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Transform the Weakest Link. The Month End Financial Close Process. to an Opportunity. NorCal OAUG Training Day 2008 Vibrant Channels Inc - Booth #16. Ram Subramanian [email protected]. Learning Objectives. Understanding the Weakest Link Reviewing the Opportunity - PowerPoint PPT Presentation
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© Vibrant Channels Inc 1 www.vibrantchannels.com
Vibrant Channels
Transform the Weakest Link
to an Opportunity
The Month End Financial Close Process
NorCal OAUG Training Day 2008Vibrant Channels Inc - Booth #16
2© Vibrant Channels Inc 2 www.vibrantchannels.com
Learning Objectives
Understanding the Weakest Link Reviewing the Opportunity Solution for the Transformation Solution Features
3© Vibrant Channels Inc 3 www.vibrantchannels.com
Today’s Speaker
Ram Subramanian
Head of Enterprise Solutions division of Vibrant Channels Inc.
Functional Consultant, with over 12 years in Oracle E-Biz suite implementations – Finance, Distribution, Planning and Manufacturing modules.
Oracle Customer Advisory Board Member for OSFM and pioneer in OSFM implementations.
Senior Program Manager (Consulting) at Cisco Systems, San Jose, handling global programs.
Manufacturing Application Specialist (Consulting) at Qualcomm, San Diego.
Implementation Lead for several rapid implementations in Bay area with Quovera.
Business Analyst (Consulting) with Alcoa Fujikura Limited.
Over 15 years experience in Finance and Accounting in India.
CPA and Management Accountant (CIMA).
Vibrant Channels IncOracle Partner focused on E-Business suite.
Providing specialized implementation and development services.
Extensive onshore and offshore capabilities.
Products:
• Vibrant iClose
Automate month end close – Effectively and efficiently!
• Vibrant iPick
Order fulfillment – Always, every-time!
• Vibrant iTrack
Transparent real time data – from wherever, whenever!
• Vibrant iManage
Manage Integration – Plug & play with Oracle E-Biz suite
• Vibrant iMap
Bring life into business data
4© Vibrant Channels Inc 4 www.vibrantchannels.com
The Weakest Link
Are you frustrated with the mundane tasks for closing the periods?
Are you under pressure at the end of each month?
Do you have limited or no participation from your core business teams?
You have a typical financial close process, that is the
link in your business processes.
5© Vibrant Channels Inc 5 www.vibrantchannels.com
Month-end Close – Traditional View
Month-end close is: A mundane task for every month
Executed primarily by IT personnel
Activity in the last weekend of each month
To meet system requirements of close period
Finance may use it to report results
Time-consuming activity
6© Vibrant Channels Inc 6 www.vibrantchannels.com
Month-end Close Process– Traditional View
Month-end practices are:
Manual and/or semi-automatic
Non-cohesive, uncoordinated steps not a streamlined process
Highly dependent on the execution team for completeness and effectiveness
Least participated by core business users
Ad hoc quick fixes to resolve discrepancies and gating factors, involving compromises
7© Vibrant Channels Inc 7 www.vibrantchannels.com
Traditional Close Process
IT Steps
Compliance
FinanceReporting
Operations
Sales
Manufacturing
Finance
Marketing
Close Process
Core Business
Processes
Week 1Week 2
Week 1 Week 4
Red
Zone
The closing processes are disjoint steps, run outside the core business processes, in the last week of a month, with potential risk of slowing down the core processes.
Weeks
of
month
8© Vibrant Channels Inc 8 www.vibrantchannels.com
Impacts
Close process has limited business value. Compromises & adhoc adjustments. Risks of partial and improper execution. Not scalable to meet growing demands. Time consuming activities. Stress and extended working. Execution without direct involvement, reducing effectivity
and purpose. Risks with staff transitions and training issues. Non-availability of timely critical reports and information.
9© Vibrant Channels Inc 9 www.vibrantchannels.com
The Opportunity
Transform it into a value added business process.
