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From Chaos to Clarity: Simplify Your Planning Process with Oracle EPM Planning

Author: David Silverstrim | 8 min read | July 6, 2023

Financial planning is a highly complex and challenging process that requires careful consideration of multiple factors to successfully achieve business goals. It involves creating detailed plans for the future while taking into account uncertainties and risks that may impact on the organization’s financial health. Financial planning requires a deep understanding of financial principles, regulations, and accounting practices, as well as the ability to analyze large amounts of data and interpret complex financial information.

Financial planning also involves collaboration with various stakeholders, including executives, department heads, and other key personnel, to ensure that plans align with the organization’s overall strategy. This process can be time-consuming and requires strong communication and leadership skills to navigate conflicting priorities and differing viewpoints.

Despite the difficulties involved in financial planning, it is essential for businesses to develop robust financial plans to stay competitive in today’s complex and dynamic business environment. A well-executed financial plan can provide a roadmap for achieving organizational goals, identifying potential risks, and seizing new opportunities to drive growth and profitability.

Evolution of Financial Planning

The evolution of financial planning has been a long and winding journey, from the manual, disconnected process of the past to today’s modern, data-driven approach. While many finance professionals still rely on spreadsheets for planning and budgeting, the risks and limitations of these tools are becoming increasingly apparent. Financial spreadsheets lack audit and security measures, are prone to human error, and are challenging to integrate with other systems.

Fortunately, advanced financial planning software is now available that addresses these issues and offers a wide range of capabilities to support strategic decision-making. These tools provide a connected, enterprise-wide view of planning and budgeting, incorporating data science, machine learning, and other advanced technologies. By leveraging multiple data sources and predictive capabilities, organizations can now model strategic direction and take actions to optimize financial and business performance.

Today, financial planning is increasingly predictive, focusing not only on what has happened or is currently happening but also on why and how it’s happening—and what is likely to occur in the future. By adopting a data-driven approach, organizations can achieve a more agile and accurate planning process that supports its business goals and objectives.

Oracle Enterprise Performance Management (EPM) Planning and Budgeting Cloud Service (PBCS)

Oracle’s Enterprise Performance Management (EPM) Planning and Budgeting Cloud Service (PBCS) is built with data-driven focus enabling organizations to make decisions more quickly and with greater knowledge. It is a powerful tool for accelerating planning and budgeting processes for your enterprise. Oracle EPM Cloud is a full-featured cloud-based financial planning, budgeting, and forecasting tool. Without installing any software, enterprises can easily create and implement budgets using cloud technologies and Oracle PBCS.

Oracle Fusion Cloud Enterprise Performance Management (EPM) offers Intelligent Performance Management Insights (IPM Insights) as an embedded feature, enabling your finance and operational stakeholders to focus on identifying and addressing anomalies and outliers while leveraging data science without the need for specialized expertise.

Leverage the power Cloud EPM Planning

Streamlined Planning and Budgeting Process: Oracle EPM Planning simplifies planning and budgeting by providing a unified platform for collaboration, data entry, and reporting. Thus, streamlining financial operations, reducing the time and effort required to prepare budgets and forecasts.

Improved Accuracy: Oracle EPM Planning reduces the risk of errors and inconsistencies by providing a single source of truth for financial data. This ensures that organizations have accurate financial information to make better decisions.

Better Collaboration: Oracle EPM Planning allows multiple stakeholders to access the same data, eliminating the need for manual data transfers and reducing the risk of errors. This promotes better team communication and collaboration, leading to more accurate forecasts and better decision-making.

Real-time Insights: Oracle EPM Planning gives organizations real-time insights into its financial performance. This allows businesses to make data-driven decisions and quickly adapt to changing market conditions.

Scalability: Oracle EPM Planning is a scalable cloud-based solution that can handle large volumes of data, making it suitable for organizations of all sizes. As an organization grows, the solution can grow, providing a seamless transition to a more comprehensive EPM solution.

Cost-Effective: As a cloud-based solution, Oracle EPM Planning eliminates the need for expensive hardware and infrastructure. This reduces the total cost of ownership for organizations and provides a more cost-effective solution for planning and budgeting.

Customizable: Oracle EPM Planning is highly customizable, allowing organizations to tailor the solution to your needs. This includes integrating with other Oracle on-premises applications, such as Oracle Hyperion Financial Management (HFM) and third-party systems.

In conclusion, the Oracle Enterprise Performance Management (EPM) Planning offers a simple and effective solution for enterprises to streamline their planning and budgeting processes. By utilizing cloud technology and providing real-time insights into financial performance, this platform helps organizations make better decisions faster and gain a competitive advantage. With many enterprises already adopting this solution, it’s time to say goodbye to the complexities of traditional planning and budgeting processes and embrace a more efficient and effective approach with Oracle EPM Cloud.

For Finance executives who are drowning in spreadsheets or strapped to legacy applications, a cloud-based performance management solution offers an easy on-ramp, lower IT resource requirements, and accelerated time to value. Learn more about the features and capabilities of Oracle EPM PBCS in our latest whitepaper, “Stop Budgeting Like It’s 1999: Oracle EPM Cloud Planning and Budgeting (PBCS) to the Rescue.”

Datavail, a Trusted Advisor

Datavail has been an Oracle Partner and a Cloud Excellence Implementer partnering with many of the world’s largest businesses and public sector organizations in their transformation journeys, providing a concrete platform for global clients using strong domain knowledge; industry focus and professional, certified, and committed resources strength that help the clients to maximize the value of their IT spend.

At Datavail, we conduct a thorough assessment of an organization’s current application portfolio and guide them in making informed decisions to enhance the efficiency and insights of their planning and budgeting processes.

With our extensive knowledge of Oracle EPM PBCS, our team of on-premises and cloud experts are well-equipped to assist organizations in evaluating an enterprise’s financial processes and identifying areas for improvement. Our customized solutions are tailored to meet the specific needs of each organization, and we offer comprehensive training and support services to ensure a smooth transition to the solution. Discover more about our range of Oracle Cloud EPM implementation and managed services offerings.

Get in touch with our team of experts to learn how Datavail can help you migrate your business to Oracle Cloud.


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