how to move epm to the cloud and why now is the time
How to Move EPM to the Cloud & Why Now is the Time
SEPTEMBER 16, 2022 07:23 AM
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Enterprise performance management (EPM) is software that helps organizations manage their finance functions. Managing an EPM process in an on-premises application, like PeopleSoft or Oracle E-Business Suite, will be challenging as an organization grows and evolves. 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 & closing, 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Companies relying on outdated and inefficient spreadsheets and outdated software for their accounting and finance needs can put themselves at high risk. Everyday struggles include making quick financial decisions, which affect everything else they do in the business, such as planning, budgeting, and forecasting.
Planning- Many organizations lack a connected planning process between finance and operations because of manual processes and Excel spreadsheets when using the on-premises EPM solution.
Financial Close- Outdated software and systems with missing advanced capabilities to consolidate and report financial results rapidly cannot meet global regulatory changes.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
EPM cloud adoption strengthens your financial processes with improved security benefits:
Accuracy in budgeting, planning, forecasting, and modeling
Speed up the consolidation results and closing regularly
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 for your products and effectively implements new software functionality with technical assistance.
State-of-the-art dashboards - The critical finance team tasks are automated, like implementing tax strategies, helping to reduce the risk of manual errors, and increasing process speed.
Reduced support and maintenance - The budgeting and forecasting processes are optimized, giving you more time for other valuable work.
Upgradable framework - Empowers financial operations with alignment and improved decision-making in planning and forecasting activities.
Security and backups - The account reconciliation process is quicker and requires less auditing.
Speed - Regular time to market is 6-12 months with on-premises applications. EPM reduces time to market to approximately 3 - 6 months.
Total Cost of Ownership - A subscription-based cloud EPM suite reduces ownership costs when compared to the traditional on-premises solution.
A customer survey from Oracle found that approximately 85% of organizations with one or more EPM processes have a more streamlined financial close as one of the top benefits.
Why Now Is the Time for Cloud Migration from On-Premises
This is the right time to migrate to the cloud from Oracle Hyperion. Oracle EPM cloud applications have matured into robust systems 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 can pay only per user every month and do not need to worry about upfront costs.
FAQs
What is Enterprise Performance Management (EPM), and why is it important for organizations? EPM is software that assists organizations in managing their financial functions. EPM is crucial because it enables organizations to efficiently handle complex financial processes such as planning, financial consolidation & closing, and management reporting, particularly as they grow and evolve. Using an EPM solution strengthens your financial process by increasing the accuracy of budgeting, planning, forecasting, and modelling, speeding up the consolidation results and closing regularly, and simplifying the reporting process to internal and external stakeholders.
What are some challenges companies face when relying on outdated on-premises EPM solutions? Companies relying on outdated spreadsheets and software for their accounting and finance needs often struggle with several issues. The issues include difficulties in making quick financial decisions, a lack of connected planning between finance and operations (usually relying on manual processes and spreadsheets), and an inability to rapidly consolidate and report financial results to meet global regulatory changes.
What advantages does Oracle EPM Cloud offer in particular? Oracle EPM Cloud offers several specific advantages. Oracle provides regular updates and support, effectively implements new software functionality with technical assistance, provides state-of-the-art dashboards, reduces support and maintenance needs, delivers an upgradable framework, provides robust security and backups, offers faster time to market (reducing implementation time), and lowers the total cost of ownership through subscription-based pricing.
How does cloud EPM improve planning and budgeting processes? Cloud solutions integrate data from various enterprise systems and spreadsheets into a single, easy-to-use planning and budgeting tool. The tool provides a single source of financial data, improves data reporting and accuracy, facilitates better data gathering for reports, enables more effective monthly forecasts, and supports the maintenance of a global regulatory filing and audit trail.
What is the comparison between the total cost of ownership (TCO) of on-premises and cloud EPM solutions? Cloud EPM solutions generally offer a lower total ownership cost than traditional on-premises solutions. The lower price is primarily due to the subscription-based pricing model, which eliminates upfront costs and allows organizations to pay only per user every month.
In conclusion, Oracle Cloud EPM helps organizations leverage the latest cloud features and functionalities in crucial business processes such as planning, financial consolidation & closing, and management reporting to serve its economic process better. For assistance with your PeopleSoft migration to the cloud, connect with an Oracle consulting and advisory services firm and the expert consultants you need to develop your Oracle cloud strategy.
About SMACT Works
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.
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