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Put your head in the clouds with EPM Cloud excellence!
https://www.trustradius.com/corporate-performance-management-cpmOracle EPM CloudUnspecified8.1156101
Vishal Shivdasani profile photo
February 12, 2019

Put your head in the clouds with EPM Cloud excellence!

Score 8 out of 101
Vetted Review
Verified User
Review Source

Modules Used

  • Enterprise Planning Cloud
  • Planning and Budgeting Cloud
  • Enterprise Performance Reporting Cloud
  • Financial Consolidation and Close Cloud

Overall Satisfaction with Oracle EPM Cloud

My client is a multi-billion, multi-national construction and infrastructure company. Oracle EPM cloud was used to report monthly, quarterly, half year and full year. EPM cloud is also used to consolidate through the divisions and with the parent company in the UK. Reporting to the London Stock Exchange, providing timely consolidations to the level of detail required, over various divisions globally was a problem that the client struggled with for many years. Ultimately, they upgraded from HFM (standalone, on-prem) to Oracle EPM Cloud across the US and currently being implemented across all global divisions. The predominant problem being addressed is seamless consolidation and vital data capture for reporting on IFRS and GAAP globally.
  • Data integrity
  • Cloud integration - high availability and locally implemented instances that provide a custom feel
  • Systematic and customized capture of vital information
  • Does not necessarily require a dedicated administrator
  • Menus are not always intuitive.
  • When errors occur it is not always easy to pinpoint where the errors are coming from.
  • Customization is always a challenge with many products. Stock reports and operational financial information needs to be a priority during the implementation phase, so that a fully functioning finance department is not debilitated once live.
Right off the bat, let me state that, I was involved with the transition, set-up, implementation and on-going operations of a 10 person finance and accounting department for a $700M division of a multinational organization using EPM cloud. Part of the push for this implementation was the ease at which results could be reported, automated close processing, seamless consolidation by country and division, reporting requirements in various forms and both GAAP and IFRS requirements by the country and parent company. To this end the implementation team worked diligently to create the chart of accounts and business unit hierarchy to fit the required internal and external reporting requirements. As with all well-oiled systems - well planned and detailed work up front made the post-implementation issues fewer. To provide a detailed account of the impact and benefits on the organization by order of importance: labor and time saving close processing was by far the most impactful with 1-3 FTE savings. Seamless consolidation was a close second due to its unavailability in the previous HFM system capability. Finally, GAAP and IFRS reporting requirements were a laborious and painstaking task, using EPM Cloud, we were able to reduce required activity by at least 200 man hours/quarter.
EPM Cloud offers 3 interfaces to input and report. First, a cloud-based excel interface; second, a fully functional Excel-based interface and finally and for reporting only a web publishing portal for standardized reporting in HTML, Excel (using SmartView), and pdf formats. This provides a high degree of flexibility, a wide variety of applications and affords uses with various levels of expertise. Recreating reporting in excel using SmartView (which was also available in HFM) provided a quick and seamless upgrade path. Existing benefits and new benefits were achieved quickly and painlessly.
2 stage upgrade GL and reporting: GL - from Coins to JD Edwards, Reporting - from HFM to EPM Cloud. As with all implementations, the key is to do your homework and put in the hard work up front. This will save a whole bunch of heartache later on. Make sure you need a cloud implementation.
  • Time savings
  • Labor savings
  • Faster close
  • Seamless consolidations
  • ability to report to parent
  • Parent can pull information from local instance
  • Smartview / Excel interface can be tricky
It is a top 3 product in its class. Having used EPM the most I would rate it the highest. Also used PBCS very successfully. This was selected as the path of least resistance. The upgrade was from HFM to EPM Cloud using JDE as the GL.
It is well suited in a geographically distributed environment where you have various key participants in multiple time zones providing input and necessary explanations on performance and measured success
It is less appropriate where you have a single office environment with a single finance department working together.
It is also less suited when the GL is NOT an Oracle product and the interface between the GL and the reporting software needs to be implemented with utmost care and handling.

Oracle EPM Cloud Feature Ratings

Long-term financial planning
10
Financial budgeting
8
Forecasting
8
Scenario modeling
9
Management reporting
9
Financial Statement Reporting
9
Management Reporting
9
Excel-based Reporting
8
Automated board and financial reporting
8
XBRL support for regulatory filing
Not Rated
Personalized dashboards
8
Key Performance Indicator setting
9
Benchmarking with external data
6
Flat file integration
9
Excel data integration
9
Direct links to 3rd-party data sources
7