Charts of account, entity names and account hierarchies are essential components of all financial systems. Multiple charts of account exist in many organizations for various accounting reasons. For companies which have multiple systems of record, entity names are often different from one system to another. Different account hierarchies are created for different purposes, i.e. tax, reporting, scenarios comparisons, etc. The master data that defines these critical business terms need to be carefully managed across operational, analytical and enterprise performance management silos. Inconsistent master data will render organizations inability to interpret its critical financial information correctly, resulting in erroneous reporting and labor intensive data validation. Oracle Data Relationship Management (DRM) helps organizations to proactively manage changes. Whether processing financial or analytical information, DRM delivers timely, accurate and consistent master data to drive ongoing operational execution, business intelligence and performance management. Being one of the few leading consulting firms that are specialized in solutions across EPM and BI, PREDICTif understands the criticality of master data management and has the necessary experience and resources to deliver DRM solutions to our customers.
Oracle Data Relationship Management provides many highly useful features and functionality to properly manage your master data, no matter where the master data is stored and what format it is in:
- Provide a platform for managing the many changes to critical enterprise data that often require human judgment, saving organizations the time and resources dedicated to reconciling discrepancies by streamlining manual, error-prone and uncoordinated change events.
- Unifies cross-functional perspectives to a master record while enabling business users to contribute to the process of managing complex master data by constructing alternate departmental views of the data that are consistent and accurate.
- Enable IT administrators to ensure data integrity and security by keeping data management processes consistent with company policies.
- Provide best-in-class functionality for managing hierarchies, with which it includes drag-and-drop hierarchy maintenance to streamline the process of updating hierarchy elements.
- Provide the abilities to import, blend, and export capabilities that make it possible to make changes either in the system of record or in peripheral systems.
- Provide versioning and modelling capabilities to allow organizations to run what-if scenarios and impact analyses to determine the effect of such changes before impacting production systems.
- Provides a framework for query, comparison, and full logging of hierarchy management activities, including a detailed transaction history for full compliance with the Sarbanes-Oxley Act.
PREDICTif is a data management and analytics company, hence we understand how to build a solution to ensure that the data is securely stored, correctly interpreted and efficiently managed. Since its inception in 2007, PREDICTif has developed an unparalleled history of successful master data management projects. We can work together with you and achieve the same success that we have done for hundreds of our customers.