Oracle Takes Leadership Role Preparing Customers for The Euro
Oracle Applications Offers Most Comprehensive Solution for EMU Requirements; Oracle Sponsors High-Level Euro Countdown Conference
September 11, 1998 08:00 AM
REDWOOD SHORES, Calif., Sept. 11 /PRNewswire/ -- Highlighting the global impact and opportunities associated with the creation of a new, $8 billion common European market on January 1, 1999, Oracle Corp. will co-sponsor a one day Euro Countdown Conference on September 23 in New York City. The conference, titled, "U.S. Business & Economic Policy for the New Europe," will feature Sir Leon Brittan, Trade Commissioner and Vice President of the European Commission, and Paul Volcker, former chairman of the U.S. Federal Reserve Board. Oracle's John Wookey will speak on a panel on "Euro Ready Financial Systems" that outlines the business and strategic issues facing IT organizations around the world.
To help customers anticipate and manage the three-year transition to a single European currency, Oracle has also unveiled the first phase of an informative new web site that offers a comprehensive overview of the business and technical issues companies will face over the next three years. Visitors to the site will also find detailed information about how Oracle and the entire family of Oracle Applications Release 11 can give them a competitive advantage by quickly bringing their operations compliant with European Monetary Union (EMU) rules and regulations.
"The euro's introduction will require changes to a company's pricing, distribution, marketing, manufacturing, and operational systems, and it will require companies to operate in a number of base currencies simultaneously," said Sarwar A. Kashmeri, President, Niche Systems, Inc., a recognized expert on the impact of the European Monetary Union on financial systems, and founder of the Euro Countdown Conference Series. "Oracle has done an excellent job of implementing these features and is well positioned to assist customers make this transition smoothly. We are extremely pleased to have them as the exclusive technology sponsor of the most important EMU conference in the U.S."
Oracle Applications: Most Flexible and Comprehensive Solution for the Euro
While many features required for the euro were included in Oracle Applications Release 10.7, Oracle has added several more in Release 11 to make the software compliant with the currency rules and regulations established by the European Monetary Union under Article 4, Regulation 235 of the Maastricht treaty. These include the establishment of a parent/child relationship between the euro and each national currency unit, and the ability to convert one national currency unit into another through triangulation. Through Multiple Reporting Currencies, Oracle Financials also enables companies to report results and maintain their books in both local currencies and the euro, allowing companies to manage the pace of the transition of their systems, rather than forcing a single "big bang" changeover like some other vendors.
"The magnitude of the euro transition's impact is greater than that of the Year 2000 problem," said John Wookey, vice president, Oracle Financial Applications. "And it's not just European companies that are affected. Anyone who wishes to compete in the new Europe must understand the business implications surrounding the introduction of the euro. The companies that get there first will have an incredible competitive advantage to gain market share in the second largest single market in the world.
"With input from over 1,200 customers in the European Union, and all 11 countries participating in the EMU, Oracle has developed one of the most comprehensive, yet flexible solutions available to address the requirements of doing business with the euro," added Woken. "But this is not just a technology fix. Companies will have to make major business decisions about how and when they will transition their operations, and Oracle is ready to work with each of our customers to ensure that their euro conversion strategy is seamless."
Key Oracle Applications products, including the ERP applications, OLAP tools, and desktop integration systems, have been designed to address conversion and reporting needs in a single and multi-currency environment. With Oracle Payables, for example, customers can pay an invoice in a currency other than the invoice currency. With Oracle Receivables, customers can receive payments in one currency and apply them to invoices in one or more currencies, including the euro. Oracle's flexible solution was designed to allow customers to maintain continuity in their operations as they migrate from the national currency period of today, through the period of dual units, to the period of full European Economic Union.
Oracle Applications Release 11
Oracle Applications Release 11 is based on the Internet computing model. Oracle's complete enterprise suite of Financials, Human Resources, Manufacturing, Supply Chain and Sales Force Automation software comprises more than 45 different applications. Built on open Internet standards, Oracle Applications can be deployed on any PC, network computer or other desktop on which Java technology is available, typically through a Web browser. The Oracle Applications suite allows customers with hundreds or thousands of users to reduce the traditionally high costs and complexity of implementing, maintaining and upgrading desktops running enterprise software. Beyond realizing immediate and dramatic cost savings, by shifting the complexity of administering software from the desktop to professionally managed servers, companies can provide higher reliability and service levels to their user communities.
Oracle Corporation is the world's leading supplier of software for information management, and the world's second largest software company. With annual revenues of $7.1 billion, the company offers its database, application server, tools and application products, along with related consulting, education and support services, in more than 140 countries around the world. For more information about Oracle, please call 650/506-7000. Oracle's World Wide Web address is (URL) oracle.com.
Trademarks
Oracle is a registered trademark and Oracle Consulting Services and Oracle Financials are trademarks or registered trademarks of Oracle Corp. All other products or company names mentioned are used for identification purposes only, and may be trademarks of their respective owners.
SOURCE Oracle Corp.
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