Oracle EPM Financial Reporting Deprecation: Embrace the New Reports for a Smooth Transition
Oracle Cloud EPM Financial Reporting (FR) has been a reliable cloud reporting solution, catering to the unique needs of finance departments and various functional areas requiring highly formatted multidimensional reports. However, Oracle’s product strategy is moving towards deprecating FR and encouraging users to transition to the newer Reports feature. This Statement of Direction aims to inform Oracle EPM users about the planned deprecation of FR and the importance of migrating to Reports.
In the Cloud EPM Platform, Financial Reporting (FR) is slated to be deprecated sometime between mid-to-late CY2024 (subject to change) and replaced by Reports. Reports, already available in Narrative Reporting for the past five years and integrated into the Cloud EPM Platform since February 2021, offers advanced capabilities, including the seamless migration of existing FR artifacts. Oracle has added individual migration options for each report in FR, or users can utilize the Migrate All feature to migrate all FR reports at once (Figure 1).. Reports, already available in Narrative Reporting for the past five years and integrated into the Cloud EPM Platform since February 2021, offers advanced capabilities, including the seamless migration of existing FR artifacts. Oracle has added individual migration options for each report in FR, or users can utilize the Migrate All feature to migrate all FR reports at once (Figure 1).
To facilitate a smooth transition, Oracle will provide at least six months’ advance notice before FR deprecation. This ensures that users have ample time to migrate their reporting to Reports if they haven’t already begun the process. The “Important Actions and Considerations” section of the monthly Cloud EPM What’s New Guide will announce the FR deprecation date, and this Statement of Direction will be updated accordingly.
It’s essential to note that FR will continue to be included and supported with legacy PCMCS (Profitability and Cost Management Cloud Service). However, Reports will not be included in legacy PCMCS. For those seeking centralized Cloud EPM business process reporting, Narrative Reporting is a viable option, offering multi-source reporting and the ability to add narratives to standard reports.
Upon the FR deprecation date, all FR user interfaces, including FR Web Studio, Explore Repository, and Reports card FR tab, will be removed, and FR will no longer be available.
The Impact on Hyperion EPM On-Premises Solutions and Fusion Cloud ERP:
Hyperion EPM on-premises solutions are not affected by this statement of direction. FR will remain in-place throughout the Lifetime Support for the 11.2.x releases, and there are no plans to move Reports to on-premises deployments due to differences in architecture, specifically designed for SaaS cloud deployments. Additionally, Fusion Cloud ERP will continue to support Financial Reporting.
Oracle recommends that customers currently using FR in the Cloud EPM Platform initiate the migration process to Reports well ahead of the planned FR deprecation date. To facilitate this transition, users can refer to the Reports Designer guide appendix topic, “Migrating Reports from Financial Reporting”, which provides migration procedures and highlights differences between FR and Reports. that customers currently using FR in the Cloud EPM Platform initiate the migration process to Reports well ahead of the planned FR deprecation date. To facilitate this transition, users can refer to the Reports Designer guide appendix topic, “Migrating Reports from Financial Reporting”, which provides migration procedures and highlights differences between FR and Reports.
KNEX has already begun to work with clients to be proactively prepared for this new reporting change. Oracle EPM users should pay special attention to this change, as the Reporting Web Studio interface and explore repository will be going away. Customers are advised to keep an eye on the monthly Cloud EPM What’s New Guide, particularly the “Important Actions and Considerations” section, Oracle Cloud Customer Connect Categories (forums), events, and My Oracle Support blogs for timely updates on the deprecation process.
By embracing the new Reports feature and staying informed about the upcoming changes, Oracle EPM users can ensure a seamless and efficient transition, unlocking the full potential of the Cloud EPM Platform’s reporting capabilities.
Oracle EPM is designed to enhance financial and operational performance by integrating data from various sources, improving collaboration between departments, and providing powerful analytics and reporting capabilities. The suite is used by countless finance professionals, analysts, and executives to support strategic decision-making and optimize overall business performance. If this sounds like something your organization needs, or even if you are a current Oracle EPM user but feel that it is not being used to its full potential, fill out this form and a team member from KNEX will be in touch by the next business day. Let us help you embrace the newest and most up-to-date features that Oracle EPM has to offer.
In conclusion, Oracle Cloud EPM Financial Reporting (FR) will be deprecated in favor of the newer Reports feature. Oracle encourages users to transition to Reports, offering advanced capabilities and seamless migration options. Adequate notice will be given before FR deprecation, allowing users to plan their migration. While FR will still be supported in legacy PCMCS, Reports provide centralized Cloud EPM business process reporting. Users can refer to the Reports Designer guide for migration procedures and staying informed through official channels will ensure a smooth transition. Embracing Reports will unlock the full potential of the Cloud EPM Platform’s reporting capabilities.
Please note that the tentative deprecation date for Oracle Financial Reporting in Cloud EPM has been updated to sometime between mid-to-late CY2024
