Oracle has launched Oracle Cloud EPM for Sustainability, a pioneering solution in Oracle Fusion Cloud Enterprise Performance Management (EPM), efficiently enabling organisations to measure and manage sustainability initiatives. This latest technology facilitates business leaders in augmenting their sustainability efforts by analysing and linking data, targets and plans across their organisations, as well as generating multiple scenarios to most effectively enhance outcomes.
Historically, sourcing environmental data from various departments, systems, and locations within an organisation, supplemented by data from suppliers and business associates, is a challenging process prone to inefficiencies and errors. Frequently, this data is manually consolidated in spreadsheets, causing reporting and analysing to be a slow, cumbersome process. Recognising these challenges, Oracle offers a solution to amplify the reporting process, compiling information required for emerging reporting guidelines with precision and efficiency. This is achieved by integrating a custom-built solution suffused with automation, Artificial Intelligence (AI), and machine learning.
Hari Sankar, Group Vice President, Product Management at Oracle, stated, "Many organisations are beginning to treat sustainability reporting requirements with the same rigour, governance, and technical expertise as financial reporting. 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."
Key features of Oracle Cloud EPM for Sustainability include the ability to assemble, connect and convert data – bringing together diverse data sources to satisfy International Financial Reporting (FRS) and Global Reporting Initiative (GRI) standards. Users can align applicable data sources such as energy consumption, fleet mileage, and purchasing data to comply with the respective frameworks and standards. The solution also uses process management tools to capture all data thereby improving clarity of calculations and enabling the detection and resolution of errors and discrepancies.
Organisations are also empowered to model diverse scenarios employing the platform's built-in scenario modelling tools. Thus, providing an enhanced understanding of risks and prospects, which could potentially lead to more informed decisions about sustainability initiatives and overall greater impact. Meanwhile, AI-powered insights aid organisations to quickly detect and act on peculiarities and variances as well as navigate the data efficiently.
The advanced solution also offers predictive planning enabling organisations to develop and validate predictions and anticipate future performance. Additionally, AI and machine learning components help business leaders to continuously refine plans. Reporting capabilities and alignment with relevant reporting protocols facilitate the production of detailed reports that can be shared with key stakeholders. This fosters rapid and precise action to optimise environmental impact.
Oracle Cloud EPM for Sustainability is part of Oracle Fusion Cloud Enterprise Resource Planning (ERP). Oracle Cloud EPM provides a full suite of enterprise performance management capabilities, thereby aligning financial and operational planning, speeding up book closures and managing enterprise master data.