We are really quite keen on Oracle's Hyperion, so we put together the following tips to show how you can use it to your advantage. Let's start with a few basics.
Oracle Enterprise Performance Management. This isn't another application package that's just nice to have. Enterprise Performance Management (EPM) is a necessity in today's fast-paced, digital world. We are long past the time for hand-drawn spreadsheets or other manual processes that confine themselves to one department among several separate departments within an organization.Today's businesses need collaboration between departments, a breaking down of information siloes, the granting of access to data to all departments no matter where the data resides. Businesses need the ability to correlate the financial end with the operations department. Data comes to an organization these days from a myriad of resources and businesses need the ability to analyze that data quickly so they can plan and predict future business strategies.
How does Hyperion help with that? Oracle's Hyperion Enterprise Performance Management delivers a suite of applications that build on common web and familiar MS Office connections which makes communications among applications easier. It includes tools for reporting, technology that facilitates sharing mobile information, and administrative mechanisms. With Hyperion EPM, businesses can make plans for future growth, create reports for internal and external consumption and, perhaps most important of all, increase the value of the business.
Gartner's 2016 Magic Quadrant Report. According to Gartner, Oracle is a leader in the Financial Corporate Performance Management (FCPM) quadrant. Gartner defines FCPM as including six features:
- Financial consolidation - especially useful for companies with multiple locations that may need to consolidate several general ledgers containing financial information;
- Financial reporting - accounting that responds to the reporting requirements of regulators, investors, and for figuring taxes;
- Management reporting, costing, and forecasting - reporting to management as well as to investors;
- Reconciliations - handle reconciliations and financial closes that span different accounting periods;
- Intercompany transactions - ability to handle accounting across several general ledges and companies; and
- Disclosure management - the foundation for performance management that includes the capacity to build "board books".
Magic Quadrant for Financial Corporate Performance Management Solutions
Gartner Statistics on Oracle Hyperion. Gartner chose Oracle as a leader in the Enterprise Performance Management sector because of its customer reach. Gartner specifically cites the following:
- 80% of Oracle's customers have $1 billion or more in revenue each year;
- 71% of Oracle's customer support more than 200 users;
- Oracle has a large partner contingency with breadth of business experience as well as depth of financial expertise;
- 34% of Oracle customers reported using multiple products from Oracle, indicating how important that factor was in selecting Oracle as their vendor;
- 75% of Oracle customers were customers for three years or more; and
- Oracle plans to move its EPM products to the Cloud which means the company will provide both on-premises options as well as in the Cloud services.
At the time of the 2016 report, Gartner expected Oracle's reconciliation and closure management solutions to take a back seat to applications for those purposes that reside in the Cloud. After the report issued in 2016, Oracle introduced Account Reconciliation Manager and Financial Consolidation and Close as additions to their Cloud applications package.
Typically, Hyperion EPM Suite which includes the flagship Planning, Budgeting, Forecasting and Consolidation has been implemented by specialty consultants and managed by Finance. In recent years, many finance departments have asked internal IT organizations to support and manage the Hyperion EPM Application. Over time, there tends to be a disconnect between the internal knowledge base and external support needs.
As a result, TriCore Solutions began supporting Hyperion EPM Environments for their clients both from new development, implementations and ongoing managed support. We can help you realize your Hyperion performance goals quickly. TriCore has deep technical and functional knowledge from many successful Hyperion implementations. Our Hyperion professionals have years of hands-on involvement.