Oracle Enterprise Performance Management (EPM) Cloud is a comprehensive solution for enterprise planning, financial closing, narrative reporting, and data management. With Oracle EPM Cloud, businesses gain insight into cost and profitability, adapt quickly to changing compliance requirements, streamline reporting processes, and flexibly manage enterprise data.
It goes without saying that modern businesses must be responsive to shifting customer needs and market situations. Thus, corporate leaders frequently develop strategies and spearhead broad efforts like digital transformation programs; however, when the implementation takes place, the actual benefits are only partial.
Oracle EPM connects strategy with execution. It allows the involvement of all and clarifies everyone's duties in the strategy; it provides them with the right tools and procedures to carry it out based on accountability, focus, and alignment. By combining and analyzing data from many sources, it tracks performance throughout the entire organization.
However, the EPM landscape is evolving and change is overwhelming, but it doesn't have to be. Provided below are four things you need to know about the new Oracle EPM before you adopt it.
1. Oracle EPM Cloud Overview
Cloud Service offers end-to-end workflows and business processes. You can automate your financial closure with Oracle EPM Cloud and promote integrated planning throughout the company, including finance, human resources, sales, marketing, and supply chain. Some of the Oracle EPM Cloud benefits are:
- Automates compliance requirements through predictive planning, scalability, and flexibility
- Helps obtain knowledge to outperform the choppy market circumstances
- Facilitates smarter decisions by modeling and streamlining the HR, finance, supply chain, and sales departments
- Automates reconciliations, data processing integration, and transaction matching in a single audit trail
2. Business Benefits of Oracle EPM Enterprise Cloud
Why are businesses adopting Oracle EPM Cloud? Oracle EPM Cloud Services have several benefits, including increased flexibility, agility, scalability, and availability compared to on-prem Oracle Hyperion or other EPM software. Whether you need to swiftly scale operations, increase your user base, or extend to other locations, Oracle EPM Cloud helps your organization scale quickly and affordably. In order to enhance functionality and streamline your business processes, Oracle EPM Cloud also provides powerful integration features that can help you swiftly link with existing Oracle and third-party systems. Listed below are a few more benefits of Oracle EPM Enterprise Cloud.
- Enforce corporate governance if and where needed.
- Integrated corporate reporting
- Single service pricing
- Own your own data
- Fast and easy deployment
- Highly scalable and suitable for both operational and financial planning processes
- Report visualization using dashboards and charts
- Unified EPM access point with one login
- Eliminates the need for upfront capital expenditure
- Unified business process flows across lines of business/functional areas/regions
3. EPM Standard Cloud Service vs EPM Enterprise Cloud Service
The EPM Standard Cloud Service is a collection of business modules that support planning and budgeting, consolidation and closing, account reconciliation, and narrative reporting. It is primarily intended for small to mid-sized enterprises and those with lesser complexity requirements.
Additionally, command-line utilities like Oracle Smart View for Office and EPM Automate are available as well as data management, which enables you to combine data from source systems.
You can set up any of the following business processes on the EPM Standard Cloud:
- Account Reconciliation
- Financial Consolidation and Close
- Narrative Reporting
Oracle EPM Standard Cloud excludes Intelligent Process Automation, Customized Groovy Scripts, Intelligent Performance Management, Intelligent Process Automation, TTransaction Matching, and Disclosure Management.
The Oracle EPM Enterprise Cloud Service includes the complete set of Oracle Enterprise Performance Management Cloud business modules that facilitates narrative reporting, consolidation and close, account reconciliation, profitability and cost management, tax reporting, and enterprise data management. You can setup the following business modules using the Oracle EPM Enterprise Cloud Service:
- Profitability and Cost Control
- Financial Consolidation and Close
- Accounts Reconciliation
- Narrative Reporting
- Tax Reporting
- Enterprise Data Management
4. EPM Enterprise Cloud Service
Oracle EPM Cloud enables you to create integrated, data-driven plans for your whole organization and gets you ready for future requirements. Utilizing unconventional best practices, you may better manage uncertainty while examining how changes will affect the entire organization.
- Business Process Types
- Module-based (Financials, Workforce, Capital, Projects)
- Free Form
- Scenario (Strategic) Modeling
- Hybrid BSO Cubes and ASO Reporting Cubes
- Groovy Support for Customizing Business Rules
Profitability and Cost Control
Oracle EPM Cloud gives you detailed insights into your costs and profitability, allowing you to pinpoint the most or least profitable products or business units and allows for better decisions on what your company's needs will be in the future.
Financial Close and Consolidation
Oracle EPM Cloud accelerates the process of closing your books by delivering accurate reports with increased compliance and quicker reactions to changing business needs. End-to-end financial close activities can be streamlined and automated using out-of-the-box Oracle Financial Close and Consolidation technology.
- Default and Custom Consolidation Calculations
- Support for Complex Structures
- Integration of Close Manager With Other Oracle Products
Accounts Reconciliation (Includes Transaction Matching)
It assists businesses in streamlining account reconciliation and transaction matching for improved financial statement efficiency and accuracy. Additionally, Oracle EPM Cloud enhances security and lowers the risks generally connected with account reconciliation.
For improved visibility and compliance, Oracle EPM Enterprise Cloud enables you to align your tax procedures with financial reporting. IFRS, US GAAP, and other statutory tax reporting laws as well as others, providing better compliance while maintaining total openness of your financial data. It provides leadership and business stakeholders with advanced reporting through customizable dashboards and reports.
Oracle Narrative Reporting is known in the cloud as Oracle Enterprise Performance Reporting Cloud Service (EPRCS). With the help of EPRCS, organizations can build their Custom or Standard Applications. Oracle EPM Cloud Narrative Reporting provides corporations the following functionalities:
- Includes disclosure management
- Combine corporate financial statements and data with textual narrative
- Leverage the existing documents, data source, and any report commentary
- Simple Integration with Oracle and other data sources
- The truth of data throughout the reports
- Web-based report writer
Enterprise Data Management
It enables the administration of business viewpoints, the regulation of changes among them, the sharing and mapping of data sets to speed up deployment, and the creation of a reliable system of reference.
The face of EPM and analytics platforms has changed and is still evolving as a result of the advent of cloud computing. The new Oracle EPM Cloud, particularly the additions made to its Enterprise Cloud, has brought about developments that are still reshaping the EPM industry. Users of the new Oracle EPM Enterprise Cloud have access to a vast array of services and functions that dwarf what was previously available on the cloud.
If you're interested in getting started with Oracle EPM Cloud, or looking for any managed services, please click here to know more.