Industry research predicts that by 2025, cloud computing will dominate the landscape of technological innovation, both as the foundation and the driving force.
IT decision-makers need to map out what their cloud roadmap will look like in the next 10 years. For Hyperion customers, Oracle Enterprise Performance Management (EPM) Cloud is their express ticket for effective modernization, so it’s important to assess what Oracle EPM Cloud migration options look like.
Let’s get started!
What Happened to Hyperion?
To this day, Oracle continues to invest in Hyperion on-premises by delivering new innovation and update releases for clients using Hyperion applications to close their books, plan and forecast, and report to stakeholders on time, with agility, and confidently.
For those clients who’ve decided to stay on Hyperion on-premises, Oracle continues to offer support and will protect client investments. For this to continue uninterrupted, it’s critical that Hyperion clients upgrade to release 11.2 as Premier Support will end at the beginning of 2022. Of course, the other route to ensure Hyperion instances are productive and protected is to migrate to the cloud with Oracle EPM Cloud or Oracle Cloud Infrastructure (OCI).
As financial needs continue to evolve, Oracle EPM Cloud is not just a bookkeeping application; it’s now a strategic advisory support system where financial applications collaborate to drive the business forward through insights and data-backed financial information.
The 20+ years of Hyperion as the gold standard of EPM on-premises have been reimagined in Oracle Cloud EPM to meet modern business demands, addressing the value-add needs of clients.
Migrating from Hyperion to Oracle EPM Cloud
Thousands of Hyperion clients have now successfully migrated to Oracle EPM Cloud, benefiting from the agility and cross-function coordination it offers. The COVID-19 crisis certainly evidenced how critical cloud adoption is as more and more teams are going fully remote, and clients need to embrace the cloud-enabled digital reality we are in now.
Oracle EPM Cloud adds a significant amount of value when talking about financial processes like consolidation and close, planning, forecasting, and more. In fact, Oracle research shows that 85% of Cloud EPM customers confirmed they received more value by being in the cloud during the pandemic, citing an improved and more streamlined financial close as one of the highest benefits.
With many clients still contemplating their move to the cloud, it’s true that remote, collaborative workforces are becoming more predominant in the business landscape. Many of the clients who decided to move to Oracle EPM Cloud did so out of the need to optimize remote work environments and improve productivity and collaboration. Of course, others migrated to avoid infrastructure investments and/or the ability to tap into automated functionalities.
One of the key challenges of those who haven’t migrated to the cloud is the lack of integration between finance and operations. This pain point was brought to a bigger stage thanks to the pandemic, instilling a sense of urgency in finance professionals who now regard cloud-enabled technologies like artificial intelligence and machine learning as vital.
Many Hyperion clients are still using manual processes, missing out on these modern Oracle Cloud EPM capabilities that yield better, more accurate results.
Oracle EPM Cloud Migration
For Oracle EPM Cloud subscriptions as a new OCI client, you get a designated Oracle specialist to provision the activation of your software. You will require an Oracle Cloud account to activate the order and service.
For clients already on Oracle Cloud who purchase additional Oracle EPM Cloud instances, they can expand or add to the order. Reorders for more subscriptions are supported using the classic or OCI infrastructure.
New Oracle EPM Cloud subscriptions are supported via OCI, which employs Oracle Identity Cloud Services as the go-to identity store. Keep in mind that Oracle EPM Cloud is a component of OCI, which delivers highly available computing power and infrastructure to Oracle EPM Cloud. In fact, new Oracle EPM Cloud subscriptions from new users are wholly supported by OCI.
Some may still remember or make references to Oracle Cloud Classic, the predecessor to Oracle Cloud Infrastructure, and some Oracle EPM Cloud clients are supported on Oracle Cloud Classic. Of course, Oracle is making a push for all workloads to migrate to their next-generation cloud infrastructure which is OCI, for superior performance and lots of more features at a lower cost than Oracle Cloud Classic.
Oracle EPM Cloud business processes operate the same regardless of the type of OCI in use; nevertheless, there are differences between Classic and OCI environments. For example, in Classic functionality, the URL format identifies instance name, identity domain, EPM Cloud family, data center region, and application context while in OCI functionality, the URL identifies instance name, Cloud Account name, EPM Cloud family, data center region, and an application context.
The Oracle EPM Cloud migration is a means to access the solution which is packed with end-to-end features that strengthen the business processes you leverage for your mission-critical financial tasks, ensuring your organization remains agile, connected, and secure across multiple areas. Depending on whether you subscribe to the standard or enterprise cloud service, you’ll see different offerings both housed in a powerful, configurable suite of software modules designed to meet the unique needs of your organization.
The gist of it all is that you take action as soon as possible to modernize your Hyperion application, be it by upgrading to release 11.2 or migrating to Oracle EPM Cloud before time runs out and you lose Premier Support.
Download our ebook “Building a Business Case for Oracle EPM Cloud” to learn more about how you can take decisive action to get started on the Oracle EPM Cloud Migration.