Oracle Financials 24C: A Comprehensive Overview of New Features
Oracle Financials 24C Release is the major step in the advancement of enterprise financial management products. This latest version is based on the strong previous versions, adding a new set of advanced functionalities that aim at improving operational efficiency, optimizing user experience, and delivering superior business results.
AI-Powered Enhancements
The AI technology is placed in the core of the 24C Release and is integrated into the modules. One of the aspects of the usage of AI in the handling of documents is the intelligent input of data which anticipates the kind of data that may be entered based on the previous experience of similar documents. The outcome is a decrease in the possibility of data input failures as well as considerable savings of time for workers in the field of finance.
Advanced Real-Time Analytics
Another improvement is the evolutionary upgrade of the real-time analytic capacity. Oracle Financials 24C Release has now been enhanced to offer a better set of in-built dashboards and reporting systems that generate real-time updated status of any company’s finances. These dashboards are very flexible in the format of the view that can be implemented for a user to be able to see only the most essential areas related to his or her activity.
Smart Invoice Matching
This Release brings significant changes to the accounts payable module. There is a new smart system for the matching of invoices in which machine learning algorithms are used in matching the invoices with the purchase orders and receipts. This feature not only enables the client to accelerate the payment cycle but also reduces the differences and need for manual interference.
ESG Reporting Integration
With increased focus on ESG reporting, Oracle Financials 24C Release comes with the ESG tracking and reporting module. As a result of this addition, organizations can be able to assess the sustainability, social and governance ratios along with the financial reports thereby enhancing corporate reporting.
Improved Cash Flow Forecasting
The cash management module now has a better forecasting feature incorporated into it. The third efficiency, and that is, the cash flow projection is more accurate due to the use of historical data and external economic factors. This enhancement enables various organizations to make more informed decisions in investment, borrowing, and financial management.
Enhanced User Experience
User experience has been a key focus area in the 24C Release. The interface has been redesigned with a more intuitive layout and improved navigation. Mobile responsiveness has also been enhanced, allowing users to access critical financial information and perform key tasks from their smartphones or tablets with greater ease.
Conclusion
Before moving towards the adoption and implementation of Oracle Financials 24C, organizations should understand the significance of comprehensive testing. This is where solutions like Opkey test automation come in handy. Opkey offers a robust solution for Oracle clients facing the challenge of implementing the Financials 24C Release within a tight two-week window. Through its Oracle Cloud quarterly certification service, Opkeydramatically reduces the update cycle from weeks to just three days, minimizing disruption to ongoing business operations. The platform provides clients with a comprehensive toolkit that includes a vast library of over 7,000 Oracle Cloud test assets and 1,000+ pre-built test scripts specifically for various financial modules, ensuring rapid onboarding and thorough testing coverage. Additionally, Opkey supplies detailed advisory documents before updates, outlining anticipated changes, and offers a Change Impact Analysis report that identifies the most critical test components.
