Identifying Performer in an Organization

Synopsis:

• Oracle Fusion HCM is enables to ensure high-performance with quality as a priority in the workplace.
• Oracle Fusion HCM can help employee Share and Understand Their Common goal, Communicate Proactively 
• Oracle Fusion HCM cloud helps making faster and smarter decision to derive business transformation
• Oracle Fusion HCM recommends roles, suggests learning and predicts employees’ thoughts of leaving the company via succession planning
• Oracle Fusion HCM transfigures HR (Human resources) for the digital future.
• Transformation of HCM with Oracle modern practice for talent management and HR.
• Oracle Fusion HCM integrates HR processes with CRM, ERP and business process, easily and quickly. 
• Oracle provides upgrade path and timing decision to be Considerate, Stay Engaged Don't Stop Learning,

How do organization enable performer

Organization behavior is governed organization culture. If it’s not correct, then sure it can cost organization strategy. Modern day HR is not only about core HR and payroll but also adopts inclusive strategy of creating profiles, acquiring right talent, ensure development via various courses, setting right goal with constant 360 degree review mechanism to track performance and planning succession based on the performance of employee.

Oracle Fusion HCM performance management automates the performance process and provides executives, managers, and employees with valuable and immediate insight to workforce performance progression and alignment with organizational. Organizations today have deployed Oracle Fusion HCM Talent Acquisition for sourcing the right people for hiring and retaining well qualified employees. Talent Review provides the functionality of a 9-box talent review; risk of loss (turnover); performance rating history; and compensation analytics—all as methods to automate the manual (and often labor intensive) talent review board preparation.

In addition, a powerful keyword search provides access to a 360-degree view of the employee and provides both personal (name, address, contact details etc) and professional details (supervisor, department, role, competencies, etc.), which collectively creates the employees profile.
Oracle Fusion HCM key features

• Oracle Fusion HCM Core HR for workforce Management 
• Oracle Fusion HCM Recruitment for Onboarding, Sourcing and recruitment. 
• Oracle Fusion HCM Performance Management for Goal Management, Goal Assignments, Goal Sharing and 360 degree review
• Oracle Fusion HCM Succession planning
• Oracle Fusion HCM learn and development. 
• Oracle Fusion HCM Expense Management
• Oracle Fusion HCM Compensation Management

The Oracle Fusion HCM is made up of 3 parts, those together house 13 separate modules. "Core HCM" derive out of the modules of Global Human Resources, Global Payroll Interface, Benefits, and Workforce Lifecycle Manager. "Business Intelligence" houses the modules of Transactional BI for Human Capital Management and Workforce Predictions. And finally, "Talent Management" houses Incentive Compensation; Performance Management; Workforce Compensation; Network at Work; Goal Management; and Talent Review. Apart from these, Oracle also ensures compensation management (Workforce Compensation/Incentive Compensation); and employee performance (Performance Management/Goal Management).

Prudence Technology has been pioneer into Oracle Fusion HCM having studies published on oracle website. Having more than 10+ successful implement for Oracle Fusion HCM, Prudence has developed right methodology of fast tracking Oracle Fusion HCM implementation. With this organization not only benefits from our experience but also ensure transformation within the organization driving growth. For more information visit www.prudencesoftech.com

Managing Hybrid Accounting in Organizations

In the business world there exist 2 basic accounting method Cash or Accrual. The blog is intended to guide how organizations who work on dual accounting standard can be benefitted.

• Cash Basis Accounting: Organization record only payments/receivable and not record liability against invoices. The payments/receivable distributions typically debit your expense or asset account and credit your cash or cash clearing account. But when you post payments, it creates distribution for discount and foreign currency exchange considering gain or loss. 
• Accrual Basis Accounting: Organization creates rules based on accounting distributions for invoices and payments. The invoice distributions generally debit your expense account and credit your liability account. Specifically under the prepayments, Payables creates distributions that debit your prepayment account and credit your liability account. Rest works similar to cash basis accounting. 
• Combined Basis Accounting: Organization can setup separate books for the accounting standards. However the primary set of book need to be identified. Invoice distributions rules are created for accrual accounting, and while payment distributions are recorded in both. Combined basis accounting allows you to produce financial reports for either your cash or accrual set of books. For example, you may want to manage your company on an accrual basis, but require cash basis accounting information for certain regulatory reporting on a periodic basis.

