OFSAA is great to standardize data and support big data. Implementation can be costly.
September 17, 2019

OFSAA is great to standardize data and support big data. Implementation can be costly.

Anonymous | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
Review Source

Modules Used

  • Oracle Financials Cloud
  • Oracle Accounting Hub Cloud

Overall Satisfaction with Oracle ERP Cloud

Oracle ERP is replacing 3 accounting systems. OFSAA is replacing the enterprise data master. The biggest benefit is to standardize data and source finance, treasury, and risk information from the same source. Oracle won out over SAP due to its penetration in the financial services industry. We did not feel that SAP bank analyzer was as mature or supported although it was less expensive. Cloud was selected to diversify infrastructure and reduce the dependency on IT operations.
  • Ability to scale and no fear of hitting constraints within the infrastructure.
  • Coordination of cloud and solution so future upgrades are accommodated and the knowledge that development will be spread across banking clients (compliance changes).
  • Forcing us to standardize to the dataset and stay as close to pure OFSAA as possible rather than recreating the legacy system.
  • The financial services data model shows its roots in the legacy FSDW and FSDF. The model is biased for the monthly closing process and needed updates for daily positions, rates, and prices (for FRTB and ALM).
  • Rating information is limited in OFSAA. It stores one rating. We need ratings from 3-4 agencies, rating data, original rating at the time of underwriting or onboarding, last rating, and the rating change date forever. That is 12 to 16 ratings.
We use OFSAA for enterprise data to feed legacy risk and treasury systems. Oracle GL is used to replace 3 legacy GL systems. We do not use revenue management or risk management. Financial dashboards and analytics on the underlying OFSAA backbone are the big data lift that impacted the bank up and above the simple replacement of legacy GLs.
  • Not a big impact on ROI to date. The package and integration costs are more than offsetting the benefit. There will eventually be cost savings as legacy GL systems are sunset.
Not yet, but I'm interested in Oracle user groups - analytics, OFSAA, ALM/FTP
More present in financial services and a more open architecture that supports big data and analytics.
Oracle ERP is well suited for environments were no legacy infrastructure needs to be saved. The pre-defined data model and functionality is a good framework for modeling an FS finance function. OFSAA is well suited to hosting enterprise data as well. It is not easily implemented out of the box and requires higher integration fees but gives you more flexibility and accessibility at the end.

