Reflections of a decade in the cloud: Celebrating significant progress

April 22, 2024 | 3 minute read
Rich Wilkie
VP, EPM Product Management
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As we celebrate 10 years for Oracle Cloud EPM, I am very pleased to look back on the progress we have made on the consolidation and close side over the years. Oracle Cloud EPM Financial Consolidation and Close was always designed to build on our many years of experience with Hyperion Financial Management (HFM) and Hyperion Enterprise. We chose to keep what works well and innovate where appropriate. That meant moving away from a heavy dependency on VBScript coding and moving toward a more out-of-the-box content-driven solution. We have always been held to the HFM standard for performance and functionality, and in all fairness, we were not measuring up to that high bar at times in the earlier years. Through hard work and innovation, the team has taken Oracle Cloud EPM for the complete financial close to a point where we now win that comparison every time.

Our progress gets showcased at events like Oracle CloudWorld 2023, where eight HFM to Cloud EPM customers shared their journeys and successes in sessions! There’s no better way to validate our claims than with public customer testimonials.

The cloud is still new to many people, so it is always important to highlight why customers choose to move from on-premises Hyperion to Oracle Cloud EPM:

  1. Cloud-native architecture: Oracle Cloud EPM is built on a cloud-native architecture, offering scalability, flexibility, and accessibility advantages over on-premises solutions like Hyperion. This means easier maintenance, automatic updates, and the ability to scale resources according to demand.  Maintenance and upgrades were always a problem for HFM customers, which are all automatic in the cloud. With Oracle Cloud EPM, users can access the solution from anywhere with an internet connection, facilitating remote work and collaboration. This can be especially advantageous in today's increasingly digital and distributed work environments.
  2. Cost-effectiveness: While the initial investment in Oracle Cloud EPM may vary, it is typically more cost-effective in the long run due to reduced hardware and maintenance costs and SaaS-based, pay-as-you-go pricing models.  Total Cost of Ownership (TCO) savings is one of the many reasons customers move to the cloud.
  3. Out-of-the-box capabilities: Oracle includes out-of-the-box capabilities for cash flow, foreign currency exchange, roll forwards, translations, CTA and CICTA calculations, etc.  Additionally, the system continues to offer the possibilities to customize where needed but this is mostly not required.  Typically, customers are 75/25 out-of-the-box vs. customization. On-premises Hyperion and other competitor solutions are the opposite and require extensive rule-writing skillsets.  
  4. Embedded AI and automation: Oracle Cloud EPM incorporates advanced analytics, AI, and machine learning capabilities at the platform level, allowing organizations to derive deeper insights from their data and make more informed decisions as well as automate routine tasks. Innovations for financial close range from anomaly detection in consolidations and automated transaction matching to GenAI powered narratives for reporting. These advanced capabilities are not available in on-premises solutions for the most part.
  5. Continuous Innovation: Oracle provides monthly updates to its cloud offerings with new features and enhancements, providing users continuous access to the latest technologies and capabilities for performance management and analytics. Expensive and effort-intensive upgrades are truly a thing of the past.
  6. Integration and interoperability: Oracle Cloud EPM integrates seamlessly with other Oracle Cloud applications and third-party systems, providing a unified platform for enterprise performance management, covering financial consolidation, account reconciliation, planning, reporting, analytics, and enterprise data management.

The 10th anniversary is a celebration for Cloud EPM in general, but delivering a complete and comprehensive financial close solution, recognized by Gartner as a leader, is something we are very proud of. Hyperion EPM was always the gold standard back in the day, and living up to customer expectations, especially those most resistant to change, was a challenge we proudly accepted. The result was not only meeting those expectations, but in most instances, far exceeding them has been a common theme in our customers who move to the cloud. The Hyperion to Cloud move is no longer something to postpone but rather something to embrace before getting left behind.  

Explore how to move from Hyperion to Oracle Cloud EPM.

Rich Wilkie

VP, EPM Product Management

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