Accrual accounting is useful for organization that has to report inventory or have large accounting transaction. Considering financial impact of loans, credit accounts and prepaid services are considered more carefully. While, Cash basis accounting, records revenues and expenses when money is actually received/paid vis-à-vis Cash basis accounting is considered to be a less accurate.

It is important for the organization to know that Internal Revenue Service (IRS) prohibits larger businesses or businesses with inventory from using cash basis accounting.

Hybrid Accounting Model helps Organization significantly
In cash accounting, income is only recorded when you receive cash. Similarly expense in occurs as soon as you issue the check to the vendor. Organization prefers cash method since it’s simpler and consume less time. One needs to be careful as the method can imbalance, credit to debit ration. It can also result in inappropriate inventory balance.

In accrual income is booked when sales is recorded, despite being tangible or intangible sales and regardless when you get paid. Similar rule applies at the time of expense. Accrual accounting method is most commonly used as it gives you accurate financial health of the organization.
Importantly, there is also a difference in both accounting methods for both revenue and expense. There are four scenarios where revenue and expense recognition may not coincide with cash transactions. The following are four types of scenarios with relevant timing differences are:

• Revenue is recognized ‘before’ cash is received        Accrued Revenue
• Expense is recognized ‘before’ cash is paid            Accrued Expense
• Revenue is recognized ‘after’  cash is received      Deferred Revenue
• Expense is recognized ‘after’  cash is paid            Deferred Expense

Accrual method records more transaction in comparison to cash accounting. Organization nowadays uses on account method to bring cash into books of account and later enters the receipt as another transaction. This helps them to knock off entries against expense entries.

With Oracle Application, this is probably not a big concern, since the application automates much of the extra effort required by the accrual method. With the cash method, the only transaction that is recorded is when the customer pays the bill.

Important for organization to know that Generally Accepted Accounting Principles (GAAP) requires companies to use the accrual basis for financial reporting purposes; it is considered a more accurate depiction of a company’s income and expenses. Oracle Application can help these organization to record the transaction, maintain dual accounting standard and automate processes for easy reconciliations. For more information please visit www.prudencesoftech.com

Modern Day Challenges in Telecom Sector

Synopsis:
Telecom in the 21st century is governed by new guiding principles. New principles have their own advantage but simultaneously they have their own challenges. To identify below mentioned are few pointers which one can easily correlate with:

• New laws and constant change in regulation by Telecom Regulatory. 
• Increasing of financial overhead due to customer care & ordering fulfillment complexity.
• Innovation via modern day technology like IoT (internet of things) ex Asset Monitoring
• Sustaining year-on-year growth & ensuring incremental revenue.
• Delayed timeliness of statutory reporting 
• Gain near-real-time insight into KPI such as revenue and customer numbers 
• Ensure timely for managements’ reporting and strategy planning
• Increase efficiency of back-office processes, such as financials, purchasing, inventory, and human resources
• Adding more avenues to the business like ISP, D2H, iPTV etc.
• Total cost of ownership for the IT infrastructure 

Ensure modernization via technology:
In a dynamic and competitive world where consumers are demanding, cost sensitive and work on high TAT. Below mentioned 7 pointers can be considered as key principle in managing the business effectively. Technology also plays important role in ensuring the success of the program. Across the world Telco’s have relied on the Oracle database and application to monitor and record all business transactions. Oracle database is renowned worldwide for its ability to handle large transaction and process it quickly.

