AUSTIN, Texas, May 11, 2021 /PRNewswire/ -- Sumitomo Mitsui
Financial Group, Inc. (SMBC Group) has selected Oracle Fusion
Cloud Enterprise Resource Planning (ERP) to consolidate accounting
functions as part of its efforts to streamline business processes.
SMBC Group will implement its shared services across its group
companies.
"We decided to modernize accounting operations as part of
our business and IT transformation to further accelerate
efficiencies and enhance group management. This is a very complex
project, but we believe that we can make it a success by utilizing
the superior functionality and scalability of Oracle Cloud ERP. We
expect this system will make a significant contribution to our
management infrastructure; strengthen the corporate value of the
SMBC Group companies and make us more competitive as a group," said
Shoji Masuda, Senior Managing Corporate Executive Officer, Group
CIO, SMBC Group.
Previously, each SMBC Group company had operated separate
accounting systems with inconsistent processes. The group needed a
single accounting platform that would support the requirements of
all its companies and continue evolving with the business to enable
the latest innovations in finance. After reviewing a number of
cloud ERP offerings, SMBC Group chose to standardize on Oracle
Cloud ERP, which includes Oracle Fusion Cloud Procurement and
Oracle Fusion Cloud Enterprise Performance Management (EPM), which
runs on Oracle Cloud Infrastructure.
Oracle Cloud ERP and Oracle Cloud Procurement will help to
increase productivity, reduce costs and improve controls. The
addition of Oracle Cloud EPM will help the finance team manage
budgets and profitability, build business strategies, and make the
right decisions for the entire group. Oracle Fusion Applications'
quarterly update cycle will give SMBC Group access to continuous
innovation as new features are added every 90 days, without
downtime or business disruption.
"Establishing a robust and flexible organization, with
continually updating business models is essential for companies to
navigate changes in the business environment. We are honored to
provide technological support for SMBC Group's next phase of
growth. With Oracle Cloud ERP, SMBC Group will benefit from
streamlined processes and continuous innovation as the group
strengthens its business foundation for long-term success," said
Toshimitsu Misawa, Corporate
Executive Officer, President, Oracle Corporation Japan.
Oracle Cloud ERP helps organizations automate core business
processes, integrate disparate systems, and streamline financial
business processes and technology requirements. This enables
customers to rapidly adapt to changing business demands and achieve
a competitive advantage by increasing productivity, reducing costs,
creating a single source of the truth, and driving end-to-end
business innovation. For additional information,
visit Oracle.com/erp or the Modern Finance
Leader blog.
The implementation at SMBC group companies will be supported by
Oracle Japan's Consulting Services and will be completed in
multiple phases.
About Oracle
Oracle offers suites of integrated
applications plus secure, autonomous infrastructure in the Oracle
Cloud. For more information about Oracle (NYSE: ORCL), please visit
us at oracle.com.
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SOURCE Oracle