Are you a finance professional or administrator interested in Oracle Hyperion Financial Management (HFM) or Oracle Financial Consolidation and Close (FCC)? With our years of experience with many customers, we want to provide an up-to-date comparison between the two solutions and show why FCC is a worthy successor to HFM.
FCC and HFM are both excellent and reliable in consolidation and reporting. Although they are similar in that they serve the same purpose, there are differences. Here are some topics on which we compare the two tools.
Target
HFM
Consolidation, financial closing and reporting. This is regularly converted for Tax, Planning and ESG.
FCC
Consolidation, financial closing and reporting. This is part of a suite in which there are separate specialized modules for Tax, Planning and ESG.
User Interface
HFM
HFM has a more traditional interface and limited options for setting up a "workflow.
FCC
FCC has a very intuitive, modern and user-friendly interface. The "workflows" are easy to set up to streamline the consolidation process.
Complexity and Scalability
HFM
HFM is suitable for large enterprises that need to take into account a large number of entities, currencies and accounting standards in their consolidation tool.
FCC
FCC is also suitable for medium-sized companies due to easy configuration. For large companies, the possibility of scripting offers conclusive solutions.
Integration and Data Management
HFM
HFM easily integrates with Oracle and 'third-party' ERP systems. It also has many data management features including: 'mapping', transformation and 'auditing'.
FCC
FCC easily integrates with other Oracle applications and 'third-party' systems through APIs. FCC also provides you with data validation and 'reconciliaton' capabilities.
Reporting and analysis
HFM
HFM offers Financial Reporting and the ability to analyze using Smart View (AdHoc and formulas).
FCC
FCC has a new version of reports, Reports 2.0, Dashboards and SmartView (AdHoc and formulas) for easy analysis.
Implementation options
HFM
HFM is an "on-premise" application. This requires technical management but allows for customization.
FCC
FCC is a cloud-based (SaaS) solution. This has the advantage that it follows cloud developments, updates automatically and is scalable.
Support and development
HFM
Oracle Premier Support through 2034. Little ongoing development is expected.
FCC
FCC has primarily focus from Oracle and will be expanded to include AI and ML capabilities in the coming years.
In summary, we see that both tools are very strong in performing its core task: consolidation and reporting. FCC wins in terms of functionalities, especially integrations, Workflows and Reporting. In addition, the Oracle EPM suite, of which FCC is a part, offers many other applications such as: Tax Provisioning (incl. Pillar II), Account Reconciliation, Narrative Reporting and ESG. As a Cloud-based SaaS solution with user-friendly configuration, FCC is very suitable for medium to large companies.
