to develop as follows
- Language Support
- Business Processes
Oracle Fusion Financials is an improvement in various aspects. In particular the simplified and enhanced user interface which provides access to embedded reporting and making business decisions.
Fusion Financials is not a replacement for products where business has significant value added complexity in the back office.
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