The Oracle HFM is nothing but financial consolidation. So, advanced web technology reports the applications. The finance team of the organization designs and monitor them. The financial managers can consolidate the financial results and meet all global regulatory requirements. The Hyperion Financial Management (HFM)can also help in decreasing the costs of compliance and providing confidence in the numeric records.
Now let us go through the features of HFM:
- Firstly, accelerates reporting cycles and the cost of compliance can be reduced
- After that, the workflow and the validation can easily be completed with the audit trails.
- Activate the dimensionality smartly.
- Financial consolidation and the reporting features can be patented
- The management features are mobile with the ‘what if’ scenario
- Reporting and analysis tools can be accessed very easily
- HFM fully integrates the EPR and other transaction systems.
- Consists of various easily customizable and extendable features
- Architected through the web. Various applications apply to this module
- Extended analytics creates large files.
- Extended the 64-bit platform for support
- Templates are similar to business intelligence. That is used for the system reports.
- Various sections have phased with the submissions and enhancements
- EBS financials through FDM, HFM combines
- The transaction enhancements within the intercompany modules
- Use a powerful reporting system.
There are various advantages of using HFM in the organization.
Let us know them:
The periodic consolidation, segment reporting, and all the flexible market solutions can be applied through the HFM.
The disclosures, documentation attachments, workflow, and electronic questionnaires can be created with compliance through HFM.
The data integration function helps in employing the financial data for managing the quality of the moving data by mapping, collecting and validating them.
MS Office Integration:
The MS office suite possesses bi-directional capabilities for real-time and precise information.
The HFM can accelerate the multi GAAP capabilities with the variance analysis, flexibility, intercompany, audit trail and phased submissions.
Global Compliance Needs:
It can also address global compliance needs with the modules. The IAS /IFRS fulfilled the requirements. While, the financial intelligence, journals with the audit trails can be recognized and measured with custom dimensions.
Data Preparation Servers: The cleansing of the data and the transformation can be done by integrating with HFM. The document archives, as well as the task scheduling, are to be maintained for preparing the data servers. The data staging and the audit review can also be done through the servers.
The process management and the dimensional mapping verification can be done through the BPM adapters. The data loading function contains the line item detail, supplemental data, etc. The pre-packaged integration can also be verified through the adapters.
There are also various other advantages of the HFM.
- Decreases the cycle time of the financial workflow
- Confidential activities with the numeric data
- Reduced cost of compliance
- Automated collection and validation activities
- In this particular module, there is effective speed and agility.
So, the Oracle HFM is powerful as well as a highly scalable software solution. Finance team of the organization generally own and maintain it. It allows you to create four custom dimensions at a particular point in time. The additional custom dimensions can also be created for the existing applications of HFM. The extract data process and extended analytics can also be integrated with Hyperion Financial Management.