Oracle has confirmed that it will provide free access to its Oracle Financial Statement Planning, including Strategic Modelling to all of its current Oracle Planning Cloud customers for the next year.

The Oracle Financial Statement Planning will enable users to perform detailed ‘what-if’ scenarios for a range of economic situations, including payment delays, inventory changes and disruptions to business supply. The platform will enable an increased accuracy of revenue and cash flow and forecasting and capital structure modeling.

With additional access to these systems, customers will be able to benefit from the following:-

-Improved business agility and enhanced decision making

-Generate accurate liquidity models

-Simple and insightful reports and analytics

How scenario planning works

Scenario planning in action can be clearly represented in the retail market, which has experienced significant disruption to its in-store traffic numbers. As a result, many retailers are implementing plans for phased reopening of their stores along with predicted changes in changing patterns between online and in-store revenue generation. Other factors that need to be considered including shifting patterns in consumers spending. Every industry is being affected in a different way and Oracle is providing additional educational material to support finance teams. Online tutorials and step by step guides will support customers and benefit from the range of the available free services.

A number of oracle partners are supporting the launch of these new services including Accenture, Deloitte, IBM, KPMG and many more. Hari Sankar, the group VP of Oracle EPM Cloud explains that no one actually knows what the post COVID-19 environment will look like but it is clear that every businesses needs to maintain focus on their short-term requirements as well as their long-term strategic plans. Sankar explains that in this current environment, scenario planning and strategic modelling have become essential to finance teams as they measure a number of potential outcomes, predict revenues and generate a range of short and medium-term forecasts.

Sankar highlights this is why Oracle has taken these steps to support their customers. It’s impossible to determine the future, but regardless of what happens in the near future, Oracle is showing its commitment towards their existing customers.