The London Stock Exchange Group (LSEG) has opted to revamp its finance operations by replacing its 17 legacy finance systems with Oracle Cloud‘s applications.
With Oracle Fusion Cloud and Oracle Financial Services Applications running on a unified platform, LSEG will be able to increase its efficiency, reduce costs, as well as improve its financial planning, forecasting, and controls.
The legacy systems will be replaced with Oracle Fusion Cloud Enterprise Resource Planning (ERP), Oracle Fusion Cloud Enterprise Performance Management (EPM), and Oracle Revenue Management, Pricing, and Billing.
This will allow LSEG to automate financial processes, streamline global procurement processes, align financial and operational planning, optimise forecasting and scenario planning, increase the speed and accuracy of reporting, and automate billing processes.
LSEG will also be using Oracle Guided Learning to support the implementation and accelerate user adoption of the platform.
The move is part of LSEG’s broader effort to streamline its operations following recent acquisitions.
“We are on a mission to drive sustainable growth for our customers and across our entire business. To do that, we must embrace continuous innovation across our operations, including Finance.
With Oracle Cloud, we will be better able to align our financial operations to enhance performance, make better use of data, increase efficiency, and streamline billing – all while delivering outstanding service to customers,”
said Joanna Fielding, Group Head of Transformation, Finance, London Stock Exchange Group.
“Global organisations are prioritising efficiency and automation to maximise profitability across their revenue streams and better serve their customers.
With Oracle Cloud, LSEG has an integrated business platform that will shape its future growth with scalable, sustainable financial efficiency, and insights that will help it serve its more than 45,000 customers globally,”
said Cormac Watters, Executive Vice President, Oracle EMEA.
This post originally appeared on TechToday.