Oracle EPM Cloud is a suite of cloud-based applications designed to streamline businesses’ financial planning, reporting, consolidation, and analysis processes. Here’s a quick summary:
- What it is: Oracle EPM Cloud, or Oracle Enterprise Performance Management Cloud, enhances financial processes and decision-making, driving overall business performance.
- Licensing and Pricing: The service is licensed per hosted named user, with a minimum purchase of ten users. The price is $250 per month per hosted named user.
- Benefits: Key features include Financial Planning and Analysis, Financial Consolidation and Close, Account Reconciliation, Narrative Reporting, and Scenario Modeling. These tools enable businesses to plan their financial strategies more effectively, simplify consolidation, automate account reconciliation, create and distribute reports, and analyze various business scenarios.
The EPM Cloud allows businesses to streamline financial processes, improve decision-making, and drive overall business performance.
- Detailed Explanation of Oracle EPM Cloud Features
- Oracle EPM Cloud Licensing & Pricing
- Oracle EPM Cloud Licensing
- Oracle EPM Cloud Pricing
- Step-by-step Guide for Oracle EPM Cloud Implementation
- FAQ on Oracle EPM Cloud
- Tips and Best Practices
- Need Expert Help?
- Do you need assistance with Oracle EPM Cloud Service?
Detailed Explanation of Oracle EPM Cloud Features
Oracle EPM Cloud offers a range of features designed to enhance financial processes and decision-making. Here’s a closer look at some of the key features:
- Financial Planning and Analysis: Oracle EPM Cloud provides various planning and forecasting tools, including workforce planning, capital expenditure planning, financial statement planning, and project financial planning. These tools enable businesses to plan their financial strategies more effectively and make informed decisions.
- Financial Consolidation and Close: The platform offers tools for managing the financial consolidation and close process. This includes custom consolidations, support for complex ownership structures, and custom calculations. These features simplify the consolidation process and ensure accurate financial reporting.
- Account Reconciliation: Oracle EPM Cloud automates and streamlines the account reconciliation process, improving accuracy and reducing the time spent on reconciliations.
- Narrative Reporting: The platform includes narrative reporting tools that help organizations create, manage, and distribute reports for internal and external stakeholders. This ensures that all stakeholders have access to the information they need.
- Scenario Modeling: Oracle EPM Cloud allows users to create and analyze various business scenarios. This helps organizations understand the potential impact of different decisions on their operations.
Oracle EPM Cloud Licensing & Pricing
Usage limits for this service are based on the following:
- A maximum number of Authorized Users (Hosted Named User)
- The entitlement for customers to use any one of the following Business Processes:
- Account Reconciliation (excluding Transaction Matching and Task Manager Integrations)
- Financial Consolidation and Close: including custom consolidations, support for complex ownership structures, and custom calculations. This excludes Task Manager Integrations, customization of Groovy scripts, and Enterprise Journals.
- Narrative Reporting (excluding Disclosure Management).
- Planning (including module-based applications like Workforce Planning, Capital Expenditure Planning, Financial.
- Statement Planning, Project Financial Planning, one Custom Planning Cube and one Custom Reporting Cube, and Scenario Modeling, excluding Custom and Free Form applications, creation or customization of Groovy Scripts, and Task Manager Integrations).
Oracle will provide two (2) environments for this Oracle Cloud Service:
- One environment dedicated to production use.
- A second environment is dedicated as a staging environment for non-production use.
Additional environments or Business Processes can be ordered and provisioned through Oracle Additional Application for Oracle EPM Standard Cloud Service—hosted Environment, subject to additional fees.
Oracle EPM Cloud Licensing
The Oracle EPM service is licensed per hosted named user.
A “Hosted Named User” is an individual authorized by you to access the hosted service, regardless of whether the individual is actively accessing the hosted service at any given time.
Oracle EPM Cloud Pricing
The minimum purchase is ten users, and the price is $250 per month per hosted named user.
For a company that needs 50 users and a 3-year subscription, the costs would be calculated as follows:
- The monthly cost for 50 users: 50 users * $250 per user = $12,500
- The annual fee for 50 users: $12,500 per month * 12 months = $150,000
- Price for a 3-year subscription for 50 users: $150,000 per year * 3 years = $450,000
So, the total cost for a company that needs 50 users and a 3-year subscription to the Oracle EPM Standard Cloud Service would be $450,000.