Make it a process of continuous monitoring, control, automation and reporting.
Give a new definition to the traditional month end financial close process.
10© Vibrant Channels Inc 10 www.vibrantchannels.com
Financial Close Process - A New Dimension
The close process cannot be restricted just to closing books; it should cover processes in all business areas - providing a means for timely execution of tasks and supporting cross- functional collaboration.
The close process should rightfully become a fully integrated business process that can provide pro-active monitoring and reporting for the actual process owners.
The close process cannot just be an activity at the end of the month. It must be carried out every day, throughout the month, integrated with the other business processes.
Month-end is to be viewed as a “milestone” to measure performance and set the ground to enforce corrective measures. So, the process should extend to areas of business that are not period bound.
11© Vibrant Channels Inc 11 www.vibrantchannels.com
Transformation With New Close Process
Operations
Sales
Manufacturing
Finance
Marketing
Core Business
Processes
Week 1Week 2
Week 1 Week 4• Fully integrated
close process.
• Applicable to all areas of business, not just finance.
• A continuous process of monitoring, reporting, control and improvement.
• Executes throughout the month, not just at month-end – no stress in red-zone.
• Value-addition with cohesive and coordinated processes.
Red
Zone
Weeks
of
month
12© Vibrant Channels Inc 12 www.vibrantchannels.com
The Solution
Month-end closing…
and a holiday ??!!
Sounds like a dream?Make it a reality with
Vibrant iCloseAutomate month-end close - Effectively and efficiently !!
13© Vibrant Channels Inc 13 www.vibrantchannels.com
What is Vibrant iClose
An end-to-end workflow solution with convenient extensible architecture.
Automates with configurable business rules and makes the solution tailored to each installation, without any customization requirement.
Configurable to cover all or any desired portion of business processes.
A continuous process that can be scheduled to run in background, throughout the month, with desired frequency.
Capability to define and meet cross-functional dependencies across multiple entities: organizations, operating units, legal entities and sets of books.
Power to collect information and execute processes in any module of Oracle E-Biz suite.
Capability to extend to any other systems and applications, including custom applications.
Oracle E-Biz suite: the framework for executing and recording all business transactions.
iClose is seamlessly integrated with the E-Biz suite, almost like a full module, with setups and configurations to provide automated monitoring and control functionality.
iClose introduces an end-to-end workflow with fully configurable task nodes, using technology components that are already available within the Oracle E-Biz suite.
iClose with E-Biz Suite
14© Vibrant Channels Inc 14 www.vibrantchannels.com
iClose Application Overview
• Comprehensive and cohesive solution across all functional areas.
• Covers requirements of business and systems processes in each area.
• Extensible to cover any custom processes – including SOX governance.
• Packed with several powerful features that enhance the value of the solution.
15© Vibrant Channels Inc 15 www.vibrantchannels.com
Vibrant iClose – Who Can Use It?
Is iClose only for Finance Users? iClose is a comprehensive tool, with potential to be
used by any business or system user. It is not just a tool for the Finance users or the
Systems team. The framework of the application ensures that it is
easy to extend to cover any area of the business, including
any process unique to any customer. to cover processes in any system, not just
limited to the Oracle E-Biz suite. iClose enables process owners to manage their
areas of process and supports them effectively with extensive monitoring and reporting capabilities.
iClose possesses flexibility to be implemented to cover specific areas – could be specific business processes or locations or entities or a combination of them - and extend the coverage progressively in a phased manner.
Is iClose only for large companies?
iClose helps large companies to automate tasks in several areas, facilitate cross functional collaboration, reduce time and man power required and streamline the flow of operations.
iClose helps smaller companies to define closing as a streamlined process, not dependent on the execution team. With small businesses constrained by limited staff availability, attrition and lack of adequate knowledgeable resources, iClose helps to reduce man-power and bring consistency and stability in the process.
