Oracle’s EPM suite has emerged as a game changer. Implementation of Oracle EPM is challenged with complexities, and it demands careful planning, expert consultation, and a commitment to best practices. The role of EPM advisor is crucial for configuration of the application and the integration of Oracle Fusion EPM with source and target systems and for the ongoing support to ensure sustained excellence.
Oracle is striving to meet the new challenges by adding to the cloud features every month. But with a variety of changes occurring at rapid speed, successful implementation of Oracle EPM suite may become increasingly difficult but not impossible.
You use a suite of applications for your everyday office productivity with MS Office. This bags a question, why should your business application be any different?
A few key considerations that you should keep in mind in order to know the power of the Oracle EPM suite: 1) A connected suite, purpose-built, finance driven platform 2) Deploy at your own pace to solve immediate problems and scale as needed 3) Lower implementation costs and gain efficiencies with prebuilt best practices in every process 4) Minimize the learning curve and navigate easily with a common user experience (UX) across the suite 5) Realize ongoing value as modules are updated together. Admin costs are much lower as you do not have to test and develop 6) Embedded with AI/ML and built-in best practice application content.
A. Oracle Cloud EPM Implementation Best Practices: First, begin Oracle Cloud EPM Implementation journey with a strategic planning and assessment of your existing financial business processes end-to-end and then develop a complete implementation strategy plan that aligns with your organizational strategic goals and objectives. Secondly, Configure Oracle Cloud EPM applications to cater to your organization’s business requirements and if need be, customize dashboards, reports, and standard workflows to enhance user experience and maximize functionality. Thereafter, think about Data Migration of your financial data seamlessly to Oracle Cloud EPM is key to ensure accuracy and continuity. Integrate the EPM suite with other enterprise systems (source and targets) for a unified and efficient data ecosystem. Lastly, conduct a comprehensive training program to empower users familiarize with the new system. This will ensure early cloud adoption. Implement change management strategies to address potential resistance and foster user adoption. Foster a culture of continuous improvement by regularly reviewing and optimizing Oracle Cloud EPM configurations and stay informed about Oracle EPM new features and updates in order to leverage the full potential of the EPM suite.
B. The Role of Oracle Cloud EPM advisors: The role of Oracle Cloud EPM Advisors is critical as they bring specialized knowledge and expertise to guide your organization through design & implement, managing reports and analysis of data, and finally acquaint you with how to Administer the processes. Leverage their expertise to align Oracle Cloud EPM with your specific business needs and learn industry best practices. Collaborate with Oracle Cloud EPM Advisors to customize the system according to the unique business requirements of your organization. Optimize configurations for improved performance, efficiency, and overall effectiveness. Gain valuable insights into industry best practices and the latest trends through their expertise. Stay ahead of the curve by implementing recommendations and strategies derived from their extensive knowledge.
C. Oracle Cloud Fusion EPM Integration: Oracle Cloud Fusion EPM provides a unified platform for comprehensive financial management data that integrates planning, forecasting, and reporting. Eliminates data silos to enhance collaboration and establish a single source of truth for all financial data. Most importantly, leverage the advanced analytics and artificial intelligence (AI) capabilities embedded in Fusion EPM for predictive insights. Utilize predictive planning to anticipate future financial scenarios and make informed decisions. Enjoy the scalability of Oracle Cloud Fusion EPM to accommodate the evolving needs of the organization. Adapt the system to changing business requirements without compromising the performance
D. Oracle Cloud EPM Support: Engage Oracle Cloud EPM Support services for proactive monitoring of system performance and regular maintenance. Address potential issues before they impact business operations, ensuring continuous financial management excellence. Stay abreast of the latest features and enhancements through continuous training provided by Oracle Cloud EPM Support. Empower users with ongoing education to maximize the benefits of EPM suite. Benefit from a dedicated support team that ensures responsive issue resolution to minimize downtime and disruptions. Address technical challenges promptly, maintaining the integrity of financial processes.
To Summarize; translating success in Oracle Cloud EPM implementation requires a holistic approach that encompasses best practices, EPM experts guidance, cutting-edge technologies like Oracle Cloud Fusion EPM, and robust ongoing support. Organizations that embrace these principles position themselves not only to streamline their financial processes but also to navigate the complexities of the modern business landscape with agility and intelligence. By leveraging the expertise of Oracle Cloud EPM Advisor, embracing best practices, integrating advanced technologies, and ensuring continuous support, organizations can unlock the full potential of Oracle Cloud EPM, achieving sustained success in financial management.
Mukul has around 10 years of experience as Oracle EPM Architect. Mukul has deep functional knowledge of financial systems and processes. Mukul has managed delivery of many large and complex EPM Transformation projects and built excellent relationships with client executives.