inlumi blog

Financial Management is compiling and controlling financial activities by applying general management principles to financial resources in the organisation. In the long run, Financial Management will contribute to the universal goal for all companies: making profit and returning maximum value to stakeholders. There are two separate areas to Financial Management; the Legal and the Operational area. They are strongly connected to one another, and yet they serve different external and internal stakeholders.  

In 2018, after a recommendation by Oracle, Ikano Bank approached inlumi with the request to automate their budgeting and forecasting process and simplify the usage. Their ambition was to enable faster decision-making and decrease time-to-market with improved data quality, while improving the lives of finance staff.

inlumi, Inulta Consulting and ForSight Consulting announced today a strategic alliance designed to help organisations in Europe with advisory, implementation and managed services to modernise their Enterprise Performance Management (EPM) application(s) based on Wolters Kluwer CCH® Tagetik.

Nykredit, a leading financial services company in Denmark, has been using Oracle EPM on-premise for several years. Nykredit needed to upgrade their software to stay aligned with Oracle’s software version recommendations, and there was a demand within the organisation for new features to review the processes for maintaining the solution.

Enterprise Performance Management (EPM) - also known as Corporate Performance Management - is the process of managing and understanding an organisation. Both “how did we do, and why did we do it?” and “what should we do, and how should we do it?” are answered by EPM. It includes all stakeholders connected to managing the organisation, whether it is managing strategies, plans or execution. Think of EPM as a closed-loop fact-based decision-maker, with the ability to enable and facilitate the possibility of linking financial and operational metrics.

Load testing allows you to test your EPM system to determine how it performs while being used by several users doing various activities in the system simultaneously. It can also be used to determine how much load the system can handle before it starts slowing down and eventually failing.

As the date for transition to the new lease accounting standard IFRS 16 was approaching, Tyman were looking for a systemised solution for the reporting of leases under the new accounting standard.

SBAB Bank, a Swedish bank focused on mortgage lending and borrowing, was experiencing limitations in their existing EPM solution. After working for several years with Oracle Planning and Budgeting on-premise, they started looking into a more cost-effective Cloud-based way to deliver the same service to the organisation but also to provide more interactive and self-service reporting analytical tools. 

Oracle Analytics Cloud (OAC) was initially released during the second quarter of 2017 as part of Oracle’s Cloud strategy. The OAC software is fully compatible with all Oracle Cloud products and fits well with a wider Cloud solution strategy.

An opportunity to introduce improved methods for group reporting

In 2013 OECD and G20 countries adopted a common action plan on Base Erosion and Profit Shifting (BEPS) that identified 15 actions to combat profit shifting.

Country-by-Country Reporting (CbCR) is part of the OECD's Action Item 13. In short, large multinationals must provide an annual report that breaks down key elements of the financial statements by jurisdiction.