Get to Know Oracle Cloud EPM
Oracle Cloud Enterprise Performance Management (EPM) represents a transformative leap in financial management technology. It is a comprehensive suite of Cloud-based applications designed to streamline critical finance processes such as planning, budgeting, consolidation, and reporting. Oracle Cloud EPM leverages modern innovations like artificial intelligence (AI) and machine learning (ML) to deliver unparallel accuracy, efficiency, and insights to finance teams. Learn more about the role AI plays in Cloud EPM forecasting and how it can prepare your organization for the future with Elire’s “AI Forecasting” blog post.
Benefits of Switching from Hyperion to Cloud EPM
Transitioning from Hyperion Financial Management (HFM) to Oracle Cloud EPM offers substantial benefits, including:
- Enhanced Efficiency: Oracle Cloud EPM streamlines monthly planning processes, allowing finance teams to work more efficiently and allocate resources effectively
- Improved Productivity: With Oracle Enterprise Data Management integrated into Cloud EPM, organizations benefit from enhanced data governance and operational efficiency
- Streamlined Reporting Processes: Oracle Cloud EPM simplifies and accelerates reporting tasks, providing timely and actionable insights to support decision-making. Dive deeper into Cloud EPM Reporting with the Elire expert “Meet ‘Reports’ The Next-Generation Cloud Reporting” blog post
- Promotes Agility and Innovation: By leveraging modern technologies and best practices embedded in Oracle Cloud EPM, organizations gain ability to adapt to market changes and drive innovation in financial operations
There are countless benefits to migrating from Hyperion to Oracle Cloud EPM. Learn what a strategic transition to Cloud EPM looks like for your organization with Oracle’s “Hyperion to Cloud EPM” overview.
Steps for Migrating from Hyperion to Oracle Cloud
Migrating from Hyperion to Cloud EPM requires careful planning and execution. There are 5 key steps that can help you get started on your Hyperion to Cloud EPM journey.
Assessment and Planning
Evaluate existing Hyperion applications, including Metadata, data models, business rules, and user requirements. Then define your migration objectives, timelines, and success criteria.
Metadata Migration
Utilize Oracle’s migration tools to parse and map HFM data to Oracle Cloud EPM metadata. Validate and create the application structure in EPM Cloud.
Application Data Management
Choose between Data Management on Cloud or manual methods to migrate application data. Execute data migration activities in phases, ensuring data integrity and completeness.
Business Rules and Custom Components
Evaluate and map business rules from Hyperion to EPM Cloud. Identify any elements requiring customization or scripting. Migrate essential components such as grids, forms, task lists, and security settings.
Testing and Validation
Develop a comprehensive testing strategy to validate migrated components and ensure functional equivalence with Hyperion. Conduct user acceptance testing (UAT) to solicit feedback and address any issues or gaps.
Next Steps
Migrating from Hyperion to Oracle Cloud EOM is a strategic move that promises significant improvements in financial management capabilities. To successfully complete the migration, you will need to engage technical resources, invest in user training, and embrace flexibility within the Cloud EPM application.
Ultimately, migrating to Oracle Cloud EPM from Hyperion signifies a commitment to leveraging modern technology for enhanced financial performance and agility. By following best practices and leveraging Oracle’s expertise, organizations can unlock the full potential of cloud-based enterprise performance management and drive business growth and efficiency.
Learn more about Oracle Cloud EPM and what it can do for your organization by visiting Elire’s EPM & Analytics Services page or contacting [email protected]. To stay up to date on all things Oracle Cloud, subscribe to Elire’s Monthly Cloud Newsletter or follow us on LinkedIn and Twitter.