Oracle's Corporate Performance Management suite was acquired from Hyperion in 2007. Hyperion customers are encouraged to migrate to Oracle Fusion Cloud EPM.
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Vena
Score 8.3 out of 10
Mid-Size Companies (51-1,000 employees)
Vena Solutions provides a financial process automation solution to automate Corporate Performance Management, accounting and budgeting, Regulatory & Compliance, and other finance-related processes. It is scaled for medium to large-sized organizations.
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Pricing
Oracle Hyperion (legacy)
Vena
Editions & Modules
No answers on this topic
Professional
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Complete
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Offerings
Pricing Offerings
Oracle Hyperion (legacy)
Vena
Free Trial
No
No
Free/Freemium Version
No
No
Premium Consulting/Integration Services
No
Yes
Entry-level Setup Fee
No setup fee
Optional
Additional Details
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The Professional Plan is the most flexible way to get started quickly and can be added onto as a company grows. The plan includes: Vena Platform, Customer Success Manager, Standard Support and Customer Portal.
Complete Plan includes everything in Professional, plus: Vena Insights, Premium Support, Sandbox Environment, and Expert Managed Services.
For a limited time, new customers who use Microsoft Dynamics 365 Business Central (Online) as their primary ERP can get a free year of Vena and 40% off implementation costs.
Vena also offers special pricing for not for profit organizations. To learn more, speak to an expert.
Vena was chosen for its flexibility, capabilities, and current growth. The product is constantly being updated. User management was better. The Excel user interface was a major factor in user adoption. Hyperion seemed to be a new interface to an old product (Oracle).
Implementation of any tool like this required a lot of effort and detailed preparation. However, Vena is less complicated than some of the other tools out there. Vena is well suited for the size of our organization and to be managed by a couple finance people with little …
Vena allowed for the most customization that made everything easy for us with our complicated system of managing allocations across products and time by employees.
Vena also allows for much more dynamic report building and refresh rather than manual updates throughout reports. The user interface is also much easier to understand compared to Oracle, which allows new users to adopt faster and get familiar with Vena. Overall, Vena is …
We went with Vena Solutions because it was able to meet the needs in every way for what we were looking for in a budgeting solution. From an admin perspective, it was very intuitive, but from an end user (contributor) perspective, it was outstanding that we were able to keep …
Tableau is by far the best tool I've used. Vena in comparison is very good but it's missing the master data link to SAP, and the ability of data to refresh when the hierarchies move. It's also lacking standard reports on system set up like basic P&L's, etc. It's also missing …
I have used products such as Oracle Hyperion and Smartview. There are pros and cons to each (I found report/template creation slightly simpler with Oracle), but they're very similar and achieve the same results.
Well suited: For use in multiple offices around the world. I was able to obtain financial reporting data from 5 foreign offices and then consolidate their data with 3 domestic USA offices to prepare a consolidated financial statement. Less Appropriate: Translating the financial value for consulting services could be a bit challenging because that required human interaction and judgement. It would have been great to be able to set up some software to be able to interpret this and let it run for all future project work revenue projection.
Well suited: 1) Small & medium companies that are using MS Excel to manage their FP&A process will benefit immensely from Vena as it will save them time. 2) Prepare budgets and forecasts - once you set up your various models (Rev, Opex & Capex) its very easy to create a budget and/or forecasts. 3) Managing the budget process - for larger companies you can manage the whole process within Vena. Vena is less suited to multinationals with a significant number of subsidiaries and companies and where inputs are required from many people. The Excel nature of the templates can be error prone. I am also not sure who effective Vena is when working across multiple currencies.
This product handles budgeting by Employee and/or Position very well. It is highly flexible and allows Hyperion administrators the ability to develop a planning application that fits a variety of different business needs.
It is great at calculating benefits using business rules to automate the population of these fringe costs in the overall budget planning process. This greatly reduces user error.
It allows you to seed the operating budget based on changes to key drivers, such as percentage increases, flat dollar increases and more detailed changes using business rules.
Allows visibility into the plans for each unit across the organization, rolled up into an overall budget for the campus.
It handles the creation of budgets with multiple chartfield segments or dimensions, which most other budgeting systems cannot handle well. It can aggregate these very quickly.
One pain point for us is the consolidation and translation process. Needing to translate the data over and over again is frustrating and there is no visibility into how many users are running a translation. If multiple users attempt to translate the same data set, say goodbye to your performance but you have no way of knowing! (Unless you want to pull up a task audit which is not a very realistic expectation). It has the been the quickest way for us to bring the system to it's knees. The consolidation process performs in direct correlation to the complexity of the calculation/consolidation rules. So, while the product is extremely flexible, you still have to be careful how you design your rules and calculations to make sure that you do it on the smallest subset of data as possible to avoid large processing times. This makes sense, but requires some significant expertise that most organizations do not have in-house.
