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Oracle EPM & BI Blog

4 Factors CFOs Should Consider for a Successful EPM Implementation

In 2018, the CFO role has changed tremendously. A recent study found that traditional skills like compliance and controllership account for less than 10 percent skills critical to success. Today, skills like general management and strategy are most important to a CFO’s success.

CFO’s must be more creative in how they formulate their strategy and measure success. Other factors important to the finance team, like efficiency and performance, will fall into place once a successful strategy is put into place.

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Is Your Data Strategy Defensive or Offensive?

Posted by Michelle Heath   |   OBIEE,   |   Process & Advisory,   |   Oracle Analytics Cloud

Organizations have more data to manage than ever before, and it’s critical to the success of your business to manage that data strategically. But even with data management tools and new roles created to manage that data — most companies have fallen behind, according to a recent article published in the Harvard Business Review.

The numbers to support that claim are even more shocking. Various studies have found that 70 percent of employees can access data that they shouldn’t have access to, and 80 percent of analysts’ time is spent finding and preparing data.

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EPM Consulting: How to Save Time, Energy & Money

Before getting started, you know your EPM project will be costly, take time, and tie up valuable resources. However, whether you’re upgrading, implementing a new solution, or moving to the cloud, there are steps you can take to ensure your projects are successful and money is well spent.

Your EPM tools are an important investment that will help optimize your processes and improve data consistency. The following tips will help you get the most out of that investment and ensure that you’re fully using your EPM tools.

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The 5 Best Resources for Planning Your Next EPM Project

Whether it’s your first EPM project, fifth project, or even your tenth — it won’t be a walk in the park. Implementations, upgrades, and migrations of comprehensive tools like Oracle Hyperion take time and strategic planning. If you’re an EPM project veteran, you already know this, and your experience probably has you better prepared for what’s ahead. But, for all the novices out there, you might not know what to expect.

Whatever your situation — jaded veteran, wide-eyed newbie, or somewhere in between — you could undoubtedly use some resources. In this blog post, we’ll cover the five best resources for planning your next EPM project. (Added bonus: they’re free to download).

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6 Reasons EPM Projects Fail

Let’s be honest, EPM projects are expensive. It’s even more expensive when a project fails. These projects are intricate and require expertise that you can only get from an implementation partner. So, when the project fails, who’s to blame?

You probably want to place all the blame on the implementation partner. That might seem fair, especially if this is your first time venturing into the world of EPM. But, remember — you entered into a contract — so if certain parameters weren’t laid out, the partner can take your money and run.

But how can you tell when an implementation partner won’t live up to your expectations if you haven’t even started the project? In this blog post, we’ll cover the top six reasons EPM projects fail and the warning signs to look for while evaluating implementation partners.

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EPM Project Management: 7 Essentials of a Good Status Report

 

You are now the sponsor of a new EPM project at your organization. This project is transformational for your department and affects a lot of company stakeholders. And, adding further pressure, the project has a lot of visibility with senior executive leadership within your organization. While you’ve chosen what you believe is a good implementation partner… you’ll need to know what and how to report on project status for both the tactical project and strategic executive team.

How will you know what information makes a good status report? How will you present information to the project team that establishes credibility and sets a tone for leadership? How will you know what the leadership team needs to judge that the project is a success? A lot is riding on this project’s success!

This blog post will give you the knowledge to keep your project on track and report effectively to your leadership team. It’s going to arm you for success — prepare to climb that ladder.

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The Secret to a Successful Project, Part 3: What to Expect From an Implementation Partner

 

We’ve talked about the first key to a successful EPM or business analytics project: understanding your project’s unique complexity gap. And we’ve talked about how to create a gap analysis and assess the potential effort that your project will require.

Once these two items are complete, the next step in this process is to select an Oracle Hyperion implementation partner. To help you evaluate prospective implementation partners, this blog post will detail the three most important selection criteria and how to predict success in those areas.

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How to Build an EPM/BI Roadmap [5 Free Templates]



At this point, you should have already established a vision of how analytics — enterprise performance management and business intelligence — can help achieve your organization’s business objectives.

You may have decomposed big topics (e.g. “reduce manufacturing waste of Product X by 10 percent”) into tighter areas (e.g. “vendor and supply chain quality,” “manufacturing specifications,” and “financial controls”). Each subtopic has associated initiatives or projects. Taken in total, you have a portfolio of projects to be organized, evaluated, scheduled, and lastly funded.

Now, the task at hand is evaluating the collection of initiatives and preparing a rationalized list of projects. This project matrix is the basis for the deliverable document — the roadmap. The EPM/BI roadmap is the visualization of the initiative matrix.

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The Secret to a Successful Project, Part 2: Closing the Complexity Gap by Understanding People, Process, and Technology

 

We’ve talked about the first key to a successful project: understanding your project’s unique complexity gap.

The next step focuses on analyzing the current maturity of your organization (using the EPM maturity model) against the goals of the project. The outcome is a gap analysis, which measures the effort required to close those gaps and achieve a successful outcome. The gap analysis is the starting point to minimizing risk and maximizing the benefits of the project.

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The Secret to a Successful Project, Part 1: The Complexity Gap

 

Customers often ask, “What can we do to make sure our project will be a success?” Sometimes this question is so important to a client that they will go the extra mile to pay for advisory services (from, say, the Big 4 consulting firms) to help them answer the question. Well, from my experience in Big 4 and answering just this sort of question, there are three key areas that determine whether your project will be a success.

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