Oracle HFM or Oracle Hyperion Financial Management is a reporting and financial consolidation application maintained and used by financial departments in enterprise organizations. It is built and used in web based environments.
HFM provides financial teams and managers with tools for fast and efficient closing and reporting of financial results in an organization to allow for:
- Cost effectiveness in management of financial data
- Compliance with global financial regulations and
- Confidence in the output of financial numbers
The key features of oracle HFM include:
- Smart dimensionality that allows input of custom data
- Global collation features
- A web based environment for managing data from different locales
- A Scalable implementation of the tools and features used
- Robust and versatile data integration
- Allows for end to end audits and
- Tools that allow for powerful analysis and reporting
The key benefits of Oracle HFM include the following:
- Increased cost effectiveness in controls and compliance
Through automation and controls in financial consolidation and reporting of financial information, organizations have the assurance that data input into the system through smart dimensionality is authentic and meets high standards of transparency.
This can help an organization reduce costs of data processing, verification and audits.
- Confidence in numbers
Since Oracle HFM is used by over 2000 enterprise organizations with complex and simple structures, the expertise and support offered through the software can give organizations a window into the most cutting edge technologies and viewpoints used by these different organizations.
In addition, since all these organizations produce compliant data and analysis, this can give confidence to an organization that a company follows global procedures and standards since there is a long precedence for compliant audits.
- Allows for easy and effective in depth insights
Through effective and efficient financial and non-financial analysis of large amount of data, a finance manager can quickly gain in-depth insights of an organizations standing within a very short period.
Because you can organize huge amounts of data at different granular levels, it is possible to derive insights from different perspectives within the organization including customers, suppliers, products, or brands.
- Allows time efficient reporting and financial consolidation features
Oracle HFM incorporates global financial standards into the systems so that users can invest less attention in procedural activities and thus allow more time to analyzing and data. The compliance standards in built into the system include GAAP and IFRS accounting and financial standards.
- Allows for identification of profitable and cost effective centers
Through dimensionality of input data, it is easy for a financial manager to identify new sources of cost effectiveness, profitability and cash flow in an organization.
This can be from a very granular level to a more oversight level within the organization for different products and brands, distribution channels, target customers and cost centers.
- Perform adaptable and flexible scenario management
With Oracle HFM, it is easy to experiment with a wide range of versatile what-if scenarios to allow quick decisions made based on historical data.
As facts and assumptions change, users can adapt the what-if scenarios to provide more concrete data through consolidation and reporting mechanisms.
There are several other benefits of using Oracle HFM; hopefully the benefits mentioned above will whet your appetite for what is possible through this application for your organization.