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