Migrate On-premises HFM to FCCS
When Oracle developed Financial Consolidation and Close Cloud (FCCS) to replace Hyperion Financial Management (HFM), they did not simply replicate HFM’s functionality in the Cloud. FCCS includes additional built-in functionality beyond HFM. When migrating your HFM application, PARC’s experts will assess the impact of FCCS’s capabilities on your current application. The resulting FCCS application will take advantage of new functionality where appropriate while keeping the implementation within the expedited timeframe.
Oracle’s Financial Close and Consolidation Cloud Service (FCCS) does not simply replace HFM. FCCS has been re-engineered from the ground up to provide a more robust platform with less work. Not only does FCCS include comprehensive, integrated Close processing, it also includes pre-built consolidation models. Moving to FCCS is the logical step for current HFM customers but requires diligent requirements gathering and current-state analysis in order to use the new FCCS functionality most effectively. Because the calculation platform has shifted from a proprietary engine running on a relational database to Oracle Essbase, this will be especially critical in re-coding rules and formulas.
In PARC’s Merge program, we have a standardized approach to convert an on-premises Hyperion Financial Management (HFM) application to FCCS. Our experience allows us to migrate you to the Cloud in weeks.
Key considerations when moving from on-premises Hyperion Planning applications to Financial Consolidation and Close Cloud Services (FCCS) include: how to take advantage of new FCCS functionality; how to leverage the new FCCS application efficiently, rationalization of existing reports, scripts and forms; and integration of FCCS with other systems such as ERP, EPM and Analytics.
Included activities within the PARCway Merge HFM to FCCS are:
- Inventory of existing objects in on-premises application
- Refinement of metadata to align existing hierarchies with FCCS standards
- Migration of Oracle Hyperion Financial Management application to FCCS
- Historical data validation conducted by combined PARC and client resources
- Automation of FCCS lifecycle management process from Development through Production
- Automation of metadata loads
- Automation of data loads
- Automation of interval-based data load and calculation processes
- Calculations re-written to Business Rules or Member Formulas depending on best fit
- Automation of nightly/weekly process
- Migration of security
- Migration of financial reports
- Training for core team members
- Documentation of all FCCS application components
Insights
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These Oracle EPM updates are scheduled to take place during the first nightly maintenance period on or after 2AM ET on Saturday Nov 5, 2021 (test environments) and on or after 2AM ET on Saturday, Nov 19, 2021 (production environments).
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