After a great presentation by Gary and an engaging intense discussion running over the allocated time and late into the Memorial Day weekend we decided to stop for now and resume the discussion in 2 weeks.
Our next session is on Jun 9 at 8 am PDT. Click Here
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Oracle Blockchain For Intercompany - Session 2
Thu, Jun 9, 2022 8:00 AM - 9:00 AM (PDT)
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Gary's presentation covered a topic close to the heart of two SIGs. Not only was it interesting to hear a real use case for the Emerging Tech SIG members, but the topic of Intercompany transacting and especially reconciliation is a never-ending heartburn raised by members of the Multinational SIG.
Gary described a solution that helped the participants understand how Blockchain is a realistic solution for CFO's for alleviating that painful Intercompany process. The session, although technical by nature, was at a functional level that even long-suffering accountants among us could easily understand and appreciate.
The key take-aways from Gary's presentation and the ensuing discussion were:
- Blockchain is not only about crypto: we must place emphasis on the term "Distributed Ledger Technology (DLT)".
- Ease of Intercompany reconciliation is the goal - especially with thousands of transactions zipping around the corporate world on a weekly basis.
- Gary's concept is of: Multiple copies of the single (immutable, up-to-date and shared) truth.
- Smart-contracts are the key component within the Blockchain technology for enabling frictionless flows between related parties in any corporate structure.
- Yes we trust each other in our corporate structures; but we also need to avoid misunderstandings; timing delays; and eliminate anything that could lead to the reconciliation purgatory we seem to have existed in historically.
- Let the various ERPs within the corporate group do what they do. However, provide the source of that common and current "truth" that each can reference.
- Oracle's Blockchain Platform provides a ready-built foundation to get started building the plumbing to allow the intercompany traffic to flow smoothly.
- Yes, there are other technologies that can do this; but this Blockchain approach can be a feasible and cost-effective solution... AND...
- If it can work for GE (evidenced by the Gary's team's Proof Of Concept), it can work for others.
Gary Crisci, Principal Architect, GE Corporate
Gary has championed a proof of concept that aims to overcome the challenges - especially reconciliation hell - posed by Intercompany trading within a complex corporate structure such as GE's. He will explain how Oracle's Blockchain Platform can provide an IDeAL solution. Gary has volunteered to present his work at GE Corporate.
John Mulroe will be the moderator in our conversation.
Gary presentations are available for download upon request. Please subscribe to this blog below.