Everyone in the industry is talking about EPM Cloud, yet it can be hard to break through the noise and get quick answers. If you have questions about Oracle’s Financial Consolidation and Close Cloud Service (FCCS), read on for answers to common questions we hear about FCCS.
There are still many differences between HFM and FCCS. If you’re a current HFM user, you probably won’t be able to completely replace HFM, yet. Oracle is working to close the gaps between the two applications, with FCCS updated automatically every month.
FCCS is an out-of-the-box consolidation solution with 11 predefined system dimensions and two custom dimensions, while HFM has unlimited custom dimensions. FCCS also has standardized features, such as entity and account hierarchies, as well as calculations and reports. In FCCS, you won’t be able to create customized rule files using VB script like you would in HFM, but you can create member formulas in FCCS.
FCCS customers currently get the following functionality:
Data and metadata can be integrated into FCCS using data management capabilities within the cloud offering. This includes seamless loads of data and metadata and also capabilities to drill back to the source information.
Each customer chooses a 1-hour window for daily system maintenance and patching. Patches are made automatically during this window, if needed. When available, upgrades are provided at the same time. Customers are provided with advance notice of an upcoming upgrade so they have time to prepare. Critical patch fixes are done on the environment as needed. Typical updates are done once a month, and software enhancements are done approximately once every quarter.
Going to the cloud eliminates the need for on-premises hardware, operating systems, databases, and other technology. Like the other applications available in Oracle’s suite of EPM cloud products, FCCS can be deployed in weeks versus months for on-premises applications.
FCCS supports Internet Explorer, Firefox, Google Chrome, and Safari.