Oracle HFM vs Workiva Wdesk comparison

Oracle and Workiva are both solutions in the Business Performance Management category. Oracle is ranked #6 with an average rating of 8.2, while Workiva is ranked #11 with an average rating of 7.0. Oracle holds a 9.8% mindshare in BPM, compared to Workiva’s 3.1% mindshare. Additionally, 100% of Oracle users are willing to recommend the solution, compared to 71% of Workiva users who would recommend it.

Oracle HFM

Read 15 Oracle HFM reviews

1,809 Views
1,291 Comparison Views

100% willing to recommend

Workiva Wdesk

Read 7 Workiva Wdesk reviews

498 Views
299 Comparison Views

71% willing to recommend

Oracle HFM

Workiva Wdesk

Comparison Buyer's Guide

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Executive SummaryUpdated on Dec 19, 2024

Oracle HFM and Workiva Wdesk compete in the financial management software category. Workiva Wdesk leads with real-time reporting and collaboration, while Oracle HFM is known for its strong consolidation features.

Features: Oracle HFM provides powerful financial consolidation, multi-currency translations, and complex ownership calculations. Workiva Wdesk offers integrated document management, real-time collaboration tools, and seamless ERP integration.

Room for Improvement: Oracle HFM could enhance its cloud capabilities, streamline user interface, and reduce setup complexity. Workiva Wdesk might improve deeper financial analytics, expand offline capabilities, and enhance multi-currency handling.

Ease of Deployment and Customer Service: Oracle HFM's on-premises model requires more resources for implementation, while Workiva Wdesk's cloud-based deployment allows quick setup. Oracle HFM has extensive support, yet Workiva Wdesk is noted for its responsive service.

Pricing and ROI: Oracle HFM carries higher upfront costs due to on-premises setup, offering long-term consolidation benefits. Workiva Wdesk follows a subscription model with lower initial investment, often providing faster ROI through quick deployment and productivity.

To learn more, read our detailed Oracle HFM vs. Workiva Wdesk Report (Updated: January 2025).

Buyer's Guide

Oracle HFM vs. Workiva Wdesk

January 2025

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Review summaries and opinions

We asked business professionals to review the solutions they use. Here are some excerpts of what they said:

Categories and Ranking

Oracle HFM

Ranking in Business Performance Management

6th

Average Rating

8.2

Reviews Sentiment

7.0

Number of Reviews

Ranking in other categories

No ranking in other categories

Workiva Wdesk

Ranking in Business Performance Management

11th

Average Rating

7.0

Reviews Sentiment

7.0

Number of Reviews

Ranking in other categories

GRC (5th), Financial Close Software (3rd)

Mindshare comparison

As of January 2025, in the Business Performance Management category, the mindshare of Oracle HFM is 9.8%, up from 9.0% compared to the previous year. The mindshare of Workiva Wdesk is 3.1%, up from 1.6% compared to the previous year. It is calculated based on PeerSpot user engagement data.

Business Performance Management

Featured Reviews

AhmedHaridy

Managing Director at Emkan

Offers flexibility and ease of configuration

The initial setup of Oracle HFM is generally straightforward and not overly complex. The deployment time for Oracle HFM varies with the resources, but it usually takes around three to eight months, with an average of three to four months. The deployment process for Oracle HFM involves several key steps. It begins with the installation of Oracle software, followed by gathering requirements and relevant documents. These documents help define the report formats and service needs. Next, the team configures the system, starting with the enterprise structure, which needs to align with the ERP system. Data loading and configuration follow, with Oracle HFM typically requiring more resources compared to other systems like SuccessFactors.

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Phillip Gough

Partner, Financial Services at Deloitte TT

The solution is easy to deploy and enables collaboration, but it must improve its speed and enable users to create pivot tables

I rate the ease of setup an eight out of ten. The initial setup was straightforward. The solution is cloud-based. We deployed the product along with Wdata in six months. It was for a lot of use cases. To deploy the tool, we designed the use cases and developed them. Then, we went through unit tests, integration tests, and user acceptance tests. It was an Agile delivery cycle.

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Quotes from Members

We asked business professionals to review the solutions they use. Here are some excerpts of what they said:

Pros

"It is an expensive product but delivers what it promises, ensuring regulatory compliance, reducing risks associated with spreadsheets, and providing a better return on investment based on usage."

"Stability-wise, I rate the solution a ten out of ten."

"It is a very user-friendly software."

"Financial consolidation and reporting tool with good built-in features such as currency exchange and elimination."

"You can bring in data from any source and from multiple sources, and you can consolidate that data in HFM."

"The tool is stable."

"The most valuable features are around consolidations, eliminations, conversions."

"The most valuable feature is the flexibility and ease of configuration in terms of testing and formula creation."

"It makes the compliance process more efficient and more effective."

"The cross-functionality between connectivity, whether through API connections between different software platforms or the connection of data collection to the actual written ESG report, is highly valuable. The connectivity of all these aspects significantly aids in data assurance, which I consider a bonus."

"The collaboration within the platform is valuable."

"It helps you to maintain a backup of your data, including the connectivity with the tables, which provides a user-friendly way to handle and access your files."

"Workiva Wdesk is pretty good in terms of getting the data from the system, automating the reporting schedules...It has a very good integration with ERP tools."

"The most valuable feature is its ability to easily upload and update financial results, creating a dynamic data sheet."

