Large organizations often face the difficult task of migrating from legacy software solutions to a modern solution that can improve processes and lead to better decision-making. In the case of CPM solutions, many Finance teams are stuck with Oracle Hyperion when they would like to migrate to an alternative such as the OneStream XF platform.
However, the lift required to migrate teams spread across the globe can seem like a huge undertaking. For some organizations, it requires a major business event, such as a disruption, a merger or acquisition, or a regulatory issue to create a compelling reason for change.
We don’t recommend waiting for an earth-shaking event, though. Look for the micro indicators that indicate it’s time to switch from legacy CPM solutions such as Oracle Hyperion to the leading CPM solution on the market, OneStream XF, to help your Finance team support decision-making and become a leading voice in the organization.
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Signs It’s Time to Move Away From Oracle Hyperion
Consider some of these key indicators that will help you build a compelling internal case to migrate to OneStream XF.
1. Your Team is Still Using Manual Processes
Software is supposed to enable automation and streamline processes. But, we have found that many Oracle Hyperion customers perform manual actions on the side trying to collect data or support consolidations. If your team is using spreadsheets and lacks confidence in the capabilities of your current CPM solution, then it’s a clear sign that you need to consider migrating to a better solution that can help your team work smarter.
2. Your Team is Using Multiple Pieces of Software to Get the Job Done
Perhaps your Finance team isn’t just using Oracle Hyperion to support financial consolidations and reporting. Your team may also be relying on other pieces of software to support individual aspects of this function.
Finance teams that are burdened with managing multiple pieces of software, tabbing through multiple screens on their computer, and reconciling data in multiple locations will end up spending way too much time on non-value-added functions.
If your team is stuck using multiple pieces of disconnected software to get the job done, then it’s a sign that you need to consider a unified, modern CPM platform to support the complete financial reporting function.
3. Your Team is Unable to Deliver Financial Reports in a Timely Manner
If your team is spending so much time on manual-entry processes and working through multiple pieces of software, they won’t be capable of delivering timely financial reports to management and stakeholders.
Many Finance teams are stuck in a cycle of just trying to meet the reporting deadline every month, every quarter, or every year. Nothing changes because Oracle Hyperion reporting software does not provide organizations with needed flexibility.
Business is moving so fast right now that your management team needs access to accurate and timely information to support decision-making. OneStream XF streamlines the entire process, allowing you to deliver the right information in the right format at the right time to support decision-making.
Why Migrate From Oracle Hyperion to OneStream XF?
Here is the most compelling reason to advocate for migrating from Oracle Hyperion reporting to OneStream XF. Consider how the nature of Finance has changed over the past few years. No longer is Finance a support piece. Finance is now a leader in the organization.
Oracle Hyperion was built for the previous era of Finance. Now, it’s time to lead at speed by providing management with a clear line of sight into how financial results impact the overall business. This can be achieved through the multiple reporting and analysis software capabilities in one single platform.
Your team no longer needs to utilize multiple pieces of disparate software to simply do their job. They can actually start entering into a new, value-added role of providing insight into the financial results, not just scrambling each period to produce reports before the deadline.
Pretty soon, your Finance team will stop reacting to what just happened. Instead, they will be empowered to proactively think ahead to how the business can adapt in real-time to ever-changing market conditions. OneStream XF makes it possible through powerful financial reporting and analysis capabilities.
Work With HollandParker to Support The Migration
Don’t wait for a major event or disruption to migrate to OneStream XF. If you are seeing some micro signs that it’s time to change your CPM solution, we can help you complete the migration.
As a Diamond OneStream Implementation partner, we have the expertise to support your Finance team all the way through the transition with minimum disruption. We provide expert coaching, guided training, and complete implementation support throughout the project.
– Contact us today to discuss how to get started on migrating from Hyperion reporting software to OneStream XF. We look forward to helping modernize Finance across the enterprise.