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Future State - The Oracle Consulting Blog

Oracle Earns Top Marks with Financial Planning Solution for Higher Education Organisations

Vivek Rengaraj
Marketing Manager

Business challenges in the field of Higher Education are uniquely difficult, especially when it comes to long-range planning, and Oracle’s Higher Education Financial Planning (HEFP) solution provides some much-needed help. The solution’s integrated planning framework enables higher education organisations to:

  • Streamline their planning and reporting processes
  • Increase forecasting accuracy
  • Fully integrate with Financial ERP systems
  • Adopt best practice approaches to financial planning.

The HEFP solution, delivered using Oracle EPM Planning Cloud, was developed over the course of several successful implementation engagements at higher education organisations in the UK, including the University of Durham, University of Derby and Birmingham City University.

The solution supports a typical higher education planning process, as shown below:

The solution also provides outputs based on UK educational reporting frameworks: HEFCE, HESA and TRAC.

A two-flavour solution

HEFP comes in two versions, entry-level and advanced-level.

For purposes of both planning and reporting, the entry-level option offers a Financial Planning process that delivers an integrated income statement, balance sheet and cashflow readout, as well as a Student Fees Planning process that delivers expected student numbers, retention rates, and fees by course and country.

This version is also integrated with Oracle Financials General Ledger (GL), which enables to the user to load actual data, drill down to detail, and upload budgets and forecasts created in the solution back to the GL. There is also an option to integrate the Student Fees Planning process with student fee management systems.

The entry-level solution can be delivered within a 3 to 4-month timeframe.

The advanced-level brings added functionalities, including: a Workforce Planning process for calculating headcount, FTE, compensation costs and pension liabilities; a Projects Planning process that delivers planning capability for research, investment and  development projects; and a Capital Plan process that enables planning for existing and new asset bases. All of these functionalities are integrated within the Financial Planning Process.

The advanced-level option also features integration with Oracle HCM to support the Workforce Planning process alongside entry-level integrations.

The Advanced-level solution is priced on request. Do you want to find out more about how Oracle Consulting can power your next generation cloud Aplication?

Get in touch with us.

Neal Ship
EPM Consulting Practice Director, Oracle UKIE
neal.ship@oracle.com

Chris Torrence
Consulting Client Solution Executive, Oracle UKIE -
chris.torrence@oracle.com

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