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.
Divisional Director at a transportation company with 1,001-5,000 employees
A stable and scalable solution with costly licensing model
Pros and Cons
- "The tool is stable."
- "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."
What needs improvement?
For how long have I used the solution?
I have been working with the tool for 15 years.
What do I think about the stability of the solution?
The tool is stable.
What do I think about the scalability of the solution?
The solution is scalable.
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Oracle HFM
November 2024
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How are customer service and support?
We can avail support through a partner network.
What's my experience with pricing, setup cost, and licensing?
The tool's licensing model is costly since it's based on the number of users.
What other advice do I have?
I would rate the product a nine out of ten. We plan to use OneStream which is a modern platform as opposed to HFM which has a lot of legacy that makes it cumbersome. I wouldn't look to implement the solution but look for modern tools.
Which deployment model are you using for this solution?
On-premises
Disclosure: I am a real user, and this review is based on my own experience and opinions.
Project Manager at a financial services firm with 10,001+ employees
We were using a different solution but switched because of process improvement.
What is most valuable?
Consolidation
How has it helped my organization?
Time saving during accounting closing periods.
For how long have I used the solution?
I've used it for five months.
What was my experience with deployment of the solution?
Yes I did have issues.
What do I think about the stability of the solution?
No issues encountered.
What do I think about the scalability of the solution?
No issues encountered.
How are customer service and technical support?
I didn't work directly with customer service.
Which solution did I use previously and why did I switch?
We did previously use a different solution, and we switched because of process improvement.
What about the implementation team?
We used both.
What other advice do I have?
Use it.
Disclosure: I am a real user, and this review is based on my own experience and opinions.
Buyer's Guide
Oracle HFM
November 2024
Learn what your peers think about Oracle HFM. Get advice and tips from experienced pros sharing their opinions. Updated: November 2024.
816,406 professionals have used our research since 2012.
Lead Consultant at a tech services company with 10,001+ employees
Small issues while building applications but it has the capability of handling consolidations end to end.
Valuable Features
HFM has the capability of handling consolidations end to end. It handles multi-currency translations, complex ownership calculations and inter-company eliminations and couple of other important tasks.
Improvements to My Organization
- Users were very comfortable using the product
- Product has ability to handle consolidation and reporting
- Can receive and club data from multi-source systems and can also handle multi-currency adjustments
- Hence the close functions and the Management reporting has effectively improvised and the stake holders use this as a primary source for planning for forecasts
Room for Improvement
Technical architecture wise it was dependent on IIS web server until 11.1.2.3.500 but Oracle dev team did eliminate this from 11.1.2.4
Use of Solution
About seven and a half years.
Deployment Issues
Yes I did. The initial building of HFM is not a cake walk. The deployment will have couple of resolvable issues and there will also be small issues while building application and rules.
Stability Issues
Like other products it also has performance issues, but it keeps reducing with the advanced versions.
Scalability Issues
No issues encountered.
Customer Service and Technical Support
Customer Service:
9/10.
Technical Support:7/10.
Implementation Team
I do work for a consulting organization and I have been through few implementations.
ROI
Not quite sure, but approximately, I could guess based on the business feedback. It reduces the number of days in close cycle and tough training efforts as well. Also the reports are very powerful and therefore it should be around 25% a year.
Other Solutions Considered
The other consolidation tools that are available in the market have their own limitations.
Other Advice
HFM is a very successful consolidation tool in the market since it provides an excellent and easy to use interface and the technology behind is very powerful which helps the business to perform the consolidation activities end to end.
Please opt for N-1 version always.
Disclosure: I am a real user, and this review is based on my own experience and opinions.
Equity pickup module review.
What is most valuable?
One of the HFM features that isn't talked about much that is really useful to accountants is the equity pickup module. Equity pickup is an accounting process where legal entities within a company own all or portions of each other and need to pull their percentage of net income into the investment of the subsidiary. Ultimately, as data is consolidated to total company, these investment and equity entries eliminate. But they are important for reporting at each legal entity.
