Oracle Revenue Management Cloud is a centralized, automated revenue management product that enables you to address revenue as defined in the ASC 606 and IFRS 15 accounting standard for Revenue from Contracts with Customers. The product provides a configurable framework to automate the identification and creation of customer contracts and performance obligations, their valuations and resulting accounting entries, and the ability to recognize the revenue over time or at a point in time.
Oracle Revenue Management Cloud is an application that enables you to manage customer contracts and performance obligations easily to help you address the revenue mandates of the new accounting guidance. Oracle Revenue Management Cloud is a Service which is part of Oracle Enterprise Resource Planning (ERP) Cloud Service and has the capability to work with any source application. The Service accesses data from and publishes to both Oracle ERP Cloud Service and with Oracle E-Business Suite. Robust data integration is available with third party applications. Integrated data includes sales orders, sales invoices, and other relevant sales and fulfillment data. Sales cycle data from various source systems is processed and managed centrally in Oracle Revenue Management Cloud.
Oracle Revenue Management Cloud and On-Premise Co-Existence Architecture Overview
Oracle Revenue Management Cloud Functional Architecture Overview
The new accounting standard provides a new core principle for recognizing revenue: "Recognise revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expected to be entitled in exchange for those goods or services." It also outlines five logical steps to accomplish that as shown below.
Oracle Revenue Management Cloud automates these revenue processing tasks thus minimizing manual interventions, and allowing organizations to comply efficiently and consistently with the ASC 606 and IFRS 15 core principle.
K E Y B U S I N E S S B E N E F I T S FROM Oracle Revenue Cloud
Oracle Revenue Management Cloud enables you to:
- Easily adopt and implement revenue processes enabling ASC 606 and IFRS 15 compliance.
- Automate the ASC 606 and IFRS 15 processes, increasing productivity, and reducing risk of error.
- Review contract exceptions to ensure best-practice compliance and consistency.
- Enhance the user experience and improve efficiency with productivity tools.
K E Y F E A T U R E S Oracle Revenue Management provides:
- Centralized repository with a single source of truth for ASC 606 and IFRS 15 sales cycle compliance.
- Integration framework for third party source applications • Integration with Oracle ERP Cloud Service.
- Integration with Oracle E-Business Suite including the ability to access relevant EBS data.
- Automated identification and creation of customer contracts and performance obligations
- Automated valuation of customer contracts and performance obligations.
- Streamlined revenue management information on contracts and performance obligations via actionable user interfaces.
- Automatic observation of Standalone Selling Price (SSP), or upload of SSP or Estimated Selling Price.
- Automatic revenue allocation across performance obligations within each contract • Support for “point in time” and “over time” revenue recognition.
- Separation of revenue from billing with the ability to recognize revenue independently of billing.
- A role based work area that pushes exceptions to revenue managers and revenue analysts
All the above features offered by Oracle Standard Process ( Source of this article is documentation for Oracle Revenue Cloud).
Our Role - we as Integrator help you to
- Extract and Load data as per your business Requirement.
- Build Fault Tolerance mechanism to capture and resolve wrong data/errors.
- Add business specific rules while extracting and Loading data.
- Build new customer specific UI to valid data before loading into Revenue system ( On-Premise or in Cloud ( JCS or JCS-SX ).
- Custom Reports.