Road to Oracle CloudWorld | IAC’s Oracle Journey

The Big Themes

IAC’s use of Oracle Technology: IAC, a conglomerate of diverse companies, employs various Oracle products to streamline transactions, accounting, finance, and reporting, ensuring accuracy and efficiency. It historically used third-party hosting facilities but has migrated everything to Oracle Cloud Infrastructure (OCI).
Innovation and growth: Oracle applications provide tools for intricate revenue and lease accounting rules, negating the need for third-party systems. This approach offers better control, compliance, and cost-effectiveness and promotes innovation and growth.
Enhancing Employee and Customer Experiences: All end users, including employees, should be considered customers. Oracle’s technology enables smoother experiences by improving backend systems. An example is given of a significant reduction in processing time for a specific report.

The Big Quote: “So, with various 606 revenue rules, with various 842 lease accounting rules, the Oracle applications allow us to expand and utilize the functionality that’s inherently available in the applications, therefore allowing us not to bolt in any third-party applications, which is hugely beneficial for multiple reasons. One being, you have one less system to manage; two, you have better compliance and controls over the data; [and] three, it’s cost-efficient, as well.”

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