Looking for a strong solution to handle your company's corporate performance management (CPM) needs? Three top platforms in the market for Planning and Budgeting are Hyperion Planning, Oracle PBCS (also called (also called Oracle Cloud EPM Planning), and OneStream. Each of these platforms offers varying solutions.
Hyperion Planning has been the industry leader for many years, but Oracle PBCS (Planning & Budgeting Cloud Service) is one of their newer flagship products. OneStream, first introduced in 2010, is an all-in-one solution for Planning, Budgeting, and Financial Close that was created by the same inventors of Oracle Hyperion Financial Management (HFM).
When considering a new system, one important designation is whether to have the application on-premise - or make the switch to the cloud as many companies are. Although Hyperion Planning has been leading the market for many years, it is primarily a web-based on-premise application. Oracle has been focusing more of its time and resources towards its new platform, PBCS, which is a cloud-based solution.
OneStream has also developed a solution that can be deployed either way: on-premise or on the cloud. OneStream allows clients to switch between the two as needed. On-premises applications can typically provide more control over your company's security, but they require an extensive install and upgrade process. That only happens every few years in the case of Hyperion Planning, but with PBCS being on the cloud, there are monthly updates that are pushed through. As such, you are always staying up to date with best practices and can patch any known bugs at the same time. OneStream allows their on-premises clients to have access to the cloud so they can provide a higher level of security - while still being able to push updates and patches as needed to them.
Oracle PBCS - Planning & Budgeting Cloud Services - was built from the same platform as Hyperion Planning. They both provide a robust core of financial reporting, planning, and budgeting. Both systems allow you to analyze your data through many different dimensions, such as account, subsidiary, department, period, scenarios, versions, and more.
However, Oracle PBCS also comes with a large variety of pre-built modules designed from best practices. OneStream differentiates itself as being an all-in-one financial solution. The OneStream platform is designed to collect as much data as possible, combining sales and operation data with all other key financial metrics used for reporting. OneStream offers guided workflows, which creates a seamless solution for all the different end users of the unified platform.
OneStream's single, unified platform supports multiple CPM processes including financial consolidation; financial, statutory, and management reporting; planning; forecasting; and analysis. OneStream's built-in capabilities include guided reporting for end-users, Extensible Dimensionality, relational blending, user-defined calculations and workflows, formatted and ad-hoc reports, Excel-based reporting, and interactive dashboards. It also provides seamless integration with Microsoft Office, automating the creation of board books and presentations.
All in all, each of the software applications provides a great solution. Hyperion Planning offers a solid on-premises platform that creates a strong foundation for your financial system. Oracle PBCS brings the foundation of Hyperion Planning to the cloud and adds on some pre-built reporting for financial systems. They are ready to go from the start and deliver solutions customizable to your business.
Depending on your needs, any one of these platforms could be the right solution for your business.
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