Oracle Cloud EPM Financial Consolidation and Close
What is Oracle Cloud EPM Financial Consolidation and Close?
Group consolidation solution based on best practices for consolidated financial statements, ready-made dashboards and reports including cash flow, balance sheet and income statement
About Oracle Cloud EPM Financial Consolidation and Close
Self-description of the vendor
Oracle Cloud EPM Financial Consolidation and Close BARC Review & Rating
Provider and product description
Oracle is a global provider of enterprise cloud computing, offering software, platform, infrastructure and data as a service. The company employs more than 160,000 people worldwide and serves over 400,000 customers in 175 countries.
Oracle’s portfolio includes a comprehensive stack of cloud applications, platform services and engineered systems. Its cloud enterprise performance management (EPM) and analytics portfolios contain a comprehensive set of strategic offerings, which are packaged as Oracle Fusion Cloud EPM and Oracle Analytics Cloud. However, the company’s widely used on-premises solutions (e.g., Oracle Hyperion EPM) continue to be enhanced and fully supported. A variety of other cloud and on-premises offerings and applications complete Oracle’s broad product portfolio.
Oracle’s comprehensive EPM portfolio includes a full suite of products and applications covering all relevant EPM processes (e.g., planning, profitability and cost management, financial consolidation and close, account reconciliation, tax reporting, narrative reporting, freeform planning and reporting, sustainability/ESG reporting and planning, and enterprise data management). Oracle Cloud EPM is a cloud-native SaaS solution, delivered end-to-end from Oracle data centers around the world, owned and operated by Oracle itself. All Oracle Cloud EPM solutions are based on a consistent technical platform architecture, run on Oracle database technology and can be deployed in a modular fashion according to customer needs and priorities. For data integration from data sources, Oracle Cloud EPM provides native, wizard-based features, including predefined connectors and prebuilt adapters to Oracle and non-Oracle operational systems (e.g., ERP). For customers who prefer to manage EPM applications on premises, Oracle’s Hyperion EPM portfolio remains available (i.e., Oracle Hyperion Planning for planning and Oracle Hyperion Financial Management for financial consolidation and close). Oracle Cloud EPM has some ‘shared DNA’ with the on-premises Oracle Hyperion EPM portfolio, for example, leveraging the Microsoft Office add-in Oracle Smart View to work in Excel, Word and PowerPoint across both cloud and on-premises versions.
In terms of planning, Oracle Cloud EPM offers a broad range of capabilities for enterprise-wide integrated business planning processes. These capabilities include connected operational, financial and strategic planning, budgeting and forecasting as well as scenario simulations. Prebuilt modules and solutions include built-in best practices and expand the reach of Oracle’s planning solution beyond finance into HR, supply chain, IT and sales operations.
AI-driven finance is a major area of continued investment for Oracle, with a focus on intelligent automation, predictive insights and connected actions. To support users in their daily work, Oracle equips Cloud EPM continuously with intelligent EPM AI agents and assistants to drive speed and accuracy, detect issues and help find opportunities. In this context, Intelligent Performance Management (IPM) is an important concept that leverages Oracle Cloud EPM’s embedded statistical and ML features. IPM also supports the integration with third-party ML models and ML engines. Additionally, Oracle’s proprietary data science platforms and ML algorithms embedded in Oracle databases can be utilized.
Oracle’s flagship product for analytics, Oracle Analytics Cloud, is a platform for dashboards, formatted reports, ad hoc reports, analysis, data preparation and machine learning focused on business users. Data visualizations from Oracle Analytics Cloud can also be displayed on EPM dashboards. The on-premises version of Oracle Analytics Cloud, Oracle Analytics Server, brings all the capabilities of the cloud platform to organizations requiring on-premises deployment options. In addition, Oracle Fusion Analytics offers embedded analytics within the vendor’s portfolio of business applications. With its EPM suite, Oracle has adopted the strategy of embedding the analytics and reporting capabilities needed by the majority of customers and their users into the Cloud EPM platform as opposed to requiring customers to separately acquire Oracle Analytics Cloud.