16© Vibrant Channels Inc 16 www.vibrantchannels.com
Vibrant iClose Features
Integration with E-Business Suite
17© Vibrant Channels Inc 17 www.vibrantchannels.com
Features: Fully Integrated with E-Biz Suite
iClose is fully integrated with the E-Business Suite and executes like an additionally module.
Solution components used are all pre-licensed with E-Business suite and no additional software is required.
iClose uses the user accounts, logins and responsibilities setup in the E-Business suite.
iClose Portal page is accessed from the navigator, like any standard application.
All the user interfaces in iClose are developed in Oracle Forms and follows the same navigation and other standards to make it seamless for users.
18© Vibrant Channels Inc 18 www.vibrantchannels.com
Solution Components
iClose uses purely Oracle Technology products that are already licensed as part of Oracle E=Business Suite.
• Oracle Workflow
• Oracle Forms
• Oracle PLSQL
• Self Service – Notifications & WF Status
iClose Application does not require any additional software license.
19© Vibrant Channels Inc 19 www.vibrantchannels.com
iClose Portal
• iClose is fully integrated with Oracle Applications and serves as a module by itself – all from this single portal page.
• The Tree on the left panel shows the iClose Navigation Options.
• Users can directly navigate to any form by expanding the tree and clicking on the option.
• The Navigation Tree honors the standard menu exclusions done at responsibility level.
The right panel shows three summary screens
• Entity Status Summary – showing key entities and their close statuses.
• Current Pending Areas – showing summary of key processes that are under process and not completed.
• Notification – Notifications that are open to the specific user – both FYI & requiring response.
20© Vibrant Channels Inc 20 www.vibrantchannels.com
Vibrant iClose
iClose Workflow
21© Vibrant Channels Inc 21 www.vibrantchannels.com
Features: Comprehensive Workflow
iClose executes the whole close process using a comprehensive workflow process.
iClose uses Oracle Workflow technology, that is embedded within the E-Business suite.
Users are provided full visibility of the processes, making it completely business friendly.
The workflow technology provides users with flexibility to re-design processes without customizations.
Workflow Status monitor and Status Diagrams provide clear information to the user about the status and details of each execution.
22© Vibrant Channels Inc 22 www.vibrantchannels.com
iClose Main Workflow
• iClose uses a comprehensive workflow as the main process for execution.
• The workflow includes over 150 sub processes and over 700 pre-defined nodes.
• The processes across different modules and different entities are made to run simultaneously, taking into account cross functional dependencies.
• The workflow starts executing from the first step every time and executes each node based on frequency setup, dependency check etc.
23© Vibrant Channels Inc 23 www.vibrantchannels.com
iClose Sub-Processes
• The main workflow process launches the sub-process that executes processes/ activities specific to each business area or module.
• Simultaneously several processes can be run, one for each Sets of Books/ Operating Units and Inventory Organizations, that are configured to use iClose processes.
• Processes are launched for each open period. iClose provides flexibility to handle closing processes of previous period, while handling a different set of processes for the newly opened period.
24© Vibrant Channels Inc 24 www.vibrantchannels.com
Vibrant iClose
WorkflowEnhancement&Management
25© Vibrant Channels Inc 25 www.vibrantchannels.com
Workflow Enhancements
iClose is designed to harness the power of Oracle Workflow. iClose provides configurable options with User Interfaces that help to
enhance the functionality greatly.
Workflow Enhancements Selection of applicable processes and nodes for execution. Configure to selectively run processes for specific organizations,
operating units and sets of books. Define frequency of execution for each process/node with flexibility to
run more frequently towards close. Define cross functional pre-requisites – across entities, across
processes and across periods. Define user subscription for each node. Facility to override execution frequency & user subscription, for
specific nodes, for selected entities and periods.
26© Vibrant Channels Inc 26 www.vibrantchannels.com
Selection of Processes/Nodes• iClose reads the workflow
definitions and automatically shows the processes and nodes for user to configure.
