Japanese Megabank Works with Oracle to Modernize Accounting Systems

AUSTIN, Texas, May 11, 2021 /PRNewswire/ -- Sumitomo Mitsui Financial Group, Inc. (SMBC Group) has selected Oracle Fusion Cloud Enterprise Resource Planning (ERP) to consolidate accounting functions as part of its efforts to streamline business processes. SMBC Group will implement its shared services across its group companies.

"We decided to modernize accounting operations as part of our business and IT transformation to further accelerate efficiencies and enhance group management. This is a very complex project, but we believe that we can make it a success by utilizing the superior functionality and scalability of Oracle Cloud ERP. We expect this system will make a significant contribution to our management infrastructure; strengthen the corporate value of the SMBC Group companies and make us more competitive as a group," said Shoji Masuda, Senior Managing Corporate Executive Officer, Group CIO, SMBC Group.

Previously, each SMBC Group company had operated separate accounting systems with inconsistent processes. The group needed a single accounting platform that would support the requirements of all its companies and continue evolving with the business to enable the latest innovations in finance. After reviewing a number of cloud ERP offerings, SMBC Group chose to standardize on Oracle Cloud ERP, which includes Oracle Fusion Cloud Procurement and Oracle Fusion Cloud Enterprise Performance Management (EPM), which runs on Oracle Cloud Infrastructure.

Oracle Cloud ERP and Oracle Cloud Procurement will help to increase productivity, reduce costs and improve controls. The addition of Oracle Cloud EPM will help the finance team manage budgets and profitability, build business strategies, and make the right decisions for the entire group. Oracle Fusion Applications' quarterly update cycle will give SMBC Group access to continuous innovation as new features are added every 90 days, without downtime or business disruption.

"Establishing a robust and flexible organization, with continually updating business models is essential for companies to navigate changes in the business environment. We are honored to provide technological support for SMBC Group's next phase of growth. With Oracle Cloud ERP, SMBC Group will benefit from streamlined processes and continuous innovation as the group strengthens its business foundation for long-term success," said Toshimitsu Misawa, Corporate Executive Officer, President, Oracle Corporation Japan.

Oracle Cloud ERP helps organizations automate core business processes, integrate disparate systems, and streamline financial business processes and technology requirements. This enables customers to rapidly adapt to changing business demands and achieve a competitive advantage by increasing productivity, reducing costs, creating a single source of the truth, and driving end-to-end business innovation. For additional information, visit Oracle.com/erp or the Modern Finance Leader blog.

The implementation at SMBC group companies will be supported by Oracle Japan's Consulting Services and will be completed in multiple phases.

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