Strengths and challenges of Oracle Cloud EPM Financial Consolidation and Close
BARC’s viewpoint on the product’s strengths and challenges.
Strengths
- Oracle’s comprehensive Cloud EPM portfolio includes a full suite of products and configurable applications covering all relevant EPM processes. All products are connected, based on a consistent technical platform architecture and can be deployed in a modular fashion.
- Oracle Cloud EPM Planning provides comprehensive capabilities for enterprise-wide planning, budgeting, forecasting and scenario simulations. It offers broad functionality for web-based, integrated business planning, including connected operational, financial and strategic planning in top-down and bottom-up planning scenarios. Prebuilt modules and solutions include built-in best practices and extend the reach of Oracle’s planning solution beyond finance to HR, supply chain, IT and sales operations, and sustainability planning (including reporting).
- This year’s survey revealed a high level of customer satisfaction with Oracle Cloud EPM Financial Consolidation and Close, with the product receiving high ratings for its vendor support, predefined connectors and ease of use.
- Oracle Analytics Cloud is a comprehensive cloud and web-based platform offering formatted and ad hoc reports, analysis, visualization, data preparation and dashboards, all in one suite.
Challenges
- Oracle Cloud EPM is exclusively available on Oracle Cloud. Companies interested in deploying Oracle EPM software on other cloud services or on premises are required to utilize Oracle Hyperion EPM and to manage it themselves.
- The integration between product lines, such as Oracle Cloud EPM and Oracle Analytics Cloud, primarily occurs at data level, leveraging data models and structures. Oracle continuously enhances this integration. For instance, data visualizations from Oracle Analytics Cloud can be displayed on EPM dashboards. Oracle’s general approach embeds analytics capabilities directly into the EPM platform. In contrast to most other vendors, Oracle’s strategy treats EPM and analytics as related, but separate product lines.
- The pricing of Oracle’s EPM and analytics products is transparent but expensive compared to mid-market focused products. However, the cloud versions offer cost-effective editions for smaller organizations as well as alternatives for cost shifting to future periods and faster time to value. Pricing includes the Oracle cloud infrastructure (end-to-end) and AI capabilities, avoiding extra cost options. The suite-based Cloud EPM pricing offers cost advantages for customers implementing across multiple application areas, such as planning, financial close and account reconciliations.
Oracle Cloud EPM Financial Consolidation and Close User Reviews & Experiences
The information contained in this section is based on user feedback and actual experience with Oracle Cloud EPM Financial Consolidation and Close.
The information and figures are largely drawn from BARC’s The BI & Analytics Survey, The Planning Survey, The Financial Consolidation Survey and The Data Management Survey. You can find out more about these surveys by clicking on the relevant links.
Why users buy Oracle Cloud EPM Financial Consolidation and Close and what problems they have using it
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Full user reviews and KPI results for Oracle Cloud EPM Financial Consolidation and Close
All key figures for Oracle Cloud EPM Financial Consolidation and Close at a glance.
- Get independent information on software solutions, market developments and trends in data, analytics, business intelligence, data science and corporate performance management.
- Make data & analytics decisions based on numbers, data, facts and expert knowledge
- Access to all premium articles and all our research, including all software comparison studies, scores and surveys.
- Unlimited access to the BARC media library
- Consume unlimited content anywhere
Individual user reviews for Oracle Cloud EPM Financial Consolidation and Close
Number of employees
Industry
Source
What do you like best?
It was quick to implement as we needed to transition off our parent company systems within a tight timeframe after disposal.
What do you like least/what could be improved?
We are probably not using it to its full potential as we had to implement quickly and just replicated our old on-premises HFM. Therefore, I can’t comment with great insight on this question.
What key advice would you give to other companies looking to introduce/use the product?
Ensure you choose a trusted implementation partner. We were lucky to have a brilliant partner.
How would you sum up your experience?
