Oracle EPM Cloud simplifies planning, budgeting, and reporting across finance, HR, supply chain, and sales. It helps organizations improve financial forecasting accuracy by 30%, reduce financial close times by 20%, and boost operational efficiency by 15%.
Key Takeaways:
- Core Features: Financial and operational planning, account reconciliation, advanced analytics.
- Implementation Steps:
- Assess IT infrastructure and stakeholder readiness.
- Define clear project goals and metrics (e.g., faster planning cycles, reduced close times).
- Build a project team with roles like Project Manager, Technical Lead, and Change Management Lead.
- Data Management: Focus on data quality, migration planning, and integration with systems like Oracle ERP.
- System Setup: Choose between Standard or Enterprise plans based on needs, and prioritize testing for performance and security.
- User Training: Use tools like Oracle MyLearn and Guided Learning to ensure adoption.
- Maintenance: Monitor performance, test updates, and integrate new features quarterly.
Quick Comparison: EPM Standard vs. Enterprise
| Feature Category | EPM Standard | EPM Enterprise |
|---|---|---|
| Planning Modules | Basic modules | Custom Planning, Sales Planning |
| Financial Tools | Account Reconciliation | Tax Reporting, Profitability Tools |
| Advanced Features | Basic reporting | Predictive Cash Forecasting |
Start by checking your organization’s readiness, planning data migration, and assembling a skilled team to ensure a smooth Oracle EPM Cloud implementation.
Planning Your Implementation
Organization Readiness Check
Start by evaluating your organization’s systems, processes, and team capabilities. Review your IT infrastructure to ensure it supports the necessary network bandwidth, security protocols, and compliance requirements. For example, when Caesars Entertainment shifted from a long-standing on-premises system to Oracle Cloud EPM in 2023, they conducted a detailed infrastructure review to ensure a seamless transition.
Here are key areas to focus on:
| Assessment Area | Key Considerations |
|---|---|
| Technical Infrastructure | Network capacity, security measures, existing integrations |
| Process Documentation | Current workflows, manual tasks, third-party tools |
| Data Management | Data quality, security protocols, compliance standards |
| Staff Capabilities | Skill levels, training requirements, readiness for change |
Once you’ve confirmed your readiness, establish clear goals to guide your implementation efforts.
Project Goals and Metrics
Define specific, measurable objectives to track success. For example, SSI Group cut CFO budget meetings from three hours to just 30 minutes after adopting Oracle EPM.
Examples of measurable outcomes include:
- Shortened planning cycles
- Faster data processing and financial close times
- Improved efficiency through automated processes
Building Your Project Team
With clear goals in place, assemble a focused team to drive the implementation. In 2023, Michael Mann, Vice President of Finance Transformation at Caesars Entertainment, emphasized the importance of assigning full-time staff to defined roles and including representatives from the cloud vendor in the team.
Your implementation team should include:
| Role | Primary Responsibilities |
|---|---|
| Project Manager | Coordinates all phases, manages consultants, and oversees personnel |
| Technical Lead | Manages system setup, integrations, and technical needs |
| Business Process Expert | Aligns the project with operational workflows and requirements |
| Change Management Lead | Develops training programs and drives user adoption |
The Project Manager is especially crucial, acting as the bridge between technical teams, business experts, and stakeholders while ensuring timelines and budgets stay on track.
Data Management
With your project team ready, it’s time to tackle the critical task of managing your data effectively.
Data Source Review
Take a close look at your data sources. Oracle EPM Cloud can connect with various systems, including Oracle ERP Cloud, NetSuite, Oracle HCM Cloud, E-Business Suite, PeopleSoft, and on-premises databases.
When evaluating your data sources, focus on these areas:
| Assessment Area | Key Considerations | Common Issues |
|---|---|---|
| Source Systems | Compatibility with EPM Cloud, data format needs, integration options | Legacy system challenges, mismatched data structures |
| Data Volume | Historical data size, transaction frequency, growth trends | Performance slowdowns, storage limits |
| Data Dependencies | Cross-system links, workflow connections, reporting needs | Missing links, broken data flows |
Data Quality Control
Low-quality data can disrupt operations. Studies show businesses spend 10-30% of their revenue on fixing data quality issues.
