Oracle Cloud EPM in the media industry
Updated January 15, 2020
Oracle Cloud EPM in the media industry
Modules Used
- Account Reconciliation Cloud
Overall Satisfaction with Oracle EPM Cloud
Oracle Account Reconciliation Cloud is used by finance. It is used to reconcile accounts during period-end activities.
- Automate the reconciliation process
- Contributes to reducing the time it takes to close the books
- Automate the reconciliation process
- It would be great to embed AI (Artificial Intelligence) into ARC so that it learns the reconciliation error patterns
- RPA (Robotic Process Automation) could be a good addition to ARC to automate the full process of reconciliation and correction
At the moment, we are only using ARC to reconcile accounting entries between ledger and sub-ledger. However, it is planned in our roadmap to expand ARC into other EPM/Fusion products.
We have partially achieved our reporting needs through EPM. EPBCS and FCCS have some strong reporting capabilities giving the user better insight into the enterprise data. EPBCS, for example, has increased the visibility to our budgeting data by nearly 60%.
- Process streamlining
- Efficiency
- Time reduction
Not yet, but I'm interested in Oracle user groups - I am not a member of any user groups but I would be interested to join one
EPM was the only product we have evaluated.
Oracle Cloud EPM Feature Ratings
Oracle EPM Cloud Decision Factors
25% of IT spend is allotted to growing the business. The rest is allocated to running the business. We are a pioneer in terms of taking on new initiatives and trying new things out. Hence, the 25% we spend every year on growing the business.
Being an existing Oracle customer, we never considered any other product other than EPM. We were also convinced that Oracle Cloud EPM is best in breed when it comes to handling the budgeting process. Hence, our decision to only look into Oracle Cloud EPM. IT was driving the decision to buy such a product.
- New CEO, CFO, CIO, etc.
- New business needs/initiatives
A single vendor is better positioned to understand the customer's vision and strategy. They also consider the investment made in other areas such as ERP or HCM.
Industry-specific software is important because while ERP addresses the common processes in Finance, HR, and procurement, the core business of a given company could be very specific and needs specialized business applications that seamlessly integrate with ERP. A single vendor has the ability to provide this kind of solution.
Adoption, and Customer Service
Using Oracle EPM Cloud
70 - Core Finance business users and users from different other departments
2 - 1 functional and 1 technical
- Budgeting & planning for Opex/Capex and Manpower
- Profitability and Cost Management
- Chatbot
- Digital Assistant
- Enable ARC
- Enable performance reporting
Evaluating Oracle EPM Cloud and Competitors
- Price
- Product Features
- Product Usability
- Product Reputation
- Existing Relationship with the Vendor
- Analyst Reports
Product features
We would do it the same way.
Oracle EPM Cloud Implementation
- Third-party professional services
Evosys
Yes - FCCS
EPBCS/Manpower
EPBCS/Capex & Opex
EPBCS/Manpower
EPBCS/Capex & Opex
Change management was a major issue with the implementation - We need to take more time with the business stakeholders explaining to them what the product could do for them and how they could benefit from it.
- EPM is not always a plug and play product
- It requires a different technical skill set (ESBASE)
Oracle EPM Cloud Training
- no training
The interface is easy to learn but we faced a challenge with the technical knowledge which requires a different skillset (ESBASE)
Configuring Oracle EPM Cloud
The core financial structure needs to be streamlined before you should consider implementing EPM
No - there is no facility to customize the interface
No - the product does not support adding custom code
Oracle EPM Cloud Support
Pros | Cons |
---|---|
Quick Resolution Good followup Knowledgeable team Problems get solved Kept well informed Support understands my problem Quick Initial Response | Escalation required Difficult to get immediate help |
The exceptional support is usually received through the CSM not through Oracle support directly
Using Oracle EPM Cloud
Pros | Cons |
---|---|
Like to use Easy to use Technical support not required Well integrated Consistent Quick to learn Familiar | Unnecessarily complex Cumbersome Feel nervous using |
- Reporting
- Consolidation
- Budgeting recharges
- ARC
Oracle EPM Cloud Reliability
Integrating Oracle EPM Cloud
- EBS
The integration was smooth
- File import/export
- Single Signon
HDL
It is simple