As mentioned above, we've replicated the existing setup, so at present, it achieves the basics of what we need, but I'm sure we are not using its full capability.
Number of employees
Industry
Source
What do you like best?
The integration with Planning and other modules.
What do you like least/what could be improved?
Pricing and access to other products.
What key advice would you give to other companies looking to introduce/use the product?
Start with a solid implementation plan that the business has bought into and signed off on.
How would you sum up your experience?
Good.
Number of employees
Industry
Source
What do you like best?
Ease of use, monthly updates.
What do you like least/what could be improved?
Nothing that I can think of.
What key advice would you give to other companies looking to introduce/use the product?
Talk to Oracle about your needs and get a demo.
How would you sum up your experience?
I like the product very much.
Number of employees
Industry
Source
What do you like best?
It is very easy to integrate with the Oracle Cloud ERP product. It has a lot of powerful functionality for intercompany elimination. Also, movement reporting for assets, etc., is excellent with additional custom dimensions.
What do you like least/what could be improved?
The biggest downside is the amount of time it takes to run consolidation. Also, the ownership module is a pain when you have frequent structure changes.
What key advice would you give to other companies looking to introduce/use the product?
Make sure you review all requirements, including the frequency of structure changes and the limitations of the ownership module.
How would you sum up your experience?
It is one of the best products and provides a lot of great features, but it does have limitations in a couple of areas.
Number of employees
Industry
Source
What do you like best?
User experience and interface in the web and with SmartView Excel Add-In along with reporting functionality.
What do you like least/what could be improved?
Admin maintenance requirements with ownership management.
What key advice would you give to other companies looking to introduce/use the product?
Data validation and setting appropriate opening balances due to periodic data loads will be your long pole in the tent.
How would you sum up your experience?
It is not HFM in the cloud. It has some new improvements and functionality and other areas that aren't as refined as they were in HFM. Overall, there are very few tools that could compete with FCCS as a quality consolidation solution.
Number of employees
Industry
Source
What do you like best?
We have been an Oracle customer for many years. The transition from HFM to FCCS was relatively easy, and we had existing staff who could support the application from day one.
What do you like least/what could be improved?
Some of the auditing capabilities could be better.
What key advice would you give to other companies looking to introduce/use the product?
Highly recommend the product. Oracle has been an excellent partner, and the support we receive has been outstanding. The team is extremely responsive and reliable, and the product is well-supported.
How would you sum up your experience?
I've managed Hyperion and EPM applications for many years. This iteration is very good, and I expect it to continue to improve over the years, given Oracle's track record.
Number of employees
Industry
Source
What do you like best?
Integriert, modern, schnell, sicher, gebaut für die Fachabteilung.
What do you like least/what could be improved?
–
What key advice would you give to other companies looking to introduce/use the product?
Standardisierung hilft für die zukünftige Weiterentwicklungen.
How would you sum up your experience?
Alles was man braucht, intuitiv, performant, für die Fachabteilung wartbar.
Number of employees
Industry
Source
What do you like best?
The patches always keep up with the statutory requirements.
What do you like least/what could be improved?
Since some of our users only use it four times a year, they need extra user support. I don't think that is a function of the product, but more a reality of this space.
What key advice would you give to other companies looking to introduce/use the product?
If you do a lot of M&A, need depth in your cash flow, or have multiple currencies, this software is an absolute must. It will help you avoid mistakes. However, don't drive all of your granularity into this product—keep it at the consolidation level.
How would you sum up your experience?
It is a fantastic and necessary tool for complex businesses.
Number of employees
Industry
Source
What do you like best?
FCC integration with Smart View (ad hoc and reports). Need Smart View integration with consolidation journals.
What do you like least/what could be improved?
Metadata limitations (shared hierarchies need to have bottom-level members). We would like to use parents in the shared hierarchies to reduce maintenance.
What key advice would you give to other companies looking to introduce/use the product?
Keep your implementation simple and use out-of-the-box functionality. Less is more.
