Oracle HFM (Hyperion Financial Management) 11.2 will be supported by Oracle for at least another decade, but will not have many new features and enhancements. Therefore, many companies with HFM are orienting themselves to replacing HFM. A logical step then is to look at Oracle FCC (Financial Consolidation and Close), since it is the successor to HFM.
Migrating from Oracle HFM to Oracle FCC: A Simple Lift & Shift?
Is this move from Oracle HFM to Oracle FCC a simple lift and shift? To ask the question is to answer the question, so it should come as no surprise that the answer is no. Not only is FCC a cloud (to be precise, a Software as a Service -SaaS) solution, but it is conceptually and technically different. In terms of technology, it suffices for this article to point out that Oracle EPM Cloud is based on Essbase technology, which is also used for the on-premises Planning and Essbase applications. One consequence of this is that scripting is no longer replaced by VBScript (as in HFM), but by Essbase script.
Differences between HFM and FCC: Technique and Concept
This is immediately a good bridge to the fact that the idea behind FCC is also different from that behind HFM. In FCC, much more consolidation functionality is standard or configurable. As a result, scripting is much less necessary than in HFM, since configuring is usually sufficient. That said, it is particularly nice to know that if calculations are so complex or anomalous, scripting is always possible in FCC. But what about functionality built in HFM that is not strictly consolidation related such as Tax provisioning and Planning processes? These are ideally housed somewhere else within the Oracle EPM Cloud platform.
Oracle EPM Cloud: Components and Integration
In addition to FCC, this platform has the following components, among others:
- Planning (PBC)
- Profitability and Cost Management (PCM).
- Account Reconciliation (ARC).
- Tax Reporting (TRC).
- Narrative Reporting (EPRC).
- Environmental, Social & Governance (ESG)
All these applications have the usual data integration, forms, metadata management, reports and the Smart View -add-in, but are further focused on their own topic. So it may very well be that HFM is not merely replaced by FCC, but by a combination of different Oracle EPM Cloud components, which of course integrate extremely well with each other.
HFM Analysis Program: Preparing for the Transition
This is also reflected in the description of the HFM Analysis program:
"The HFM Analysis program delivers personalized recommendations to move from an existing on-premises HFM implementation to Oracle Cloud Enterprise Performance Management (EPM)."
With the HFM Analysis program, Oracle analyzes (without obligation!), based on HFM application files sent by the customer, how this application could migrate to Oracle EPM Cloud. Within a few weeks, the customer then has a good idea of what this might look like.
What will change in the transition from HFM to FCC?
So does everything change when moving from HFM to FCC? No, it certainly doesn't. Much functionality that can be found with a combination of metadata and rules in many HFM applications is also in FCC, only now it only requires configuration. In addition, for example, the interface (FDMEE in HFM, Data Management in Oracle EPM Cloud) and Smart View (the Office add-in) are largely the same so there will still be a lot of recognition for users, but in a more modern web interface.
Learn more about this transition?
Soon we will again announce the Oracle Close Up. The annual event for Oracle users and interested parties. Here we discuss latest developments and peers share their experiences. Would you like to attend? Send me a message at joost.mellegers@finext.com!
