What is EPRCS and how it is changing corporate reporting
EPRCS is changing corporate reporting. The quality of a company’s reporting can affect how its management is perceived—and can even affect the business’ cost of capital.
In addition to corporate valuation considerations, we are witnessing an increase in global and regulatory mandates around narrative reporting in the EU and USA (SEC).
How to capture the data
For many businesses, performance reporting remains manual and ad hoc, and misses the story behind the data.
Errors are made in combining data (what) with narrative (who, when, why), especially with rendering data into the report. In addition, organisations lack the ability to analyse the data to validate the narrative.
The disconnected nature of the process means it is difficult to bring subject-matter experts into the process for centralised commentary on content. This also makes it harder to track progress and to see who is currently responsible for individual areas of content.
Finally, there are auditability concerns and weak security around supporting “need to know” access to content.
What to report on
For most organisations, intangible assets (talent, customers, and intellectual property) are worth much more than tangible assets (property and equipment). However valuing intangible assets is made complex by many data sources.
Collaboration with the correct people
The average employee typically collaborates with 10 or more people just to accomplish their day-to-day tasks.
When it comes to reporting processes, those numbers are even higher—and effective collaboration is even harder to achieve.
Re-invent Performance Reporting
Oracle Enterprise Performance Reporting Cloud (EPRCS) helps organisations streamline internal and external reporting processes, and combine data and narrative in a secure, collaborative cloud environment.
EPRCS uniquely combines management, narrative, and statutory reporting needs in a single solution. Whether you are using your existing documents, a previous report package, or letting the system automatically create “doclets” (individual areas of a report package that are assigned to authors, who provide the report content), you can quickly and easily create a report package in mere minutes, with minimal information.
Data within the right Context
The system walks you through the setup to enable the phases you need for your report package. You set the due dates, add doclets, and assign users to their roles (Owner, Author, Approver, Reviewer, and Viewer). A Report Center provides a single web interface for report package contributors. Report package owners define, manage, monitor, and interact with content through this interface, while assigned users see only the content applicable to the role they have been assigned.
In addition, users can easily take a deeper dive into the data without leaving the application. EPRCS includes the ability to perform multidimensional and other analyses on financial data.
Report with confidence
Increased demand, both internally and externally, for information—from multiple data sources— can make it challenging to have confidence in reported results. EPRCS enables you to easily combine system-of-record data into your narrative reporting.
Authors can integrate both on-premises and cloud-based EPM and BI data sources directly, as well as combine data from Oracle and other ERP systems, thereby leveraging existing IT investments.
This helps provide trust and reliability that the numbers and information are accurate. EPRCS being part of Oracle cloud, benefits from the same security and reliability as all other Oracle Cloud deployments. Because the solution is cloud based, you can deliver faster, more accurate insights to all stakeholders, anytime, anywhere.
When the data is combined with narrative, you gain actionable insight. Moreover, data access plus data integration provides “one version of the truth” on a single reporting platform.
Security is critical throughout this process. Users have instant visibility of the progress and status of the reporting lifecycle, and the system efficiently brings knowledge workers in and out of the process based on their role.
With security to handle sensitive content at all levels, from network to storage, you have the peace of mind that your most important and confidential data is only visible to authorised users
You believe that EPRCS can add value to your business reporting narrative? Do not hesitate to make contact with Tactic Key Consulting in order to have a more detailed discussion.