If you’re not bogged down by the month-end close, by now you must have heard the buzz about Oracle EPM Cloud. Oracle has been hyping their cloud products for quite some time now, the first EPM related cloud product, Oracle PBCS (Planning & Budgeting Cloud Service), was introduced in 2014. Now in 2016, other Oracle Cloud EPM products are starting to pick up steam. As with most new products it takes some time for them to catch on.
Oracle currently has four EPM solutions products available, Oracle PBCS (Planning & Budgeting Cloud Service), Oracle EPRCS (Enterprise Performance Reporting Cloud Service, which is essentially a narrative reporting tool), Oracle ARCS (Account Reconciliation Cloud Service), and Oracle FCCS (Financial Close & Consolidation Cloud Service)... Yes there are three C’s in the name but apparently you never want too many C’s in an acronym.
For this blog we are limiting the discussion to Oracle FCCS. Some are calling it HFM Lite but let’s be perfectly clear, FCCS is not HFM in the cloud and is not a replacement for Hyperion Financial Management (HFM). At least not yet anyway.
If you’re wondering if Oracle FCCS is right for you then consider this, it is a different product altogether. Althought there are many similarities and differences, it still has the same overall purpose and functionality as Hyperion HFM – consolidation, close and reporting. The key term here is “out of the box.” There are 11 predefined system dimensions and two custom dimensions vs. unlimited customs in HFM. Unlike HFM, Oracle FCCS comes with “standardized” out of the box features, including entity and account hierarchies, calculations and reports, among others. The intent of these “standard” features is to be able to deploy and implement the product quickly and easily without much need for customization. This is one of the key differences between HFM and FCCS.
By having standardized hierarchies, it allows for standardized calculations and standardized reporting because the calculations and reports are tied to the hierarchies. This translates to less build time and ultimately quicker implementations... pretty slick! One might think having to use a standard hierarchy could have limitations. But have no fear, FCCS has the flexibility to merge your chart of accounts into the out of the box hierarchy while still taking advantage of the pre-build calculations and reports.
One other difference to note is that FCCS doesn’t have the ability to create customized rules using VB script. However, you do have the ability to create member formulas, which provides for similar flexibility.
Additional features of Oracle FCCS include:
- Drillable dashboards
- Customized user work flows
- Integration with Hyperion Close Management
- Multiple options for data loading, with the Oracle FDMEE option scheduled for the next release in July.
And contrary to what you may have heard, FCCS comes with full report writer capability using the new FR Web Designer, which is essentially the web-based version of Financial Reporting (formerly Financial Reporting Studio). However, if you prefer you can still use Financial Reporting to design and build your Oracle FCCS reports.
The licensing model is different as well, as customers will pay a monthly fee, per user, per month of $250 (as of the date of this post).
Strafford Technology is a proud Oracle Platinum partner, specializing in Hyperion. If you would like to learn more about Oracle FCCS and discuss options for migrating your finance solutions to the cloud, please contact us today.