• Nodes are the individual steps or activities.
• Processes are a logical combination of activities. A process can have any number of sub-processes with their own nodes.
• Using the iClose Process Form and iClose Node Form, users can select the processes and nodes that are suited for execution.
• By flagging a node or process with iClose Automation = N, the node or process will not execute, though present as part of the seeded iClose workflow process.
• Every execution of the workflow automatically checks for updates and synchs up the iClose tables for workflow changes.
Nodes
Processes
27© Vibrant Channels Inc 27 www.vibrantchannels.com
Define Cross Functional Dependencies
• Users can define pre-requisites both at Process and Node level.
• The pre-requisite can be:• One or more different
nodes/processes – in any business area.
• Same node/process for a different period.
• Same node/process for a different entity for same/different period.
• Dependency has two possible actions• Do not start• Do not Complete
• Provides flexibility to keep executing dependent processes, but not complete them unless pre-requisite is completed.
Process Level Definition
Node Level Definition
28© Vibrant Channels Inc 28 www.vibrantchannels.com
Flexible Frequency of Execution
• It is a common business requirement that each activity may be required to be executed with different frequency during the month.
• Out of box workflow process would execute every node in each run.
• iClose introduces the capability to pre-set frequency of execution for each process and node.
• Multiple frequency can be set for each node.
• Flexible frequencies tied to the period are available – Monthly Once, Specific Dates, Start of Month, Last day of Month, Week Day, Daily, Always, Daily after Month End and Always after month end. Frequency defined at the Node and Process Levels can be over-
ridden for a specific period, if required.
Node Level Frequency
Process Level Frequency
29© Vibrant Channels Inc 29 www.vibrantchannels.com
Configurable User Notification Subscription
• iClose execution is driven by business rules, which includes definition of exceptions.
• The subscription flexibility allows actual business to be directly notified for actionable business exceptions.
• Notification set up for a process is used for all nodes.
• Override can be made for a specific node.
• Notification can be for a specific entity or can be set up as Common.
• If setup as common, user will be notified for all entities.
• Subscription can be changed for specific period during run time.
Process Level Notification Subscription
Node Level Notification Subscription
30© Vibrant Channels Inc 30 www.vibrantchannels.com
Synch Up
iClose leverages the following setups within Core Oracle Applications, which are considered the foundation data:
Sets of Books FA Corporate, Tax
and budget books Application Modules Legal Entities Operating Unit Inventory
Organizations
Users can choose which specific sets of books or operating units or organizations should use iClose.
They can define the Start Period and optionally a period for suspension of automation, if required.
31© Vibrant Channels Inc 31 www.vibrantchannels.com
Select Entities for iClose
Each application has an entity level – like Work in Process is tied to Inventory Org level while Payables is tied to the Operating unit.
iClose Entity is a unique combination of an Application Module and its relevant business entity – sets of books, legal entity, operating unit or Inventory organization.
Execution of all processes are centered around the iClose Entities.
The Entities form allows flexibility to users to select Entities that are to be covered by the iClose processes.
Users can set effective start period for each entity, can suspend entities for specific period or even end date processing for the entities.
32© Vibrant Channels Inc 32 www.vibrantchannels.com
Vibrant iClose
Configurable Workflow Nodes& Business Rules to Drive
33© Vibrant Channels Inc 33 www.vibrantchannels.com
Feature – Fully Configurable Workflow Nodes
A key feature in iClose is the flexibility to provide definition to the workflow nodes, using business-user friendly forms.
The SQL that requires execution is exposed to the users – for visibility, configurability & adaptability.
Rules are derived from the SQL that is attached.
Business users can easily review and define rules and exceptions specific to their areas.
Changes can be done easily, using the forms, with out the need for any code deployment.
Any extensions to the workflow can be managed using the same framework.
iClose uses Oracle’s security framework. It enhances the security with flexible security rules that can be defined by the users.