1. Regulatory & Statutory Compliances: With constant changes and increased compliances to ensure not only acquisition but sustenance of the consumer. It’s important for the Telco’s to keep track with the changes not only to keep within guidelines but also ensure all compliances are well adhered to. Also, apart from regulation, statutory obligations are important to be followed. Ensuring all compliances is followed for filling tax return with keeping a proper record for the audits. User audit trail, maker checker, MIS like EBIDTA, P&L, Analysis by segment or dimension etc. 
2. Financials: Financials are the core of any transaction system. It’s important to ensure that the data is collected in the correct format in order to maintain the right ledger. One also needs to ensure that the set of right combination are entrusted so that it can be used for segmentation. Oracle EPR is built on the structure of segmented chart of accounts. Also, apart from maintaining strong ledger other features like accrual accounting, dual record keeping, strong reconciliation, accurate period closing are few out of box features.
3. Supply Chain: Starting from Procurement, organization wants to ensure reduction in the procurement cycle while sourcing right item. Also, maintaining the right inventory level and Inventory control with Costing. Maintaining Category wise accounting, Centralised item creation and Inventory cost Update etc.
4. Human Capital: Modern day HR is not about Payroll and HRMS. Today CHRO wants to change the organization culture by bringing HR transformation. They indeed want to ensure a resource Perform, Reform and Transform. Tools like Performance Management, Talent Acquisition, and Learning & Development etc. Oracle Fusion HCM is a wonderful application which truly represents the definition of HR i.e. Hire to Retire. 
5. Integration: Usually Telco’s use Oracle BRM or other local billing application for Acquisition of client. It is important that the application can tightly integrate with the core ERP application to ensure zero loss and managing huge transaction via two way integration
6. Management Reporting: Using Oracle Analytics cloud management can address reporting needs of collection (Distributor, LBO, Product etc) , target VS achievement, Ageing, Payment trend etc. 
7. New Technology: With new age technology like IoT, AI, Machine Learning etc helps organization to be in pace with the world. Critical area like asset monitoring becomes easier

Modern day Telco’s are battling with customer retention (ARPU) and expansion keeping low capital expenditure. Prudence Technology ensures via Oracle Apps that organization is benefitted with right platform and maintains high customer satisfaction. After all service accolades are measured by how your consumer spreads through word of mouth.  Companies like, Vodafone, Airtel, Idea, Fastway, Worldlink, Indus Tower, Bharti Infratel etc rely on Oracle Apps for maintaining their Business. Prudence Technology has a vast experience in the domain and continuously working with the telecom sector to ensure growth and profitability.

Managing Supply Chain Efficiently

Synopsis:

• Oracle SCM Cloud enables businesses to manage their supply chains with the scale, security, innovation and agility that modern markets require.
• Oracle’s SCM solutions offer the broadest and deepest range of capabilities to modernize your operations.
• Supply Chain Planning provides database centric holistic planning and optimization.
• Supply chain performance increases by analyzing all aspects of a supply chain and developing optimal plans across the virtual supply chain.
• Inventory management supervises the flow of goods from manufacturers to warehouses and from these facilities to point of sale.
• Oracle supply and distribution planning solutions align supply to demand and enable data sheet, oracle supply chain planning and inventory optimization.
• Supply chain collect key master data and transaction data for planning.
• Supply chain can create, reschedule, cancel production orders, purchase orders, and transfer order to release consensus forecast.
• Standardized integration process for all value Chain Planning applications
• Improved customer service at lower supply chain cost.
• Enhanced supply chain visibility through collaboration with customers and supplier

Importance of inventory value in a supply chain
Oracle supply and distribution planning solutions align supply to demand and enable an efficient response to unexpected supply chain problems. A supply chain management (SCM) system is a set of software solutions that manages sourcing, transportation, inventory and warehouse management, and shipping. Consumers wanted to interact with products at any link of the value chain whether it is block chain, Internet of Things, or adaptive intelligence, Oracle SCM Cloud incorporates the digital supply chain with capabilities. That include product innovation, strategic material sourcing, outsourced manufacturing, integrated logistics, Omni channel fulfillment, and integrated demand and supply. The Supply Chain Management Blog covers the latest in SCM strategy.it is having enough inventory to survive the holiday with optimizing value in the entire supply chain from the Supplier's to the end consumer.A key function of inventory management is to keep a detailed record of each new or returned product as it enters or leaves a warehouse or point of sale.Generally, inventory types can be grouped into four classifications i.e. raw material, work-in-process, finished goods, and MRO goods.