How would you sum up your experience?
It is a good product.
Number of employees
Industry
Source
What do you like best?
Software on the Cloud with monthly updates.
What do you like least/what could be improved?
No functionality to approve more than one period at a time.
What key advice would you give to other companies looking to introduce/use the product?
Get your CoA ready and have all your reports and processes mapped out, both current and future.
How would you sum up your experience?
It's a great tool, which, paired with all the other EPM Cloud modules, gives customers a complete set of solutions for financial consolidation, reporting, and planning.
Number of employees
Industry
Source
What do you like best?
The ability to consolidate data multiple times each period—our prior system only allowed consolidation once per period, which resulted in issues if late adjustments were required. The FX conversion is also a bonus and was an issue in the prior system.
What do you like least/what could be improved?
Using forms in the EPM Financial Consolidation and Close, these can't be passed to a user to build as they require thought and understanding, so users use Excel for data entry forms.
What key advice would you give to other companies looking to introduce/use the product?
Ensure you have the correct resources from the Group Reporting team and don't underestimate the data validation process. This takes time to ensure all companies (especially those in different currencies from the reporting currency) are validated.
How would you sum up your experience?
This system has the flexibility to meet most business requirements, i.e., multiple hierarchies, automation via rules, and multiple integrations. It is an all-around efficient module.
Number of employees
Industry
Source
What do you like best?
The SmartView Excel add-in is consistent across both on-premise and other Oracle EPM Cloud products, making user change management requirements very low. Additionally, the narrative reporting capabilities, with the ability to enter comments for flux analysis, enhance the reporting experience.
What do you like least/what could be improved?
Admin requirements when making updates to entity hierarchy. Visibility to translation status and parent level values during translation.
What key advice would you give to other companies looking to introduce/use the product?
Plan for data reconciliation efforts and focus on your core consolidation needs for the initial rollout, then build out additional capabilities.
How would you sum up your experience?
Very good. It has been able to meet all our requirements with limited drawbacks.
Number of employees
Industry
Source
What do you like best?
The integration across the Oracle Suite.
What do you like least/what could be improved?
Utilization of automation and AI.
What key advice would you give to other companies looking to introduce/use the product?
Evaluate the value of true single architecture suite-based integration versus best of breed in this age of AI and automation.
How would you sum up your experience?
It is a worthwhile tool when you are using other elements of Oracle Cloud ERP.
Number of employees
Industry
Source
What do you like best?
Intercompany transaction elimination.
What do you like least/what could be improved?
Any changes in entity structure require manually opening prior years. It would be good to have an automatic process/script (e.g., EPM Automate) to run it.
What key advice would you give to other companies looking to introduce/use the product?
Think carefully about what you need: entity structure, BS/CF requirements, and how the data is loaded.
How would you sum up your experience?
It is a good tool. It is still lacking in being more user-friendly with better performance, but Oracle is constantly working to add new, verified features.
Number of employees
Industry
Source
What do you like best?
Purpose-specific design principles of EPM allow greater flexibility in the functional modules (planning and tax), integration with feeding systems (Oracle Fusion, NetSuite, and EBS), and integration with reporting and semantic layers.
What do you like least/what could be improved?
Aligning dimensions between Oracle modules (e.g., income statement differences between FCCS and EPBCS out-of-the-box hierarchies).
What key advice would you give to other companies looking to introduce/use the product?
Start the journey as EPM and cloud is very different from on-premise solutions. The simplification and slightly more rigid framework allow for greater automation and integration.
How would you sum up your experience?
It is a good tool and fits well in the EPM offering.
Number of employees
Industry
Source
What do you like best?
If you define it properly, the consolidation is a very simple process.
What do you like least/what could be improved?
Elimination is done at the consolidation level, so if we have some imbalance issues during the consolidation, we don't know in which entity we have a problem.
What key advice would you give to other companies looking to introduce/use the product?
Take the time to map and define their specific needs.
How would you sum up your experience?
Good consolidation system.
