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How to Move EPM to the Cloud & Why Now is the Time

SEPTEMBER 16, 2022 07:23 AM

Enterprise performance management (EPM) is software that helps any organization in its finance functions. As an organization grows and evolves, managing an EPM process in an on-premises application, like PeopleSoft or Oracle E-Business Suite, will be challenging. However, with the right cloud migration strategy and services, organizations can quickly achieve their financial goals by managing complex finance processes such as planning, financial consolidation & close, and management reporting.

Challenges

Companies relying on outdated and inefficient spreadsheets and outdated software for their accounting and finance needs can put themselves at high risk. They're struggling to make quick financial decisions, which affects everything else they do in the business, such as planning, budgeting, and forecasting.

  1. Planning: The connected planning process between finance and operations is still lacking for most of the organization, as they still depend on manual processes and excel spreadsheets when using the on-premises EPM solution.
  2. Financial Close: The outdated software and systems with missing advanced capabilities to consolidate and report financial results rapidly cannot meet global regulatory changes.

The Primary Reason to Move EPM to the Cloud

Benefits of EPM in the Cloud


Adopting to EPM cloud strengthens your finance process as the cloud has the benefits of greater security in the following processes:

  1. Accuracy in budgeting, planning, forecasting, and modeling
  2. Speed up the consolidating results and closing regularly
  3. Simplified process in reporting results to internal and external stakeholders

The primary benefit of choosing Oracle EPM cloud is that Oracle provides regular updates and support to your products and effectively implements new software functionality with technical assistance.

  1. State-of-the-art dashboards - The critical tasks of the finance team are automated, which helps to reduce the risk of manual errors and increases the speed of the process, like implementing tax strategies.
  2. Reduced support and maintenance - The budgeting and forecasting processes have been optimized, giving you more time to do other tasks and adding value to the work.
  3. Upgradable framework - Better aligned to improve decision-making in planning and forecasting activities by empowering the finance operations.
  4. Security and backups - The account reconciliation process is quicker and requires less auditing.
  5. Speed - Faster time to market as the infrastructure has eliminated the time to run EPM is reduced to 3 - 6 months from the regular 6-12 months from the on-premises applications.
  6. Total Cost of Ownership - The cost of ownership is reduced drastically compared to the traditional on-premise solution when you opt for subscription-based cloud EPM suites.

Oracle's customer survey also found that approximately 85% of organizations with one or more EPM processes more streamlined financial close as one of the top benefits.

Why Now is the Time to Cloud Migration from On-Premises

No matter the size of your organization, this is the right time to migrate to the cloud from Oracle Hyperion. Oracle EPM cloud applications are matured into a robust to manage end-to-end consolidation and close. Finance teams are also aware of what is expected from the cloud, with years of experience in on-premises EPM solutions.

Functionality:

Cloud solutions go above and beyond by integrating data from many enterprise systems & spreadsheets and transforming them into one easy-to-use planning and budgeting tool. It provides a single source of financial data and improves data reporting and accuracy.

Better Planning:

With the help of the best practice framework in Oracle Cloud EPM, confidently plan data gathering for reports, prepare monthly forecasts, and maintain a global regulatory filing and audit trail.

Total Cost Ownership Comparison:

By adopting the cloud, you have the option to pay only per user on a monthly basis and need not worry about upfront costs

Total Costs of Ownership Comparison

End Note:

In conclusion, to better serve its financial process, choosing Oracle Cloud EPM helps organizations leverage the latest cloud features and functionalities in crucial business processes such as planning, financial consolidation and close, and management reporting. For assistance with your PeopleSoft migration to cloud, connect with an Oracle consulting and advisory services firm with the expert consultants you need to develop your Oracle cloud strategy.

SMACT Works is a technology-focused systems integrator and IT/ERP consulting firm. We deliver end-to-end consulting, managed, and implementation services for Oracle Cloud Applications, IaaS & PaaS, On-Premise PeopleSoft & EBS Applications. Headquartered in Dublin, OH, we have a global presence with North America and Asia offices. We are an Oracle Gold Partner Cloud Standard, ISO 9001, and 27001 certified delivery organization serving customers with Excellence and Integrity.