Sales forecasting and demand planning both have profitability impact Inventory ordering policies, communication between sales and supply chain and customers. In fact demand forecast results can affect inventory .These statistical models create the starting values over a selected time horizon. The supply chain is always better off with secondary markets.it can generate and manage upgraded inventory campaigns to correlate ad copy with price or description attributes from your inventory feed.Both asset tracking and inventory tracking software can leverage barcode and RFID technology to Asset tracking refers to tracking unique items of value.

Feature:

• Increased ability to sense and shape demand to drive profit
• Improve asset utilization and lifespan
• Improve forecasts by accounting for intermittent, seasonal, and fast moving service supply chain demand patterns
• Optimize the replenishment and redistribution of parts across the extended service network
• Determine an inventory strategy that balances revenue, cost, and customer service levels with inventory budgets
• Make better decisions faster—around-the-clock—with a planning model that controls your entire supply chain

Inventory value in a supply chain organization goes between are captivated for appearing to be Quality things. As such, endeavor our things to test you will never be puzzled .Prudence Technology ensures via Oracle Apps that organization is benefited with right platform and maintains high customer satisfaction. After all service accolades are measured by how your consumer spreads through word of mouth.  Companies rely on Oracle Apps for maintaining their Business. Prudence Technology has a vast experience in the domain and continuously working with the telecom sector to ensure growth and profitability

Importance of Inventory Value in Supply Chain

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Why inventory value is important?

Inventory bounds a lot of money. By the end of every financial year, inventory count in imperative and its value is added in financial statement. The calculation of inventory value at the beginning or end of every financial year is usually done in order to figure out cost of sales. The auditors may check inventory value randomly. Nevertheless inventory value has impact on the profit.

How inventory is valued?

It's not easy to determine the inventory value especially when you are purchasing a particular item continually at different rates. But companies use one of the following methods for inventory valuation.

First in First out (FIFO)

In this method the first item purchased is assumed to be sold first. In other words inventory on hand is supposed to be used first either purchasing the new one.

Average Cost

In this method the average cost of good purchased at the start of the year is considered for calculation

Last in First out (LIFO)

In this method the last item purchased is sold first.

In the remaining article we will discuss why inventory value is important in supply chain

You need inventory optimization

Do you know how much inventory you need to hold, where and for how much time? Today difficult economic conditions, competitive market due to technology involvement, short product life cycle and unpredictability in demand make it more exigent to design your supply chain policies. Even it’s challenging to make decision that how much time you should stock an item especially in the face of demand and variation in lead time of your whole supply chain. Oracle inventory optimization empowers you to make more balanced and effective revenue. It enables you to provide higher service levels to your customers at significantly lower cost by applying inventory postponement recommendations. Some of its key features are :

●     Demand, supply, and lead time variability

●     Account for seasonality trends and product life cycle characteristics

●     Model varying constraints over time

●     Postponement optimization

●     Min and max, quantity and days of supply

You have to consider all sorts of variability in your supply chain. Promotions, seasonal changes and introducing new products are the causes to variation in demand. Supply variability occurs due to lead-time uncertainties and supplier performance issues such as product quality and unreliable delivery. Keeping a close eye over variations in demand and supply, enables you to figure out accurate inventory investment, which is required to reach your goals of profitability at minimum possible cost while maintaining your position within inventory budget.

Deploy Prudence to accelerate planning alignment across your organization to unlock the rapid growing demands

Supply chain is a network made by manufacturer and its suppliers to complete a product. The chain means actually the links between multiple suppliers to provide the parts or elements of the
product. Later the product is distributed to warehouses or distribution centers after completion.
Finally the product is sent to stores where a user can buy the product. In short supply chain is a network of companies or departments in an organization.