34© Vibrant Channels Inc 34 www.vibrantchannels.com
Define Business Objects
iClose uses business objects for users to provide definitions used in workflow nodes. The user is provided with full visibility and flexibility to adapt the seeded nodes or define new nodes.
35© Vibrant Channels Inc 35 www.vibrantchannels.com
Define Business Rules – Option 1
Business users can define multiple rules and configure the conditions and the actions to be taken for each kind of exception.
Multiple actions can be specified to meet the business requirements.
36© Vibrant Channels Inc 36 www.vibrantchannels.com
Define Business Rules – Option 2
Business users can classify critical conditions as Business Exceptions and configure notification action with response.
The workflow process will not set the node with complete status till the exception is resolved.
37© Vibrant Channels Inc 37 www.vibrantchannels.com
Define Notification with Response
Notifications – both FYI and Requiring Response – can be defined with appropriate information.
Users can also define or maintain values that are to be used when providing the response.
38© Vibrant Channels Inc 38 www.vibrantchannels.com
Enhanced Security
iClose uses the out-of-box standard security features - user login, access, responsibility, menus and menu exclusions.
iClose allows definition of various granular security rules linking security to key business values.
Rules can be associated to form functions and tied to Responsibilities.
iClose also provides option to honor Org Access and Operating Unit restrictions by responsibility.
39© Vibrant Channels Inc 39 www.vibrantchannels.com
Vibrant iClose
iClose Execution Management
40© Vibrant Channels Inc 40 www.vibrantchannels.com
iClose Execution
iClose Scheduler allows users to define the frequency at which the workflow process needs to run.
Execution happens through out the month, for all processes, across all entities and open periods.
Except for the current workflow being executed, there will be no pending workflow processes – active or deferred.
In each execution, the workflow is forced to traverse through the full process and gets completed suitably updating the back end control tables.
Concurrent programs are executed – processes, out of box reports, custom reports – as part of node execution and outputs are automatically archived.
41© Vibrant Channels Inc 41 www.vibrantchannels.com
iClose Request Scheduler
• iClose is a workflow program, run in the background as a Concurrent Program.
• iClose Request Scheduler provides option to set a predefined schedule for execution.
• Option for scheduling includes:
• Period from start of month
• Calendar Dates
• Day of the Week
• For each option, user can specify different frequency types:
• Every X Minutes
• Specific Times
The scheduler is more powerful than the standard scheduling via Standard Report Submission Screen:
• Schedule can be dynamically tied to the period close and the close status, to run more frequently, during last days before close and after last date, if not closed.
• Flexibility to specify multiple flexible schedules for each day.
• Flexibility to change as required.
• Flexible to preview scheduled times over a period of days.
42© Vibrant Channels Inc 42 www.vibrantchannels.com
iClose Execution History
• iClose Execution History tracks all the execution of the iClose Processes.
• iClose has a unique process to manage Workflow Execution – the Main process is allowed to traverse through the whole process and terminates at the end of every execution.
• Every new execution evaluates previous execution, repeats ones to be repeated, skip ones not required and execute the rest of the nodes.
• At any point in time, there will be only one iClose Program under execution.
• Architecture designed not to allow multiple pending Workflow Processes.
The Execution History shows summary of three statuses
• Process Status – shows status of the iClose Program – whether completed or in Progress.
• Close Status – shows a consolidated view of the status of all entities
• Closed = All are closed• Open = All are Open• Mixed = Some are Closed and some are Open.
• Entities Pending Count – gives a count of the number of entities that are not Closed.
43© Vibrant Channels Inc 43 www.vibrantchannels.com
Monthly Status of Entities
• Provides a summary view of the close status of all entities in the system, for each period for which iClose process is run.
• It helps to identify entities that may be holding up the period close process.• It also shows entities that are ready to close, where user can initiate steps
or process to close out the period.• User can change status to Suspended and stop running iClose process for
that entity during the month.
