Thomson Reuters boosts global tax solution with Oracle Autonomous Database
Thomson Reuters extends its ONESOURCE tax application with Oracle Autonomous Database on OCI to increase availability, scalability, and security.
“I’d rather build new features and functionality than worry about our business operating. Oracle Autonomous Database provides autoscaling, self-tuning, self-repairing, and self-encryption, so we have zero downtime to securely process critical financial transactions while we focus on delivering new capabilities to our customers.”
Business challenges
Thomson Reuters ONESOURCE enterprise cloud solution provides a single, unified tax and trade engine that automates the evolving tax landscape. With more than 60,000 global taxing jurisdictions in more than 205 countries and territories, there are a myriad of constantly changing indirect taxes, such as sales, value-added, and excise taxes, to generate tax revenues that fund government programs and services.
Thomson Reuters ONESOURCE calculates, collects, and reports on more than 10 billion tax transactions a year, representing over $23 trillion of economic value, all of which must be accurate. By automating a company’s tax and finance workflows from determination through final remittance and compliance, ONESOURCE helps businesses stay compliant, avoid penalties and audits, and save time.
On-premises data processing platforms increasingly require higher levels of IT maintenance to deliver availability, scalability, and security to support business demands and to protect sensitive customer financial data. To simplify processes and elevate performance as a cloud native solution available for customers worldwide, Thomson Reuters extended its multicloud strategy to include Oracle Cloud Infrastructure (OCI).
We moved to OCI knowing we could deliver a high-quality, high-grade solution, and we knew customers want to be able to choose where their critical business systems are hosted.
Why Thomson Reuters chose Oracle
Thomson Reuters chose Oracle Autonomous Database running on Oracle Cloud Infrastructure (OCI) for better stability, price-performance, and security with zero downtime. Oracle Autonomous Database helps eliminate the complexities of database operations through machine learning, autoscaling, auto-provisioning, self-tuning, self-patching, and self-encryption.
Native deployment of ONESOURCE on OCI also strengthens Thomson Reuters global go-to-market partnership with Oracle. Oracle’s 50 cloud regions worldwide offer proximity for each Thomson Reuters location and aid data residency requirements because customers know exactly where their data is being processed. OCI Kubernetes Engine and OCI Functions provide the flexibility and scalability needed to respond to evolving opportunities and requirements quickly. Integration with Oracle Fusion Cloud Enterprise Resource Planning (ERP) helps ONESOURCE connect critical finance and accounting data closer to the transaction source at the invoice level for more accurate and quicker tax calculations.
Joining the Oracle Cloud Marketplace helps Oracle customers search for available applications and services, such as indirect tax, to find the best business solutions for their organizations.
Results
Thomson Reuters extended the ONESOURCE app to Oracle Autonomous Transaction Processing, optimized for OTLP, for millisecond data processing speeds, as well as automatic scaling, provisioning, and repairs for zero downtime. The high availability of Oracle’s autonomous cloud database service enables ONESOURCE staff to update the app’s content and functionality while maintaining high transaction processing speeds, which is particularly important during peak transaction times such as Black Friday or Cyber Monday. Thomson Reuters also eliminated the roughly 6 to 12 hours per month of downtime previously needed for patching and updating transactional on-premises environments.
Meanwhile, Oracle Data Safe and Oracle Cloud Guard enhance data security and insights for on-premises Oracle Databases and Oracle Autonomous Database on OCI, which are both used by ONESOURCE customers. OCI GoldenGate replicates the production databases in real time for critical backup and disaster recovery services.
Thomson Reuters’ journey to OCI was supported by Oracle Cloud Lift Services, including planning guidance, architecting, and testing, at no additional cost to help deliver immediate value.
Post-implementation, Thomson Reuters company leaders were pleasantly surprised about the cost of running Oracle Autonomous Database on OCI. “It ended up being much less than we thought and wonderfully efficient,” says Grove. Going forward, the company plans to move its global trade offering to Oracle Autonomous Database.