A Primer on Oracle Essbase, Hyperion Planning, and Financial Management
August 13, 2020
What is Oracle Essbase?
Oracle Essbase is an analytical processing tool that enables real-time data analysis across large amounts of data. Known as an online analytical processing (OLAP) server it is designed specifically to support forecasting, variance analysis, root cause identification, scenario planning and what-if modeling for both custom and packaged applications.Query results can be displayed through interfaces of the user’s choice, including Hyperion Foundation Services, Oracle Business Intelligence Suite Enterprise Edition, and Microsoft Office tools. The intent is for the tool to be user friendly enough that technical experts do not need to create the queries or extract the reports. Users are able to create new queries and easily modify and share reports.
Oracle Essbase categorizes data in the form of ‘dimensions’, for illustration the dimension could represent a business quarter or a product category. Essbase supports ‘hierarchies of data to enable speedy mathematical aggregations and calculations across the data. For example, the user might calculate the sales for a product category for a specific region and timeframe. Lastly, users can utilize the “Outline” capability, which is a graphical representation that empowers users to easily review and update elements as business requirements change.
In a nutshell Oracle Essbase is a high-performance calculation engine that supports simple to complex aggregation and calculation of data. It can perform as the back-end data storage engine for Hyperion Planning.
What is Oracle Hyperion Planning?
Oracle Hyperion Planning is the center piece of Oracle’s enterprise performance management applications intended to support enterprise wide planning, budgeting, and forecasting. Hyperion Planning is a powerful calculation engine designed to support an enterprise’s business computations and estimates. In addition, it offers robust workflow capabilities to support efficient approval review processes. Hyperion Planning generates data based statistical predications helping the user to better forecast, as well it supports ‘what if’ modeling helping a user to look at various potential outcomes.
Hyperion Planning leverages Oracle Hyperion Smart View for Office as the Microsoft Office interface enables working within Outlook, Excel, Word and PowerPoint. Users can seamlessly move planning data across the Microsoft applications.
Bottom line, Hyperion Planning is designed for usability and collaboration with dashboards, task lists, alerts and notifications. Ease of use continues with its mobile interfaces designed for iOS, Android and Windows tablets.
What is Oracle Hyperion Financial Management?
Oracle Hyperion Financial Management is part of the Oracle Hyperion Financial Management Close Suite designed to assist the enterprise with the consolidation and reporting of financial and operational results, regulatory filings, tracking audit and compliance requirements and performing in-depth analysis. Furthermore, Hyperion Financial Management can be integrated with Oracle Hyperion Disclosure Management to streamline the creation of regulatory reports with embedded XBRL support.
Hyperion Financial Management works with Oracle Essbase Analytics Link, data warehouses, and other data sources. Pre-defined and user generated management dashboards can be created directly from the data held in Hyperion Financial Management by using Oracle Financial Management Analytics. Like other Hyperion applications it interfaces with Microsoft Office to enter data and create reports.
Enterprises turn to financial management solutions like Hyperion Financial Management to reduce the cycle times to consolidate and report financial statements, measure cash flow, determine tax obligations, gain greater insights into performance and control risks with audit trails.
In conclusion, each of these applications are powerful data aggregation and analytics tools designed to help an enterprise plan, forecast, budget and report. These applications are designed to be hosted on premise, at a third-party data center, in the cloud or are available as a SaaS solution in the Oracle Cloud.
- Engaging a Managed Services Provider for Hyperion: Is Now the Time?
- Three Considerations for Future Proofing Your Oracle Hyperion Investment
Nicole Lane is Senior Product Manager, Managed Services division of NTT Ltd.