44© Vibrant Channels Inc 44 www.vibrantchannels.com
Monthly Process Control
Monthly Process Control Form provides:
- Visibility of status of various processes for each entity and for each period.
- Allows users to identify the hold ups due to pre-requisites.
- Allows users to handle road-blocks by managing the processing status.
45© Vibrant Channels Inc 45 www.vibrantchannels.com
Monthly Node Control
• Node Control Form provides a comprehensive view of the Node for each entity, for each period.
• Both Current Run Status and Process Status are updated during each workflow execution.
• The form shows status of the node and also the status of its pre-requisites.• It allows users to manage the nodes, to clear dependencies and also
maintain status of nodes, to clear road-blocks.
46© Vibrant Channels Inc 46 www.vibrantchannels.com
Status Monitor
• iClose workflow execution can be tracked using the Out of Box Status Monitor Web screen.
• The screen shows details of all key workflow processes submitted.
• Child workflow processes can be identified and related to the main process by the WF Item Key field.
47© Vibrant Channels Inc 47 www.vibrantchannels.com
Workflow Execution Diagram
The Status Diagram page provides the following benefits:
• Clear graphical view of execution path.
• Clear identification of pending processes and also road blocks for completion.
• Drill down capability to go from the main process to any child level processes.
• It is out-of-box standard Oracle web page, available as part of Self Service for Workflow.
48© Vibrant Channels Inc 48 www.vibrantchannels.com
Node Reports
• Node Report is a comprehensive single form, that allows users to review details of exceptions associated with each node.
• The form shows the various nodes that have exception raised, during the latest execution of the flow and any unresolved ones from the earlier runs.
• Exceptions presented are based on the rules set up for each object, configurable by the user.
• Users can review all exceptions or can select specific one in the right panel.
49© Vibrant Channels Inc 49 www.vibrantchannels.com
Vibrant iClose
Automated
Reconciliation
50© Vibrant Channels Inc 50 www.vibrantchannels.com
Automated Reconciliation Process
iClose provides streamlined processes for handling the reconciliation.
Each area of reconciliation is mapped as a configurable process with in the workflow.
Nodes defined in workflow execute the steps within the process, and collect relevant data for reconciliation.
An automated report provides details of the reconciliation.
iClose covers two types of reconciliation – within the subsidiary modules and also between subsidiary modules and GL.
IdentifyIdentify
SummarySummary
DefineDefine
FormulaFormula
BuildBuild
SummarySummary
DeriveDerive
ResultResult
Apply Apply
FormulaFormula
PublishPublish
ResultResult
AP Reconcile AP Invoices Reconcile Payments
AR Reconcile Receipts Reconcile Aged Trial Balance
GL Reconcile AR Journals Reconcile FA Journals Reconcile AP Journals Reconcile PO Accrued Expense Journals Reconcile INV Journals Reconcile Inter-company
PO AP Inventory Accrual Account AP Expense Accrual Account
INV INV Receiving Valuation Account INV Inventory Valuation Account
51© Vibrant Channels Inc 51 www.vibrantchannels.com
Reconciliation Workflow & Node Setup
• Each reconciliation is defined as a unique process in workflow.
• Each node is tied to one step in the reconciliation process.
• The Formula Definition Form provides option to define the formula to check the reconciliation.
• Reconciliation Report, which runs as the last node, generates report showing details of the reconciliation.
• The reconciliation report can be generated as an independent concurrent program.
52© Vibrant Channels Inc 52 www.vibrantchannels.com
Reconciliation Summary
iClose provides a comprehensive screen to view the reconciliation by process and by account numbers.
Details of reconciliation for current as well as for past months can be viewed.
53© Vibrant Channels Inc 53 www.vibrantchannels.com
Review Reconciliation Output
Reconciliation Report can be generated as a concurrent output, convertible to Excel format.