Each node (manufacturer, supplier, distributor, retailer) have specific position in the chain. The link between nodes is made in a particular order. The product cannot reach to a node without passing from the previous node. The link between nodes add time and cost. Every company can have more than one supply chains for different products. The supply chain is not only just a supporter. But it has become a core component of every existing and new business. A good, fast and efficient supply chain can grow the business.

Today supply chain executives are looking for strategies that can help them to develop an efficient and cost saving supply chain. Those strategies must be flexible and scalable supported by digital technologies. With such strategies, the supply chain could not only grow but enable penetration to new geographic areas and have the ability to meet ever-changing user requirements or expectations.

To transform this into reality. We need to restructure our supply chain network with digital technologies. NAVfarm ERP solutions powered by Microsoft Dynamics NAV can take your supply network to new level of excellence.

Below we discuss some important points that how can we grow our supply chain network with unlimited number of users using NAVfarm ERP solutions.

Centralized Information
The objective of the supply chain is efficiency. A real-time and meticulous information play a vital role in it. Imagine every department such as procurement, sales, customer relation, production and shipping are sharing their respective information in real-time, the productivity level will definitely grow. Dynamics NAV provide a centralized information feature where each department can access the information any time and at any place. It means your working team can rapidly access reliable information to fulfil promises and deliver the order expeditiously.

Inventory Management and Transparency
Human error and deception are the indefinite issues with the supply chain. Another problem with inventory management is to match the physical numbers with number in the software. There are always some things which are forgotten or hidden somewhere. Dynamics NAV brings transparency in the whole supply chain network by providing real-time access to inventory details, order details, receipts and delivery status.

Automatic Ordering System
Generation of automatic order is one of best features of ERP systems. This feature is very important when you have countless number of users and you are required to meet their supply demands without any delay. Dynamics NAV has the ability to automate the whole process from purchase, sale and warehouse. The system automatically generates a new order when inventory level goes below a threshold value.

Just enter data one time and then focus on other things of higher values.

Livestock Management In Real Time

Technology is a flourishing entity. It is continuously impacting or changing the ways we adopted  before  in  order  to  manage  our routine works. Technology has penetrated in almost every aspect of our today’s life. For example we use technology in food industry, aviation, agriculture, business, shopping etc. With every passing day it is pushing the world to a whole new level where we can accomplish our tasks with more efficient and faster techniques.

After  the  innovation  of  internet  technology, today we have become able to control or manage  many  things  in  real  time.  In  other words internet is converting into real-time technology  usually  named  as  internet  of  things  (IoT).  Real-time  management  is  a process  of  continuously  analyzing  and  evaluating  the  data.  One  advantage  of  it,  an administrator  can  detect  an  uninviting  activity  as  soon  as it happens and can stop it before any further damage.

Livestock  industry  is  one  of  beneficiaries  of  IoT  for  real time management solutions. Farmers are taking advantages of internet to administer various parameters of livestock in real-time. Mostly a wireless sensor network system is used to collect data of various parameters such as hatchery temperature, information about feed, animal health, light intensity  in  poultry  etc.  Administrators  of  the  farms  can  use  mobile  phones  or  other gadgets to access the database of main controlling unit from some remote location. This activity  not  only  increases  the  productivity  but  saves  cost  too.  Hence  it  is  more profitable.

Below  we  highlight  some  of  prime  benefits  of  IoT  that  help  farmers  to  manage aforementioned parameters

Health Management :
IoT sensors can be used to monitor the health of the livestock. Usually the wearables are used which monitor heart rate, blood pressure and respiratory rate. This data is sent to farmer’s device to get an alert in case of any unusual variation or sign of sickness. So farmer can take appropriate action about particular animal.


Another  location  based  tracking  sensors  help  farmers  to  locate  sick  animals.  It  is especially  helpful  when  animals  are  raised  in  pastures.  Wearable  IoT  sensors  send real-time location of an animal who leaves the herd or not moving due to sickness.