Three days of Oracle’s Modern Finance Experience
set my personal new record for “Most Consecutive Days Wearing a Suit.”
Surrounded by finance professionals (mostly CFOs, VPs of FP&A, and people
who make money from Finance execs), I came prepared to learn nothing… yet found
myself quoting the content for days to come.
The event featured top notch speakers on cutting
edge concepts: the opening keynote with Mark Hurd, a panel on the changing
world of finance with Matt Bradley & Rondy Ng, Hari Sankar on Hybrid in the
world of Oracle EPM, and even one of my competitors (more on that in a second).
For those of you who couldn’t be there (or
didn’t want to pay a lot of money to dress up for three days), I thought I’d
share my top five quotes as best as I could transcribe them.
“IT currently spends 80% of its budget on maintenance. Boards are demanding increased security, compliance, and regulatory investment. All these new investments come from the innovation budget, not maintenance.”- Mark Hurd, Oracle, Co-Chief Executive Officer
Mark Hurd was pulling
double duty: he gave the opening keynote at Oracle HCM World (held at a nearby
hotel) and then bolted over to Oracle Modern Finance Experience to deliver our
keynote. He primarily talked Oracle strategy for the next few years which – to
badly paraphrase The Graduate – can
be summed up in one word: Cloud.
He gave a compelling
argument for why the Cloud is right for Oracle and businesses (though server
vendors and hosting providers should be terrified). Now let me be clear: much
of this conference was focused around the Cloud, so many of these quotes will
be too, but what I liked about Mark’s presentation was it gave clear, concise,
and practically irrefutable arguments of the benefits of the Cloud.
The reason I liked the
quote above is it answers the concerns from all those IT departments: what
happens to my job if I don’t spend 80% of our resources on maintaining existing
systems? You’ll get to spend your time on actually improving systems. Increased
innovation, greater security, better compliance … the things you’ve been
wanting to get to but never have time or budget to address.
“The focus is not on adding lots of new features to on-premises applications. Our priority is less on adding to the functional richness and more on simplifying the process of doing an upgrade.”
- Hari Sankar, Oracle, GVP of Product Management
I went to a session on the hybrid world of Oracle EPM. I
knew Hari would be introducing a customer who had both on-premises Hyperion
applications and Cloud applications. What I didn’t know is that he would be
addressing the future of Oracle EPM on-premises. As most of you know, the
current version for the on-premises Oracle EPM products is 11.1.2.4.x. What
many of you do not know is that Oracle has taken future major versions
(11.1.2.5 and 12c) of those products off the roadmap.
Hari spoke surprisingly directly to the audience about why
Oracle is not abandoning EPM on-prem, but why they will not be pushing the
Cloud versions and all their cool new functionality back down to the historical
user base. To sum up his eight+ minute monologue, the user base is not
requesting new functionality. They want simplicity and an easy path to
transition to the Cloud eventually, and that’s why Oracle will be focusing on
PSUs (Patch Set Updates) for the EPM products and not on “functional richness.”
Or to put it another way: Hyperion Planning and other
Hyperion product users who want impressive new features? Go to the Cloud because
they’re probably never coming to on-premises. To quote Hari once more, “create
a 1-3 year roadmap for moving to a Cloud environment” or find your applications
increasingly obsolete.
“Hackers are in your network: they’re just waiting to pull the trigger.”
- Rondy Ng, Oracle, SVP of Applications Development
There was an
entertaining Oracle panel led by Jeff Jacoby (Master Principal Sales Consultant
and a really nice guy no matter what his family says) that included Rondy Ng
(he’s over ERP development), Matt Bradley (he’s over EPM development), and
Michael Gobbo (also a lofty Master Principal Sales Consultant). While I
expected to be entertained (and Gobbo’s integrated ERP/HCM/EPM demo was one for
the ages), I didn’t expect them to tackle the key question on everyone’s mind:
what about security in the Cloud?
Mark Hurd did address
this in his keynote and he gave a fun fact: if someone finds a security flaw in
Oracle’s software on a Tuesday, Oracle will patch in by Wednesday, and it will take an average of 18 months until
that security patch gets installed in the majority of their client base.
Rondy addressed it even more directly: if you think hackers haven’t infiltrated
your network, you’re sticking your head in the sand.
Without going into all of
Rondy’s points, his basic argument was that Oracle is better at running a data
center than any of their customers out there. He pointed out that Oracle now
has 90 data centers around the world and that security overrides everything
else they do. He also said, “security is in our DNA” which is almost the exact
opposite of “Danger is my middle name,” but while Rondy’s line won’t be getting
him any dates, it should make the customer base feel a lot safer about letting
Oracle host their Cloud applications.
“Cloud is when not if.”
- David Axson, Accenture, Managing Director
I have to admit, I have
developed a man crush on one of my competitors. I wrote down more quotes from
him than from every other speaker at the event put together. His take on the
future of Finance and Planning so closely paralleled my thoughts that I almost
felt like he had read the State of Business Analytics white paper we wrote. For instance, in that white paper, we wrote about
Analysis Inversion: that the responsibility for analyzing the report should be
in the hands of the provider of the report, not the receiver of the report.
David Axson put it this way: “The reporting and analysis is only as good as the
business decisions made from it. In finance, your job starts when you deliver the report and analysis. Most people think
that's when it ends.”
The reason I picked the
quote above is because it really sums up the whole theme of the conference: the
Cloud is not doing battle with on-premises. The Cloud did that battle, won with
a single sucker punch while on-prem was thinking it had it made, and Cloud
currently dancing on the still unconscious body of on-prem who right now is
having a bad nightmare involving losing its Blackberry while walking from
Blockbuster to RadioShack.
David is right: the
Cloud is coming to every company and the only question is when you’ll start
that journey.
“Change and Certainty are the new normal. Combat with agility.”
- Rod Johnson, Oracle, SVP North America ERP, EPM, SCM Enterprise Business
So, what can we do about
all these changes coming to Finance? And for that matter, all the changes
coming to every facet of every industry in every country on Earth? Rod Johnson
(which he assures me is his not his “stage” name) said it best: don’t fight the
change but rather embrace it and make sure you can change faster than everyone
else.
"Change comes to those who wait, but it’s the ones bringing the change who are in control."
- Edward Roske, interRel, CEO
To read more about some
of those disruptive changes coming to the world of Finance, download the white paper I mentioned
above.
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