"Workiva Wdesk has a flow diagram that is standardized, making it easy for people to file documents on ECDAs, which are in HTML format."

Cons

"The complexity is okay. I don't see it as super complex. The solution could have more functionality to make it a little bit more flexible."

"Integration is an area where it lacks and can be improved."

"If there could be data integration between HFM and the accounting software that would be ideal."

"The solution has integration challenges. We need a simple tool that is fool-proof for the data that is submitted not only for consolidation purposes but also for performance management and reporting purposes."

"The intercompany reporting function in this tool needs improvement, particularly being able to run reports in batches, rather than one at a time."

"It's a difficult process to try to edit, configure, or change the business rules that exist and work within HFM."

"Improvements can be made by possibly different interfaces to modernize it, more automation in scripting, and better integration with third-party solutions and reporting capabilities."

"In terms of improvement, one challenge with Oracle HFM is the need for technical knowledge in writing SQL syntax for custom extensions."

"With this product, it's more about the integrated data model where you can have a one-to-many/many-to-one relationship between your policies and processes, risks, and controls. They need to showcase how you can put those pieces together."

"One area where Workiva Wdesk could improve is by ensuring that its cloud-based system is fully compatible with the most current versions of PowerPoint and Excel."

"At this point, I don't see a compelling reason to invest in Workiva. It may be necessary for compliance and controlling the version of SCC, but not everyone needs its high-end capabilities."

"The tool's script encoding needs to be updated to make it more user-friendly and less of a manual process when changes are made to a company's program. Those changes happen frequently due to mandatory or voluntary reporting requirements, leading to lost linkage connections that must be manually reset each time a change is made. This aspect is not functional now, and I see it as an opportunity for improvement."

"The most critical issue is the need to shift between uppercase and lowercase."

"The speed must be improved."

"Regarding the solution, reporting has certain areas that can be considered for improvement."

Pricing and Cost Advice

"Oracle Hyperion Financial Management (HFM) uses the named user licensing model. There's different pricing depending on HFM and Essbase planning."

"Our clients in Asia think that the solution is too expensive."

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Top Industries

By visitors reading reviews

Financial Services Firm

12%

Computer Software Company

11%

Manufacturing Company

11%

Healthcare Company

Financial Services Firm

18%

Educational Organization

16%

Computer Software Company

Insurance Company

Company Size

By reviewers

Large Enterprise

Midsize Enterprise

Small Business

Questions from the Community

What do you like most about Oracle HFM?

The most valuable feature is the flexibility and ease of configuration in terms of testing and formula creation.

See all answers

What is your experience regarding pricing and costs for Oracle HFM?

It depends on the discount offered by Oracle. It is an expensive product but delivers what it promises, ensuring regulatory compliance, reducing risks associated with spreadsheets, and providing a ...

See all answers

What needs improvement with Oracle HFM?

Improvements can be made by possibly different interfaces to modernize it, more automation in scripting, and better integration with third-party solutions and reporting capabilities.

See all answers

What do you like most about Workiva Wdesk?

The most valuable feature is its ability to easily upload and update financial results, creating a dynamic data sheet.

See all answers

What is your experience regarding pricing and costs for Workiva Wdesk?

Wdesk is affordable and as far as I'm aware, there were no additional costs beyond the standard license increase. We didn't have to make any other changes; it primarily involved accessing the platf...

See all answers

What needs improvement with Workiva Wdesk?

The tool's script encoding needs to be updated to make it more user-friendly and less of a manual process when changes are made to a company's program. Those changes happen frequently due to mandat...

See all answers

Comparisons

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Compared 27% of the time

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Compared 18% of the time

Microsoft Power BI vs Oracle HFM

Compared 12% of the time

Oracle Planning and Budgeting Cloud vs Oracle HFM

Compared 10% of the time

OneStream XF vs Oracle HFM

Compared 10% of the time

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AuditBoard vs Workiva Wdesk

Compared 35% of the time

RSA Archer vs Workiva Wdesk

Compared 9% of the time

OneTrust GRC vs Workiva Wdesk

Compared 9% of the time

CCH Tagetik vs Workiva Wdesk

Compared 8% of the time

Oracle Hyperion vs Workiva Wdesk

Compared 8% of the time

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Product Reports

Buyer's Guide

Oracle HFM

January 2025

Download Oracle HFM product report

Buyer's Guide

Workiva Wdesk

January 2025

Download Workiva Wdesk product report

Also Known As

HFM

Wdesk

Overview

Oracle Hyperion Financial Management is a financial consolidation and reporting application built with advanced Web technology. It provides financial managers the ability to rapidly consolidate and report financial results, meet global regulatory requirements, reduce the cost of compliance and deliver confidence in the numbers.

Oracle

Wdesk is used across the enterprise to support hundreds of data collaboration, reporting, and compliance processes. Use Wdesk to:

Optimize your structured and composite reports
Improve trust in your data, reports, and presentations
Transform processes to enable insight

Workiva

Sample Customers

B&B Hotels, Goldwind, Drake & Scull

Noodles Company, eBay, Winnebago, American Assets Trust, AmericanEnterprise, Calpian, Capstone Infrastructure, Cascades, Circor International, Coeur Mining, Davey, Dr Pepper Snapple

Buyer's Guide

Oracle HFM vs. Workiva Wdesk

January 2025

Free Report: Oracle HFM vs. Workiva Wdesk

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