Note: This falls under the CPM(Corporate Performance Management) umbrella. Like EPB (Enterprise Planning and Budgeting), FCH sits on top of EPF(Enterprise Performance Foundation)
Oracle Financial Consolidation Hub brings together financial data from disparate sources
to create a single, global view of financial information across the entire enterprise. By
providing one consistent view of your enterpriseâ€™s financial position across complex
organizational boundaries, it enables you to confidently comply with financial
reporting requirements, adapt to changing business conditions, and establish a basis
for ongoing, enterprise-wide performance management. Financial Consolidation Hub
is a key component of Oracle Corporate Performance Management, a comprehensive
solution for improving performance across all facets of your business.
Complies with Financial Reporting Requirements
Enterprises today are under constant pressure to speed the process of closing their
books, striving to comply with more stringent financial reporting requirements while
seeking faster access to critical business information. Compounding these pressures
are disparate financial systems; complex ownership structures; and multiple business
units, cost centers, or consolidation structures that make consolidating financial data
a manual, time-consuming, and resource-intensive process. Financial Consolidation
Hub provides faster processing and deeper visibility into a single source of consolidated
results to significantly help with accelerated reporting, expanded disclosures, and
certified internal controls.
Adapts to Dynamic and Complex Business Conditions
After spending the last decade cutting costs and missing revenue targets, executive
offices worldwide are now pursuing a diversified and sustainable mix of top-line
growth initiatives. Strategies such as tapping into expanding markets or market
segments, moving into adjacent markets, or investing in completely new markets
require flexible, adaptable systems that can keep pace with a business environment
unprecedented in its rate of change. Financial Consolidation Hub is built to adapt to
changing business requirements, offering an open architecture that rationalizes data
from disparate systems into a single, actionable source of truth.
Provides a Basis for Enterprise-Wide Performance Management
Todayâ€™s financial organizations are being called upon to achieve both strategic and
operational excellence. After all, the best plans in the world are futile without
effective execution; likewise, effective execution is wasted if itâ€™s based on flawed
strategy. Achieving such corporate alignment requires a single, enterprise view of the
firmâ€™s financial position.
Financial Consolidation Hub creates this view by integrating
multiple subsidiaries and investments from a variety of countries with disparate
accounting systems, ownership structures, charts of accounts, and currencies. By
providing accurate, timely, and enterprise-wide information, Financial Consolidation
Hub provides a foundation, upon which financial organizations can establish and
evaluate business strategies.