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 Oracle Fusion Applications (OFA) is a portfolio of next generation suite of software applications from Oracle Corporation. It is distributed across various product families; including financial management, human capital management, customer relationship management, supply chain management, procurement, governance, and project portfolio management
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Oracle Fusion Financials Application

Posted on March 11th, 2011 by Sanjit Anand |Print This Post Print This Post |Email This Post Email This Post

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If you hear this term first time , read previous post on Fusion and underline application.

Fusion Application announcement came last year prior to OOW 2010.Though fusion application suite is not ready for sale to the public yet, but Oracle Fusion Applications for Finance has many new capabilities that will be welcomed not just by Finance professionals but by line-of-business managers and employees.

dgreybarrowOracle Fusion Financials

The first release of Oracle Fusion Applications Financials covers general ledger, accounts payable, Fusion Financialaccounts receivable and collection Management, fixed assets, cash management and employee expenses. As mention is earlier post encumbrance and commitment accounting along with treasury management which included Cash management is excluded from the first version release.

Comparing with existing Oracle ERP(Oracle EBS, people soft like wise) with Fusion ERP, there would be significant Key differentiators.

dgreybarrow Key Differentiators feature for Oracle Fusion Financials

Here would like to highlight a few features and capabilities that appeared to be significantly better and different from the other Oracle application suites.

  1. Focus on simplified & intuitive user experience: After user logs into the system, based on the roles and privileges he has, a landing page would appear with relevant dashboards and areas to perform his day-to-day activities. No more switching back and forth between responsibilities (like Oracle EBS), all necessary data, transaction information, activities to perform, required analytics, navigation are pushed to him in one single page !!! A General Accounting Dashboard is such a great feature as you can see below:
    1. Fusion Financial application Hub
  2. Rich User Interface with web 2.0 features for enhanced user experience
  3. Integrated Business Analytical layer for better & Faster decision making: This is yet another beauty, where users no longer need to hunt for IT support/in-house IT or run reports in order to get analytical information out of data/transactions. The system shows relevant analytics data on the same page along with transactions when necessary which helps users to make better and faster decisions. This Superior reporting capabilities is enhanced by :
    • Simplified reporting platform natively built on top of a multi-dimensional data model (Multi dimensional Essbase cube has been
      introduced in Fusion Accounting)
    • Single step posting to multi-dimensional balances pre-aggregated at every level, that empower user to see
      • Journals : they can view projected account balances before posting
      • Payables Invoices : they can view supplier holds , identify previously matched lines to prevent overbilling & errors
      • Receivables Receipts : they can Intelligently apply receipts with rules-driven recommendations .
    • Self service and interactive reporting support live drilldowns to source transactions (Even to transactions from non-Fusion ERPs)
    • Fusion Financial application1
    • If you looks at the above figure you can find these component (left hand side) in diagram
      1. OTBI: Oracle Transactional Business Intelligence (used for ad-hoc and transactional data analysis)
      2. OBIA: Oracle Business Intelligence Applications (Used for historic and trend analysis)
      3. BIP: Business Intelligence Publisher (Standard reporting with variety of formats)
      4. Account Monitor, Account Inspector, Smart View (Excel based): Used for ad-hoc analysis and inquiry on financial data
  4. Role based Structure for better compliance and security across the organization: Based on the common business practices, various roles have been defined in the system and each role will have certain permission and privilege to perform certain activities. Based on the role user plays in the business, appropriate system roles will be assigned to him. Moreover, apart from hundreds of seeded roles, flexiblity to configure them as per your business needs is still there.
  5. Co-Existence Capability: Certain functionalities of Fusion Application are made available to co exist with Application Unlimited systems (EBS, PeopleSoft, JDE,Siebel etc). By integrating such fusion application features with existing ERP systems, customers can leverage certain fusion application features without compromising their existing investments in Application Unlimited ERP systems.
  6. Extension ability of data model and user interface which allows users to handle their business requirements without customizing the application.
  7. Uncompromised consistency throughout the Applications: Amazingly consistent design and architecture across all Applications functions enhances user productivity to a great extent. Moreover, it also reduces the maintenance and enhancement costs as well.
  8. Tight integration with desktop tools: Spreadsheet integration Is another beauty in the application that minimize data entry errors processed data with Fusion.This not only minimize data entry also provide a familiar environment that is highly efficient for user since long time.
  9. Embedded Out-of-the-box imaging integration : Oracle Imaging and Process Management provides an integrated document management capability to support accounts payable invoice automations. This will reduce workload by eliminating paper-based processes
  10. Best of Basic architectural concept : If you recall Key accounting flex field concept of EBS , Ledger Concept of R12 Financial architectural that is coupled with Peoplesoft tree structures and effective dates concept, that makes Fusion is best of breed. This also armed with use of the Oracle Essbase multidimensional database to hold aggregate GL balances.
  11. Multiple balancing segments :You can create balance sheet and other Management reporting package across multiple business dimension

dgreybarrow Benefits to EBS Financials Users

Financial user can still can find lot many benefit with Fusion Financial application other than Differentiators mention above.Some of them are:

  • Graphical hierarchies (trees)
  • Shared reference data (SetId)
  • Centralized inter-unit setup and processing
  • Rules-based engine for AP matching
  • Open item reconciliation processing
  • Comprehensive budgetary controls
  • Multi-level, flexible cash positioning
  • Travel authorizations and cash advances

Hope this post helps you gain a better understanding of Fusion Applications functionality and help to establish a roadmap which you might be thinking for your company/customer in Fusion area.Lets hear more updated from Oracle on this in next few months :)

.

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One Response
  1. BI in Oracle’s Fusion Applications : An Quick Overview | OracleApps Epicenter Says:

    […] is one of the key as mention in all previous post(1,2,3) which features of Fusion Apps, wherein the apps is leveraging BI for all reporting.As mention […]

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