"A good partner is the difference between happy users and unambiguously failed implementations", says Ed Graham, Founder of GK – Oracle EPM Specialists.
To maintain high data quality, focus on these areas:
- Data Validation: Automate checks to ensure:
- Financial records are accurate
- Customer and supplier data is complete
- Information is consistent across systems
- Updates are made promptly
- Quality Assurance Process: Set up processes for:
- Removing duplicate data
- Standardizing formats
- Filling in missing information
- Ongoing monitoring and maintenance
Data Migration Steps
Follow these steps to migrate your data successfully:
-
Pre-Migration Planning
Develop a clear plan that includes:- Data structure and dependencies
- Timelines and key milestones
- Risk management strategies
- Resource allocation
-
Migration Execution
Use tools designed for efficient migration, such as:- Oracle Data Pump for large-scale data transfers
- GoldenGate for real-time data replication
- RMAN for backups and restoration
- Database Link for direct transfers
-
Post-Migration Validation
Test thoroughly to confirm:- Data is accurate and complete
- System performance meets expectations
- Integration between systems works smoothly
- Security measures are in place and effective
Managing your data well is essential for a strong Oracle EPM Cloud implementation. Proper planning and execution can help avoid common pitfalls and ensure success.
Setup and Configuration
Basic System Setup
Set up the core system parameters to match your organization’s specific needs.
| Setup Phase | Key Tasks | Key Considerations |
|---|---|---|
| Initial Configuration | Environment setup, user roles, security protocols | Focus on access controls and data privacy requirements |
| Integration Setup | API connections, data flow mapping, system interfaces | Ensure compatibility with existing systems |
| Performance Settings | Memory allocation, processing thresholds, backup schedules | Plan for peak usage patterns and data volume projections |
Custom vs Standard Features
Oracle EPM Cloud offers two subscription levels: Standard and Enterprise. The Standard plan is designed for smaller organizations, while the Enterprise plan caters to more complex operations with a broader range of features.
Here’s a quick comparison of the two:
| Feature Category | EPM Standard | EPM Enterprise |
|---|---|---|
| Planning Modules | Basic modules (Capital, Financials, Projects, Workforce) | Includes all Standard features plus Custom Planning, FreeForm, and Sales Planning |
| Financial Tools | Account Reconciliation, Financial Consolidation | Adds Profitability & Cost Management and Tax Reporting |
| Advanced Features | Basic reporting tools | Includes Predictive Cash Forecasting and Enterprise Data Management |
"Regular updates may negate the need for customization", according to Oracle’s implementation guide.
When deciding between configuration and customization, weigh these factors:
- Configuration Benefits: Faster setup, easier updates, and reduced maintenance costs.
- Customization Advantages: Tailored solutions, competitive differentiation, and scalability for more complex needs.
Once you’ve made your configuration choices, thorough testing is essential to ensure the system performs as expected.
System Testing Guide
Testing is critical to ensure the system operates reliably and accurately. Use this framework, based on proven implementation strategies:
1. Pre-Update Testing
Start testing one month before updates by reviewing and refining test plans to confirm readiness.
2. Integration Testing
Verify all APIs and integrations are functioning correctly, and document any discrepancies.
3. Performance Validation
Ensure the system performs well under load. For example, Cottage Health achieved an 87% reduction in testing cycle times and 100% test coverage.
Ongoing Testing Practices:
- Use automated regression testing after monthly updates.
- Verify security protocols.
- Test performance during peak usage.
- Confirm API functionality.
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User Training and Adoption
Now that data management and system setup are complete, it’s time to focus on user training and adoption. This step ensures the implementation runs smoothly and users are prepared.
