September 11, 2017 - Why It Pays to Automate Currency Exchange Rates Load Processes

If you run an international business, managing risk associated with fluctuating currency rates is a daily occurrence that never ends. Speed and accuracy must go hand-in-hand to protect profits. So, have you ever given thought as to why you’re still manually fetching and loading data from currency exchanges, like OANDA, into Oracle Cloud ERP?

Have you run into this situation? You’re unable to create a Payables Invoice or a Purchase Order in a foreign currency because someone forgot to load the exchange rates. You can run into trouble with manual processes because there is always ­the potential for human error. It takes too long and one miscalculation could be harmful to business results. If you need to obtain accurate currency exchange information in the same day, are you confident a manual process will provide the results you need in time?

Now automating the currency exchange rates load process into Oracle Cloud ERP is possible. All the tedious, manual steps of fetching, formatting, and loading those daily currency exchange rates can be managed with Apps Associates’s Rates Loader. There is a quick setup to connect to OANDA, and custom programming or maintenance isn’t required.  Rates are fetched at times scheduled by you and the process can be restarted at any time in case of any issues with the load. The user can choose the currency codes to fetch from OANDA and can remove them, or add more, at any time.

The risk of errors and miscalculations is eliminated. Automation provides the efficiency and accuracy needed in order to operate at the speed required by companies today.

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