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ORLANDO, Fla. (April 11, 2007) – Helene Abrams, head of Orlando-based FlexField Express™, announced today the results of a survey conducted at the University of Central Florida’s Venture Lab that showed many companies using Oracle Applications® find making changes expensive and labor-intensive.
The survey, conducted in February, involved 264 Oracle Applications® users. More than 80 percent said they had tried to restructure the “flexfields” in their Chart of Accounts, a set of codes used to record financial transactions. Those who used internal personnel to change their accounting structures said that on average the changes cost $1.7 million and required 6,700 staff hours.
Abrams said the software offers tremendous flexibility at the time of initial implementation. However, once implementation is completed, it is difficult to make changes due to the vast amount of data and complexity of relationships involved. The survey found that typical problems encountered by Oracle users included loss of history, a breakdown in the integrity of data and a process that was too complex.
The survey results come just as Abrams is set to launch her new FlexField software, which restores flexibility to Oracle Applications and allows companies to forecast the impact of mergers and changes due to new products, organizations or regulations. FlexField, with its built-in knowledge base of Oracle Applications, allows companies to make changes to their Chart of Accounts structure or values and bring in all their transaction history over a weekend while maintaining the relational integrity.
FlexField is the first product from Abrams’ new Florida-based company FlexField Express™. The software and company will be formally launched at the upcoming Collaborate ’07 technology and applications conference for Oracle users that will be held in Las Vegas on April 15-19.
FlexField is a client of the UCF Technology Incubator. Abrams is an internationally recognized expert on Oracle Applications and former executive with Ernst & Young and Deloitte & Touche as well as Oracle. Abrams praised the UCF Venture Lab and Incubator saying she found Central Florida offers entrepreneurs all the resources and support they need to develop successful new enterprises. That’s especially impressive considering Abrams’ background, which includes founding Crystallize (now Applimation), whose marquee clientele included Intel, British Telecom and Honeywell.
“It has been a delight working with such an experienced entrepreneur,” said UCF Venture Lab Associate Director Lilian Myers. “We were happy to provide the research resources to help show the obvious need for a solution like Helene’s FlexField.”
For more information, contact
Helene Abrams, 888-943-5363
Tom O’Neal or Carol Ann Dykes, UCF Technology Incubator 407-882-0202
Larry Vershel or Beth Payan, LV Communications Inc. 407-644-4142.
About FlexField Express
FlexField Express offers software solutions to change Oracle accounting flexfields and eliminates the need to reimplement. For more information go to www.flexfieldexpress.com, call 888-943-5363 or e-mail info@flexfieldexpress.com.
About the UCF Technology Incubator
Since its founding in 1999, the UCF Technology Incubator has helped more than 80 emerging technology companies create over $200 million in annual revenues and more than 700 new jobs with an average salary of $59,000. As a result of this success, the UCF Technology Incubator was named the 2004 Technology Incubator of the Year by the National Business Incubation Association. Headquartered in Research Park near the University, the Incubator is a true collaboration in economic development between UCF, Orange County, the City of Orlando, Seminole County, the Florida High Tech Corridor Council and the Metro Orlando Economic Development Commission. For more information, please visit www.incubator.ucf.edu.
About the UCF Venture Lab
The Venture Lab is a joint initiative of UCF and Orange County to provide early-stage entrepreneurs with access to experienced business coaches that can assist them in the pre-business steps that are critical for the successful launch of technology firms. The UCF Venture Lab was formed to provide expertise and resources to technology entrepreneurs in a variety of areas including business plan creation and pitching, licensing and patent advice, market research guidance, incorporation and corporate structure advice, product validation, and financing guidance. The Venture Lab works closely with the UCF Office of Research & Commercialization and UCF Technology Incubator to provide critical business support to emerging technology companies as well. For more information, visit www.venturelab.ucf.edu. |
