What is a Center of Excellence?

Cloud adoption can empower your organization to improve business agility and promote innovative solutions. A Center of Excellence (CoE) oversees your cloud initiative, and it can help protect and maintain your investment and promote effective use.

Adopting the cloud is a multi-layered process that extends beyond the implementation of new technology. Moving to the cloud requires organization-wide change management, including executive support, clear business goals, a workforce readiness plan, and modernization of current business and information technology processes.

Your organization can accelerate its cloud transformation by creating a multidisciplinary team that includes executive sponsors, key stakeholders, finance representatives, and business and technical implementation teams. This team is called the Center of Excellence (CoE).

The CoE oversees the cloud initiative. It leads your organizational change management process, develops a workforce readiness plan, and serves as a steering committee for cloud standards and policy definition. The CoE also manages the cloud adoption roadmap, tracks features and enhancement requests, and responds to escalations.

Your organization can also demonstrate its leadership and innovation by creating an EPM CoE. An EPM CoE is a centralized function to ensure adoption and best practices, and to drive transformation.

The EPM CoE team:

• Ensures cloud adoption, helping your organization get the most out of your Cloud EPM investment
• Serves as a steering committee for best practices
• Leads EPM-related change management initiatives and drives transformation

Some organizations call this an EPM center of competency, a competency center, or EPM support. No matter the name, this guide has taken a new look at the EPM market and is providing guidance for all cases. This applies whether you are new to the cloud or if you have already a digital-first strategy. And we welcome your feedback for this guide. Please forward your comments to [e-mail].

As a next step, get started with creating your EPM Center of Excellence.

More Resources

To learn more about Leadership and Finance Transformation:

• Learn more about our own Oracle team that is running an EPM CoE by checking out this discussion group on Customer Connect: Becoming a predictive powerhouse with Oracle Cloud EPM.

• Learn about EPM success stories by joining this discussion group on Customer Connect: Automated Close with Oracle Fusion Cloud ERP and Oracle EPM Cloud.

• Review the Leadership Forum on Oracle’s Cloud Customer Connect, especially the Finance track, where you can see what other organizations have done. Even more importantly, you can interact with experts in the field.

• See the Oracle Playbook for Operational Excellence

• Check out the Oracle Playbook for Financial Excellence

Webinars

These webinars are free but require login.

• Watch Creating and Running a Center of Excellence (CoE) for Cloud EPM on Cloud Customer Connect.
• Watch Planning Your Success with EPM Center of Excellence.

Videos

Watch this video to get an overview of an EPM Center of Excellence. (Complete overview details are in this guide.)

Watch this video to get an overview of how to create an EPM Center of Excellence. (Complete details for creating an EPM Center of Excellence are in this guide.)