54© Vibrant Channels Inc 54 www.vibrantchannels.com
Vibrant iClose
Interface
Management
55© Vibrant Channels Inc 55 www.vibrantchannels.com
Oracle Open Interfaces
Interfaces are a key part of Oracle E-Biz suite.
They cover integration within different modules of the suite as well as external integration with other systems, including B2B.
Monitoring these interfaces are critical from business perspective – making sure that all orders are actually processed and booked, all journals are accounted for etc.
iClose allows periodic check of interfaces in all Oracle Modules.
It includes capability to review interface records, update errors and re-process the record automatically.
Are interfaces to be owned by the IT team?
Typically all interfaces are treated as IT owned, with least participation by the process owners.
Is this valid?
Interfaces provide key collaboration facility with various partners and systems.
Role of IT is to resolve technical and system issues.
However, records stuck in interfaces are really business transactions, where the process owners need to be aware and initiate suitable steps to resolve them.
iClose makes the interface a business user friendly tool.
56© Vibrant Channels Inc 56 www.vibrantchannels.com
Interface Management Form
Interface Management Form provides the following key facilities:- The single screen is used to show discrepancy in all interfaces.
- User configured setup determines what columns can be updated.
- Security rules determine which entities a user may update/review.
- SQL Statement for update of interface record is visible for audit purposes.
- Reprocessing uses standard API calls to the Oracle Interface process.
• Interface Management form is a consolidated workbench, to manage various interfaces in all modules.
• User can select different interface on the left – the right side will display details related to that interface.
• Fields that are set up as editable are the only ones that appear in white background.
57© Vibrant Channels Inc 57 www.vibrantchannels.com
Vibrant iClose
iClose
Concurrent Program Management
58© Vibrant Channels Inc 58 www.vibrantchannels.com
Concurrent Programs
Business requires several processes and reports to be run as concurrent programs – through out the month, during close and also in post close period.
These programs require a variety of parameters to be submitted, context to the specific entity, period and related attributes.
iClose provides an elegant solution to effectively manage the concurrent programs.
Concurrent programs – one or more – can be tied to the nodes from the Node Control form, for execution during workflow execution.
Changes to concurrent programs or their parameter values can be done using the Form without any code changes.
59© Vibrant Channels Inc 59 www.vibrantchannels.com
Concurrent Program Setup
• User can associate one or more concurrent programs to relevant nodes.
• Parameters defined are automatically fetched.
• Users can attach pre-defined rules to provide values for the parameters.
• The View Parameters shows the parameter values the system will derive and helps to validate the rule mapping prior to actual execution.
• Defining once for a concurrent program is sufficient to run the same program, context to each entity and period.
60© Vibrant Channels Inc 60 www.vibrantchannels.com
Vibrant iClose
Report Repository Management
61© Vibrant Channels Inc 61 www.vibrantchannels.com
Repository - Overview
Business teams, particularly Finance & Operations, require various critical reports to be run for each period.
Traditionally, teams generate these reports manually or use scheduled processes, and manually save output files in shared folders.
Typical issues are: Process is totally manual and depends on performer. Risk of over-writing and losing critical files. No easy means of retrieval. Search facility is limited.
iClose Repository Management provides an easy facility to manage the generated reports.
The process is tied to the workflow execution and generation is totally automatic.
Reports are archived automatically – with versions. Report Management screen provides option to search and view reports in
an easy to use manner.
62© Vibrant Channels Inc 62 www.vibrantchannels.com
Repository – View Reports
• The iClose Repository could be used to search for reports for current month and archived reports for previous periods.
• An integrated search facility provides powerful features to search for the required reports.
• The Search window includes an option to sort and view the repository records in the desired manner.
• Users can directly view the report from the screen.
63© Vibrant Channels Inc 63 www.vibrantchannels.com
So, Transformation Required Is
Closing Process: iClose provides a new definition to the close
process. iClose extends close process from being a
mundane task during month-end/weekend to a value-added integral business process.
