Oracle Hyperion Enterprise Performance Management (EPM) is an effective ally to have when it comes to outperforming competitors across various market conditions, thanks to the insights and agility you can gain from using it. In a nutshell, Oracle Cloud EPM allows you to model and plan across critical areas like finance, HR, sales, and supply chain, all aiming to shape and push forward better data-driven decisions.
While the cloud is all the hype as of late, thanks to improved network speed, secure connections, and a solid case to lower costs thanks to its “only pay for what you need” approach. It’s also true that a lot is going on behind the scenes with on-premise applications that must be assessed entirely before moving to the cloud.
Why Migrate to the Cloud?
Cloud-based EPM solutions deliver corporate finance, accounting, and operational users significant opportunities in crucial business processes such as planning, financial merger and close, and management reporting. We will discuss some primary drivers for moving finance functions to the cloud.
Reduce Total Expense of Ownership
The total price of ownership for EPM processes is materially lower in the cloud because standard overhead functions are facilitated by Oracle rather than the client.
High upfront costs such as new hardware are eradicated with the cloud. The enduring cost of hardware in existing on-premises systems can be considerable. The hardware must be occasionally upgraded manually as new releases update functionality. Additionally, the expense of new hardware usually presents an obstacle when exploring new implementation phases.
Beyond hardware, associated IT service costs are much lower with the cloud. This includes support of security hardware, periodic maintenance, data backups, software upgrades, application monitoring, and disaster recovery. In the cloud, these services are conducted by the cloud service provider (Oracle) and are included in the subscription price.
Innovation and Enhancements
Another advantage of the Oracle EPM Cloud is the practicality of new features that can enhance EPM efficiency and accuracy for users. Traditional on-premises software can go 2-4 years between upgrades. The cloud allows the rapid development of innovations since all the customers are on a common platform. This shared usage provides enhancements that were not feasible with on-premises software needing to support different deployment platforms and custom customer landscapes.
Leverage Best Practices
For some company-specific EPM processes, the fastest way to the cloud may be to lift and move current EPM processes to the cloud. However, for many of the most common EPM business operations (such as expense planning, workforce planning, financial consolidation, etc.), adopting best practices built into the cloud should be a key advantage.
These best-practice frameworks in Oracle Cloud EPM are entirely configurable and designed to meet each customer's unique needs. Furthermore, the frameworks are wholly connected. This functionality allows for superb flexibility when managing specific business requirements.
The best-practice frameworks are planned around a maturity model that accounts for the truth that many companies choose to adopt best practices over time.
As corporate finance strives to serve its business stakeholders better, Oracle Cloud Performance Management proves to be the perfect tool for this goal. Most EPM users are transitioning to cloud-based financial systems, and thousands of customers have already grown in Cloud EPM. Investing in this process and technology will allow for more efficient delivery of these services.
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