New sustainability capabilities in Oracle Cloud EPM help business leaders efficiently plan, track, and report on initiatives and comply with new reporting standards
LONDON, March 14, 2024 /PRNewswire/ -- Oracle CloudWorld -- Oracle today announced Oracle Cloud EPM for Sustainability, a new solution in Oracle Fusion Cloud Enterprise Performance Management (EPM) that helps organizations efficiently measure and effectively manage sustainability initiatives. The new solution will help business leaders gain the insights they need to make progress on sustainability goals by connecting data, plans, and targets across their organization, and by modeling multiple scenarios to optimize outcomes.
Environmental data is sourced from many locations, business units, and systems within an organization and from suppliers and business partners. It is often manually consolidated in spreadsheets, so reporting and analyzing this data can be a slow, inefficient, and error-prone process. To address these challenges, improve the reporting process, and efficiently and accurately compile the information needed for emerging reporting guidelines, organizations need to leverage a purpose-built solution with embedded automation, AI, and machine learning.
"Many organizations are beginning to treat sustainability reporting requirements with the same rigor, governance, and technical expertise as financial reporting," said Hari Sankar, group vice president, Product Management at Oracle. "With Oracle Cloud EPM for Sustainability, our customers can leverage a trusted solution that embeds AI and other advanced technologies to help improve efficiency, deliver insights, promote compliance, and effectively manage their progress on sustainability initiatives."
Oracle Cloud EPM for Sustainability helps organizations accelerate their sustainability efforts. The new solution enables organizations to:
- Collect, Connect, and Transform Data: Direct connections and file-based uploads enable organizations to consolidate disparate data sources to help meet International Financial Reporting (FRS) and Global Reporting Initiative (GRI) standards. For example, organizations can align energy use, fleet mileage, procurement data, and other applicable data sources to meet the requirements of the relevant frameworks and standards. In addition, built-in process management tools help capture all data, which not only improves the clarity of calculations, but also enables errors to be identified and discrepancies to be reconciled.
- Model Different Scenarios: Embedded scenario modeling capabilities enable organizations to run an unlimited number of scenarios simultaneously to determine the best path forward. With an enhanced understanding of the risks and opportunities for each initiative, organizations can make smarter decisions about sustainability initiatives and drive greater impact.
- Explore AI-Powered Insights: Built-in pattern recognition capabilities provide automated alerts on anomalies and variances, while self-service capabilities for filtering, sorting, and visualization enable users to drill into the data in a safe, effective manner. With purpose-built dashboards and automated analysis, organizations can monitor progress and take corrective action in a timely manner.
- Create Intelligent Plans: Predictive planning enables organizations to create and validate forecasts and predict future performance. In addition, embedded AI and machine learning helps business leaders continuously improve plans.
- Report and Act on Goals: Narrative reporting capabilities help business leaders align data with relevant reporting standards and produce reports with contextual detail that can be shared with key stakeholders. Timely, accurate, and insightful reports help organizations identify areas for improvement and quickly take action to reduce environmental impact.
Part of Oracle Fusion Cloud Enterprise Resource Planning (ERP), Oracle Cloud EPM offers a comprehensive set of enterprise performance management capabilities that help organizations align financial and operational planning, close the books faster, and manage enterprise master data.
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