The Hyperion Financial Reporting product is ridiculously outdated and clunky to use. The interface for designing reports is not intuitive, and not easy to modify once a report is built. I think there must be a strategic decision to move away from it and go to something more like Oracle BI because I just can't understand why in the world they don't update the reporting product. It also requires a significant level of expertise to be able to use. Not a great solution at all if you want multiple end-users to create reports in something other than Excel. Nobody except the HFM admin (which I used to be) in our company even touches this module.
Another pain point is the amount of IT support that is required to run this thing, and again, specialized knowledge of Hyperion products and how they work is required for IT to adequately support it. This goes for application servers and the Oracle database that the applications are running on.
Seems like notification capability could be expanded to allow for more customization and flexibility of notifications
Out of the box account reconciliation functionality needs some adjustments: should reconcile total ending balance, not change in balance. Little more intuitive and intentional setup for users to attached supporting documentation.
Need to investigate improved processing power for Insights to ensure even complex dashboards can run quickly.
We're in the middle of the road because we are not sure that other products on the market fit the bill for what we need yet. Hyperion is expensive and burdensome from an administrator and maintenance standpoint, but it still seems to be the best solution for what we need. Show us an equally capable SaaS consolidation product and we'll talk again.
Vena has been a huge win for us as an organization, as it vastly improved our budgeting process by removing manual consolidation that was incredibly time consuming, and it allows us to see a multi-year view of our organizational budget across all of our funding sources. We've seen Vena's platform grow over the years and we've not yet fully adopted some of them so it feels like there's still potential to get even more value out of the platform.
I would rate Vena's overall usability as an 8 out of 10. Vena offers a user-friendly interface, especially for those familiar with Excel, making it relatively easy to use. Most features are intuitive. However, some advanced functionalities may require more training or time to master, so it's not a perfect score. Overall, Vena provides a solid user experience that supports efficient financial planning.
Vena has been available and running. There are notifications well ahead of scheduled maintenance and so far, scheduled maintenance has been occurring during off hours and fortunately has not occurred during a time that is crucial for us to be actively using.
Vena Solutions pages load quickly and only a few times does it get a bit slow, only when there are many integrations and the reports are long. But in general it is always fast and honestly I am very satisfied with the speed in the generation of statistical reports and the pages
The premium support team provides much needed dedicated customer service which we are after for what we have paid for this service. We are satisfied with the service and support and do not have any instance where there was an issue that requires escalation to get the right support team. Though the incidence of major issues that requires the premium support are less, we prefer to keep this as a safety net.
They are very quick to respond when you submit a ticket and typically fix issues quickly as well. I only didn't give this a 10 because there is still an open issue with our Salesforce connection that we've been waiting on now for a few months.
Our initial in person training was a little rough b/c I felt like our trainer wanted to focus on maximizing Vena rather than understanding what we were needing for our organization. He was very responsive and added insights, but could have worked to understand our needs a little better.
The training was structured as a group training to learn the basics of creating a data model and mapping a template. While we had nearly 10 participants, I was the only actual implementer so we probably didn't actually need the training and could have just learned the initial skills from the implementation consultant. Two years later, when we hired a new team member, they completed several modules in Vena Academy (a self paced learning course) which allowed them to get up to speed on the basics with just a bit of supplemental guidance from me as our existing admin.
The Vena consultant had great knowledge of both the Vena solution and Excel and Excel functions. He was able to help suggest ways to build our templates that met our requirements using Excel functions we had not previously considered using. And we have been able to use the Excel information he provided in other ways outside of Vena. He was very patient and flexible as we learned the Vena tool and created templates
I use Oracle Hyperion Enterprise Performance Mangement because the company I work at requires me to use it in the Financial Planning sector as most of their data is stored in it. I am open minded and ready to use other performance management tools created by Oracle if my work permits.
Offered the most familiar front-end with Microsoft Excel to mitigate the learning curve. It also provided enough flexibility without external consultant support to enable easy self-service. Flexibility was a critical factor in the decision, as the industry I am working in is not mature and requires constant iteration on models and assumption configurations.
Vena solutios is a software that provides robust tools that help different departments in their statistics and we can visualize a lot of promising and visually attractive data. Vena Solutions' level of scalability is high and sustainable over time thanks to the fabulous technical support that is ready to help us at all times
Oracle Hyperion allows us to automate and consolidate financial data that used to be performed manually in spreadsheets. From that perspective the ROI is huge.
Oracle Hyperion functionality is extensive and allows us to perform most functions for planning, consolidating and reporting on our financial data.
One negative with Oracle Hyperion is that it is complicated to implement and maintain. It takes expertise at all levels (infrastructure and management) to realize the benefits from it.
