Oracle Financial Consolidation and Close Cloud - Why use it?
Anonymous | TrustRadius Reviewer
Updated January 18, 2020

Oracle Financial Consolidation and Close Cloud - Why use it?

Score 8 out of 10
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Overall Satisfaction with Oracle EPM Cloud

Oracle Financial Consolidation and Close Cloud is being used by our client to manage to close and consolidating and maintain compliance and auditability at the same time. The primary reason why this was chosen over other options is that they already have Oracle Financials, Human Resource Cloud, Sales cloud and Planning and Budgeting cloud and having an Oracle app for this purpose too allows them to have one flawlessly integrated system.
  • Unlike other Fusion cloud products, Financial Consolidation cloud has a lot of best practice configuration built in which ensures that you're up and running in no time.
  • The analytics for Fusion has got to be one of the most important reasons people love Fusion apps. It's extremely potent and the visual graphs are the treat!
  • Offers an end to end solution with features like automated cash flow reporting, multi GAAP reporting, great support for foreign exchange translation adjustments.
  • To realise the true value, you need to have other Oracle Fusion apps to work with.
  • Third party integrations are unreliable, to say the least. The so-called automated extracts and reports fail very frequently.
  • UI could be better. More often than not, the application is quite buggy and unresponsive.
Along with Oracle Oracle Financial Consolidation and Close Cloud, our client also uses Cloud Human Capital Management - Benefit Module and Oracle Planning and Budgeting cloud. Since these systems integrate well with each other, it allows them to plan different aspects of not only finance but also HR and its respective costs in a very efficient manner.
  • The reports and analytics capability has really helped in identifying the flows and the overall situation of finances. Due to this, not only the executives but also the leadership uses the application quite frequently.
  • Even with slow performance and bad UX, the application is pretty easy to use so there is less friction from the employee side in using the application.
None. Majority of our clients already have or are planning to expand their current Oracle Cloud application base hence Oracle Financial Consolidation and Close Cloud was the only option we considered.
If you've been using other Oracle Fusion apps and want to add this new capability, you should definitely look forward to it. While it does have the same issues the other Fusion apps have which is a bad UX and bugs, it is comparatively less buggy. If you're looking for an end to end solution with great reporting capability, go for it.

Oracle EPM Cloud Decision Factors

It is difficult to quantify the exact number of the budget that is allocated to IT vs running the business but it roughly boils down to less than 5 percent. In public sector it tends to be even lower at around 2-3%. Although this trend is different from industry to industry,
The process is fairly complex and requires an SME from each work stream to first analyse and compile the list of pain points and mission critical business needs which is then discussed in wider design group at end of which a single RFP is created and shared with several vendors who in turn provide the response to it. Typically vendors are asked to refrain from using any specific statements that can cause the steering board to favour one vendor over other. Eg. Instead of saying Oracle will provide xyz solution to ABC business at 2.3 million dollars, it is preferred to have 'The Vendor will provide xyz solution to the Authority at 2.3 million dollars'. When steering group receives this information, it's reviewed, validated and decision is made on what vendors will be shortlisted. Post this, there is a High level analysis or Conference Room Pilot sessions where each vendors demonstrate their systems and it's capabilities. Final decision is made after completing all the reviews and aligning them with the RFP.
  • Avoiding an on-premise upgrade
  • Avoiding the need for infrastructure/overhead
  • Compliance, risk, and regulation
  • Improve collaboration
Extremely important. One of the biggest selling point of Oracle (or any other cloud based system) is one system that can seamlessly interact with other modules and business softwares. ERP, EPM and HCM cannot work in silos. Typically, any transaction or business process has touch points with all three. For example, you may create a position and hire an employee under HCM but it's budgeting will inevitably flow to ERP and EPM. Only then will you be able to make effective decisions and measure the impact. This is just one small example. There are a ton of other reasons why having one vendor that can provide all three makes sense because majority of these interrogations come out of box which saves efforts and really expensive integration costs.
I'd say this is single most important factor in success for any cloud based system. Although Oracle' cloud based systems are maturing fast, their industry specific features are still half baked. Despite their best claims, at the time of implementation, you will end up having to use 'work-arounds' for a lot of basic features and when it comes to actual implementations. Having a vendor who has worked in a specific industry long enough know how to deal with such issues lot more practically and their solutions stretch beyond the initial sales pitch.