The equity pickup module not only looks at who owns who and at what percentage, it also looks at the relationships and determines the correct order of execution, including any mid level consolidations or currency translations needed. For example, if A owns B and B owns C; first, B would pick up its percentage of C and then A would pick up its percentage of B and also B's percentage of C. If the currencies of A, B, and C are different, each entity is translated into the owner's currency before the pick up is run.
What needs improvement?
The module is not very appealing to technical users (not a lot of code, simple screen, etc.) but the process is a huge lifesaver for the accountants in the organization.
Disclosure: My company has a business relationship with this vendor other than being a customer: Oracle Ace Associate and consultant
Accounting & Planing Head at a non-tech company with 51-200 employees
Setup is straightforward. Links between pages could be more efficient.
Valuable Features
The ability to prepare our main financial statements.
Improvements to My Organization
Decreased time spent on the preparation of main financial statements and cross checking data.
Room for Improvement
- Format of tables
- Links between pages could be more efficient
Use of Solution
2 years
Deployment Issues
No issues with deployment.
Stability Issues
No issues with stability.
Scalability Issues
No issues with scalability.
Customer Service and Technical Support
Customer Service:
8 out of 10
Technical Support:8 out of 10
Initial Setup
Straightforward if you follow the instructions.
Disclosure: I am a real user, and this review is based on my own experience and opinions.
Business Analyst with 501-1,000 employees
The data consolidation engine is outstanding but the user interface for data entry is primitive.
Valuable Features
The data consolidation engine is outstanding in terms of speed and functionality. The ability to code the rules used for consolidation and calculation, makes the software fit both simple and very complex consolidation structures.
Improvements to My Organization
We are able to do on-demand consolidations of our full dataset – both financial and non-financial – across more than 250 subsidiaries with different ownership structures. To run a consolidation of our full dataset takes approximately 45 seconds.
Room for Improvement
The user interface for data entry (forms) is very primitive – and lacks common Windows functionality such as copy/paste functions. We hardly use forms anymore due to end-user convenience, and have automated dataloads through system-to-system interfaces as well as data entry through Hyperion SmartView addin in MS Excel.
Use of Solution
Four years
Scalability Issues
The software is designed for very large organizations –it doesn’t really give meaning unless you are consolidating more than 100 subsidiaries.
Customer Service and Technical Support
Customer Service:
We have had many tickets running with support at Oracle on the system – sometimes we have been missing a more proactive approach, but in general as expected.
Technical Support:We have had many tickets running with support at Oracle on the system – sometimes we have been missing a more proactive approach, but in general as expected.
Other Advice
The key to success with HFM is well coded rules – I have met many analysts working with HFM and finding the software slow and painful, which is caused by the rules not being written correctly.
Disclosure: I am a real user, and this review is based on my own experience and opinions.
Senior Business Consultant at a consultancy with 1,001-5,000 employees
You can access it through the web interface or through Microsoft Office based solutions.
Valuable Features
The versatile data is probably the most valuable feature, since you can access it through the web interface or through Microsoft Office based solutions like Excel, Excel Smart View, PowerPoint and Word. You can tailor it to your needs as well. The language is great. The way that it’s scripted is not very complex so you can easily reuse the code.
Room for Improvement
Moving forward with some mobile applications would be an improvement.
Use of Solution
I have been using the product for seven years. I’ve spent four years as an administrator and three years as a consultant.
Stability Issues
There have been some stable cases, but not all of them are.
Scalability Issues
It's highly scalable for any size company. It's stipulated a virtual server, so you can just add more memory.
Customer Service and Technical Support
They are definitely knowledgeable, but sometimes it takes time to get the right person. There will always be someone who can help you, but to get there can take time and effort.
Initial Setup
It is not technically difficult to implement.
Other Advice
I would recommend the product. I would give it a nine out of ten, only because of some of the stability issues.
Disclosure: I am a real user, and this review is based on my own experience and opinions.
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Updated: November 2024
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Sounds like a good review, we shall also improvise this by writing about some features that is interesting, this could also be very useful to the other viewers. Thanks..