Step-by-step Guide for Oracle EPM Cloud Implementation
Implementing Oracle EPM Cloud in your organization involves several steps:
- Assess Your Needs: Evaluate your organization’s financial processes and identify areas where Oracle EPM Cloud can provide improvements.
- Choose the Right Plan: Oracle EPM Cloud offers different plans based on the number of users and the specific business processes you want to improve. Choose the plan that best fits your organization’s needs.
- Implement the Solution: Once you’ve chosen the right plan, implement Oracle EPM Cloud in your organization. This may involve migrating data from your existing systems to the cloud, configuring the platform to meet your specific needs, and training your staff to use the new tools.
- Monitor and Adjust: After implementation, monitor the performance of Oracle EPM Cloud and make any necessary adjustments to ensure it’s meeting your organization’s needs.
FAQ on Oracle EPM Cloud
What is Oracle EPM Cloud?
Oracle EPM Cloud is a suite of cloud-based applications designed to help organizations with financial planning, reporting, consolidation, and analysis processes. It streamlines financial processes, improves decision-making, and drives overall business performance.
What are the usage limits for Oracle EPM Standard Cloud Service?
Usage limits are based on a maximum number of authorized users (Hosted Named Users) and entitlement to use any of the following Business Processes: Account Reconciliation, Financial Consolidation and Close, Narrative Reporting, and Planning.
How many environments does Oracle provide for EPM Standard Cloud Service?
Oracle provisions two environments for this service: one dedicated to production use and another to a staging environment for non-production use.
What is a Hosted Named User?
A Hosted Named User is an individual authorized by you to access the hosted service, regardless of whether the individual is actively accessing the hosted service at any given time.
What is the minimum purchase for EPM Standard Cloud Service?
The minimum purchase is ten users.
What is the cost per Hosted Named User for EPM Standard Cloud Service?
The price is $250 per month per hosted named user.
Can I purchase additional subscriptions or environments?
Additional subscriptions and environments can be purchased, subject to additional fees.
What are some key features of Oracle EPM Cloud?
Key features include Financial Planning and Analysis, Financial Consolidation and Close, Account Reconciliation, Narrative Reporting, and Scenario Modeling.
Tips and Best Practices
To maximize the benefits of Oracle EPM Cloud, consider the following best practices:
Training: Providing thorough training for your team on using Oracle EPM Cloud is essential. This will enable them to utilize the platform’s features and capabilities fully.
Data Management: Effective use of Oracle EPM Cloud requires diligent data management. Ensure your data is clean, accurate, and current to get the most out of the platform.
Regular Reviews: Conduct periodic reviews of your Oracle EPM Cloud usage to identify potential areas for improvement. This will help optimize the platform’s performance and maximize your return on investment.
Leverage Oracle Support: Oracle offers extensive support for EPM Cloud users. If you encounter any challenges or require assistance, don’t hesitate to contact Oracle’s support team.
Stay Updated: Oracle frequently updates EPM Cloud with new features and enhancements. Staying updated with these changes will help you take full advantage of the platform’s capabilities.
Need Expert Help?
At Redress Compliance, we can help you in a variety of ways.
Here are some of the things we do:
- Assess requirements: Evaluate the organization’s needs to determine the appropriate Oracle EPM Cloud configuration and the optimal number of Hosted Named Users.
- Rightsizing: Ensure the Oracle EPM Cloud purchase aligns with the organization’s size, requirements, and budget to avoid overpaying or underprovisioning.
- Contract negotiation: Assist in negotiating the most favorable terms, conditions, and pricing for the Oracle EPM Cloud contract.
- Best practices guidance: Provide recommendations on industry best practices for implementing and optimizing Oracle EPM Cloud to maximize the return on investment.
- Vendor management: Facilitate communication and collaboration with Oracle to ensure a smooth implementation process and ongoing support.
- Licensing optimization: Identify opportunities to optimize existing Oracle licenses and reduce costs by leveraging the organization’s current Oracle investments.
Do you need assistance with Oracle EPM Cloud Service?
Redress Compliance is here to help! Our team offers various services, including needs assessment, contract negotiation, best practices guidance, vendor management, and licensing optimization.
Contact us now to learn more and get started!