Training Plan Creation
Start with Oracle MyLearn’s role-based paths to provide tailored training for different roles. For example, finance users should learn about budget planning and forecasting, while system administrators focus on configuration and maintenance. Make use of free resources like Oracle EPM Cloud tours and video tutorials, and consider adding digital courses and certifications for more in-depth learning. Tools like Oracle Guided Learning can provide in-app guidance, speeding up user onboarding and improving productivity. Once your training plans are in place, shift your attention to managing the changes that come with implementation.
Change Management Steps
A solid change management strategy is key for successful adoption. Involve leadership early and appoint "change champions" to advocate for the new system. Create a communication plan to address common concerns, such as job security and workflow adjustments, and provide regular updates. Track progress by monitoring performance indicators, and celebrate small wins to encourage users and build confidence in the new workflows.
Support System Setup
Leverage Oracle Guided Learning to offer in-app assistance, which has been shown to reduce support requests by 63%. Combine self-service tools with direct technical support to create a well-rounded support system. Assign a dedicated team to handle system updates and communicate these changes to users to keep the system evolving smoothly.
System Maintenance
Performance Tracking
Keep an eye on system performance to get the most out of your Oracle EPM Cloud. The Activity Report is a valuable tool for identifying and addressing performance issues. Pay close attention to metrics like "Top 30 Worst Performing User Interface Actions over 2 Seconds" and "Top 10 Worst Performing Business Rules over 30 Seconds".
Consider forming a dedicated Center of Excellence (CoE) team to handle performance monitoring and improvement efforts. This team should carry out monthly system audits, focusing on areas like data governance, aggregation methods, and integration workflows. These audits provide the insights needed to stay ahead of system updates and ensure smooth operations.
System Updates
Oracle EPM Cloud provides monthly updates that include new features and bug fixes. To handle these updates efficiently:
-
Pre-update Planning
Start by reviewing advisory documents to understand upcoming changes. Develop a testing schedule to validate both technical and business processes. Effective planning and testing can significantly shorten the certification process, reducing it from weeks to just a few days. -
Testing Strategy
Focus your testing efforts on critical areas such as security roles, sanity checks, end-to-end regression tests, and integration workflows. For example, Hemonetics Corporation successfully reduced its testing time by 80% by using automated regression testing.
After completing the testing phase, integrate the updates carefully to ensure they improve performance without causing disruptions.
New Feature Integration
With the EPM market expected to grow from $6.88 billion in 2023 to $10.83 billion by 2028, it’s important to regularly evaluate new features. Set up a quarterly process to review how these features impact your business processes. Focus on updates that align with your goals and deliver measurable improvements.
Here’s how to approach new feature integration:
- Document your current workflows and test new features in a sandbox environment.
- Track performance metrics after implementing the features.
- Offer targeted training for employees affected by workflow changes.
If timing is a concern, Oracle allows you to skip up to three consecutive monthly updates, giving you the flexibility to plan and integrate changes without affecting critical operations.
Conclusion
Implementation Checklist
Here are the key components to focus on:
| Phase | Key Actions | Success Indicators |
|---|---|---|
| Planning | Define the project scope and objectives | Clear goals and measurable KPIs |
| Data Management | Review and ensure data quality | Verified data accuracy and consistency |
| System Setup | Configure features and integrations | Successful testing and validation |
| User Adoption | Conduct thorough training programs | Strong user engagement and participation |
| Maintenance | Set up monitoring and support processes | Reliable and consistent system performance |
This checklist can serve as a roadmap for your implementation journey.
Next Steps
To ensure smooth implementation and improve efficiency, focus on these actions:
- Track Performance Metrics: Regularly monitor system performance and conduct audits to measure effectiveness.
-
Automate Workflows: Reduce manual tasks to save time and improve accuracy. Wade Bitter, Chief Accounting Officer at NCS Multistage, shared:
"Our close process will be much more automated with the implementation of Oracle EPM Cloud. It will save us a lot of time each month".
- Leverage Expert Assistance: Collaborate with experienced consultants for tailored solutions. For example, a Japanese multinational automaker saw a 6% boost in retail revenues (totaling $8.37 billion) during their first quarter after partnering with implementation experts.