Close process is a continuous business process of monitoring, reporting, control and improvement.
iClose is not just for closing financial books, but a comprehensive process that covers all areas of business.
Its not a month-end activity, but a continuous automatic activity throughout the month.
Transforming Solution: A comprehensive Oracle Workflow-based
solution. Automates the close process with full
configurability. Technically innovative, providing facility for
dynamic execution of each workflow node. Unique solution with capability for users to
define, configure and control each node.
Turns month-end from being…
to
64© Vibrant Channels Inc 64 www.vibrantchannels.com
iClose – Benefits to Business Users
Integrated With Oracle ApplicationsFull Integration with Oracle E-Biz suite like a custom
application module.
Comprehensive Portal PageSingle UI page provides summary status and notifications and allows access to entire iClose application from one screen.
Modular and FlexibleFlexibility to use specific modules or for specific
organizations and expand to cover others easily.
Intuitive & Familiar UI StandardsUI is based on Oracle E-Biz suite and requires no additional training.
Extensive Entities Coverage Covers all sets of books, FA books, legal entities,
operating units and inventory organizations.
Key Apps Modules SupportedGL, AR, AP, PO, WIP, INV, WSH, WMS, WSM, FA and extensible to any module.
Business and System ProcessesCovers business and system processes in all key areas.
Custom Modules and Processes Can cover any type of custom modules and processes.
Extensive User InterfaceUI (Forms) control workflow, provide visibility and control
configuration.
SOX Governance Flexibility to cover reports required under Sec 404 and 409.
Integrated Notification with ResponseConsolidated automatic notification at end of process.
User Interface available to review and define recipients and provide response for notification.
Reconciliation AnalysisFacility for automatic reconciliation analysis on a regular basis.
Report Repository ManagementAutomatic facility to archive reports and retrieve reports.
Flexible FrequencyUser defined frequency of execution of each node, with flexibility to have different schedules.
65© Vibrant Channels Inc 65 www.vibrantchannels.com
iClose – Benefits to Systems/IT Team
Easy Deployment – Plug & PlaySimple installation process that uses existing infrastructure, including
custom application directory structure.
Oracle Menu DrivenUses Oracle application navigation and menu structure, including access
management using menu exclusions.
Oracle Workflow TechnologyMain process designed and executed as a Oracle workflow process,
giving full visibility to the steps and flexibility to customize individual steps and processes to suit business requirements.
Fully ConfigurableFacility provided to configure all key elements of the solution, without need for code changes and deployment. Changes to meet business needs can be done mostly from UI and easily tested.
Configurable Workflow Nodes Facility to define what the node should execute and business rules to
handle results of execution.
Integrated Interface ManagementFacility to view, fix and reprocess records that are stuck in interfaces in all modules; workflow checks for pending records and shows only interfaces that require fix.
Auto Synchronization of WorkflowFacility for automatic synch-up of changes made to workflow, taking
into account date effectivity of the workflow changes and ensuring transparent operation.
Easily ExtensibleFramework allows easy addition of new processes and nodes within existing processes, with least turn-around time.
Regular Audit of SetupFacility included to do an audit of all critical setup components, with
suitable notification to administrators about missing setups within
iClose.
Concurrent Program SubmissionFull support to define and run multiple concurrent programs with each node and flexibility to setup rules for dynamic generation of required parameters.
No Pending Workflow ProcessiClose uniquely designed to complete the process in each run and not
allow pending processes. Every execution evaluates previous execution and executes node as required.
Flexible iClose SchedulingiClose Workflow process can be scheduled with different frequencies on different dates, based on fiscal days, calendar dates, day of week, etc.
Patch & Upgrade FriendlyiClose operates as a plug & play solution that uses information from
E-Business Suite, but does not pose any issues from upgrade or
patch application.
Enhanced Security Aligned with ResponsibilityAccess controlled via responsibility assignment, with flexible security setup that leverages org access and operating unit restrictions.
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Vibrant iClose
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