LSEG ditches legacy finance systems for Oracle Cloud
London Stock Exchange Group (LSEG) is to transition 17 of its legacy finance systems to the Oracle Fusion Cloud suite and its financial services applications to “increase efficiency, reduce costs, and improve financial planning, forecasting and controls”.
LSEG taps Oracle for legacy finance system revamp
The transition is specifically orientated around the adoption of the suite’s enterprise performance planning (ERP) function, which the group plans to leverage in the automation of both its financial and global procurement processes.
The ERP function supports Oracle’s enterprise performance management (EPM) function, which the group is also adopting to better align its financial and operational planning processes while seeking to enhance its forecasting, scenario planning and reporting capabilities.
Additionally, the group is also tapping Oracle’s revenue management, pricing and billing solutions in an attempt to automate its billing processes and operations while also catalysing its “customer-centric pricing strategy to accelerate time-to-market for new products and services”.
LSEG says its recognised “the opportunity to streamline its operations” following its latest acquisition activity, which includes its takeover of the market data solutions provider MayStreet, and more recently, of the US-based risk management, collateral and margining services provider Acadia.
While acting on this recognition, the group has previously adopted Microsoft’s cloud service Azure to revamp its data and technology infrastructure in exchange for a 4% stake, as part of a decade-long commercial agreement.
Speaking on its latest embrace of Oracle Cloud, Joanna Fielding, group head of transformation finance at LSEG, says it will “align our financial operations to enhance performance”, marking the better use of data and streamlined billing as forerunning advantages.
Adding to this, Cormac Watters, executive vice president, Oracle EMEA, claims the cloud technology provides the group with “an integrated business platform” with the benefit of “scalable, sustainable financial efficiency and insights”.
The integration and user adoption of the platform is to be guided by Oracle Guided Learning, part of Oracle University.