Oracle Cloud ERP Feature Ratings

Accounts payable
Not Rated
Accounts receivable
8
Global Financial Support
8
Primary and Secondary Ledgers
9
Intercompany Accounting
9
Localizations
7
Journals and Reconciliations
Not Rated
Enterprise Accounting
8
Configurable Accounting
6
Centralized Rules Framework
5
Standardized Processes
9
Automated Invoice Processing
7
Shared Services Payments
8
Billings Management
7
Customer Receipt Applications
6
Customer Collections
6
Revenue Recognition
9
Cash Management
7
Asset Management
6
Travel & Expense Management
6
Budgetary Control & Encumbrance Accounting
6
Period Close
9
Transactions Tax
8
Subledger Reconciliations
9
3rd Party Accounting Systems
5
Inventory tracking
Not Rated
Automatic reordering
Not Rated
Location management
Not Rated
Manufacturing module
Not Rated
Pricing
Not Rated
Order entry
Not Rated
Credit card processing
Not Rated
Cost of goods sold
Not Rated
Order Orchestration
Not Rated
End-to-end order visibility
Not Rated
Order exception Resolution
Not Rated
Dashboards
8
Standard reports
9
Custom reports
7
API for custom integration
Not Rated
Plug-ins
Not Rated
Role-based user permissions
8
Single sign-on capability
Not Rated
Award Lifecycle Management
Not Rated
Spending Control
Not Rated
Indirect Cost Management
Not Rated
Billing
Not Rated
Budgeting and Forecasting
7
Project Costing
7
Cost Capture
8
Capital Project Management
7
Customer Invoicing
8
Customer Contract Compliance
6
Project Revenue Recognition
7
Project Financial Performance Analysis
6
Project Financials Dashboard
8
Real-time Financial Reporting
7
Embedded Business Intelligence
7
Project Planning Collaboration
6
Project Planning and Scheduling
Not Rated
Project Manager Dashboard
Not Rated
Resource Manager Dashboard
Not Rated
Task Insight for Project Managers
Not Rated
Project Manager Mobile Functionality
Not Rated
Team Member Task Collaboration
Not Rated
Team Member Mobile Functionality
Not Rated
Project Candidate Search
Not Rated
Project Candidate Comparison and Analysis
Not Rated
Defineable Resource Pools
Not Rated
Defineable Resource Pools
Not Rated
Talent Profiles
Not Rated
Real-Time Project Reporting
Not Rated
Absence Management
Not Rated
Product Lifecycle Management
Not Rated
Sourcing Team Collaboration
Not Rated
Sourcing Analysis
Not Rated
Bids Analyzed and Compared
Not Rated
Catalog Shopping E-Commerce for Employees
Not Rated
Contract Authoring
Not Rated
Contract Compliance Management
Not Rated
Contract History
Not Rated
Contract Renewal Automation
Not Rated
Contract Repository
Not Rated
Contract Standardization and Enforcement
Not Rated
Electronic Signatures
Not Rated
Invoice Automated Matching
Not Rated
Purchasing Risk and Compliance Management
Not Rated
Requisitions-to-Purchase Orders Integrated
Not Rated
Spend Compliance Management
Not Rated
Supplier Assessment
Not Rated
Supplier Communication and Collaboration
Not Rated
Supplier Management
Not Rated
Supplier Portal
Not Rated
Risk Repository
Not Rated
Control Management
6
Control Mapping
6
Control Efficiency Assessments
Not Rated
Automated Control Assessments
Not Rated
Assessment Capture
Not Rated
Issue Detection
Not Rated
Automatic Notification
Not Rated
Remediation and Certification
Not Rated
Transportation Planning and Optimization
Not Rated
Transportation Sourcing Management
Not Rated
Transportation Process Integration
Not Rated
Transportation Execution Management
Not Rated
Freight Payment Automation
Not Rated
Trade Management
Not Rated
Trade Regulatory Compliance Management
Not Rated
Customs Entry Management
Not Rated
Customs Document Management
Not Rated
Customs Document Collaboration
Not Rated
Fulfillment Management
Not Rated
Inventory Visibility
Not Rated
Warehouse Workforce Management
Not Rated
Production Process Design
Not Rated
Supply Chain Business Flows
Not Rated
Production Management
Not Rated
Contracted Manufacturing Management
Not Rated
Configuration Management
Not Rated
Work Definition
Not Rated
Work Execution
Not Rated
Advanced Fulfillment
Not Rated
Manufacturing Costs
Not Rated
Forecasting
Not Rated
Inventory Planning
Not Rated
Multi-tier Supply Chain Planning
Not Rated
Performance Monitoring
Not Rated
Ideation Management
Not Rated
Requirements Management
Not Rated
Proposal Management
Not Rated
Innovation Portfolio Management
Not Rated
Product Master Data Management
Not Rated
Vendor Portal
Not Rated
Project Portfolio Management
Not Rated

Oracle ERP Cloud Implementation

Try to use the system as true to generic form as possible and cut over quickly. Parallel implementation is not recommended. If the numbers are accurate and materially similar to prior period - cut over. A small accounting adjustment is much better than millions in project overruns or dual system maintenance.
  • Implemented in-house
  • Third-party professional services
OCS and EY
Yes - FSDB and ORACLE GL first. Legacy GL sunset. OFSAA analytics. Risk and Treasury source data replacement.
Change management was minimal - You must use OFSAA and ORACLE GL in the most generic form possible. Do not try to re-create existing processes and accounting methods.
  • Data availability, missing data, data quality
  • Standardized data architecture (position, customer master, product master, pricing, rates)
  • Be confident to do a one time accounting cutover. Accuracy will improve but may conflict with comparability. Be prepared to cut over for all non-material changes and do a one-time adjustment for material changes. It is better than carrying over legacy accounting processes.