Oracle Hyperion Essbase
Oracle Essbase is the industry-leading multi-dimensional online analytical processing (OLAP) server, providing a rich environment for effectively developing custom analytic and enterprise performance management applications.
By leveraging its self-managed, rapid application development capabilities, business users can quickly model complex business scenarios. For example, line-of-business personnel can simply and rapidly develop and manage analytic applications that can forecast likely business performance levels and deliver “what-if” analyses for varying conditions.
Oracle Essbase supports extremely fast query response times for vast numbers of users, large data sets, and complex business models.
Financial Analysis Issues
Many companies perform Financial and Data analysis using Microsoft Excel. But Excel was never designed for complex calculations, accounting for multiple lines of business and/or entities, or performing complicated consolidations.
Excel Challenges and Pitfalls:
- Error-prone and difficult to audit with multiple calculations.
- Reliant on a few super users who may keep critical data on hard drives.
- Disconnected from networks or backups with numerous Data Security Risks.
Spreadsheets are inefficient for more than two dimensions. Since financial professionals look at business in more than two dimensions, what do they do? They add dimensions to spreadsheets (more rows, column, labels, etc.).
Oftentimes, adding more financial dimensions leads to increasing the amount of tabs or worksheets. Adding additional brands, locations and markets leads to even more tabs which makes it more difficult to obtain a true financial view into your business.
Essbase (“Extended Spread Sheet dataBASE“ features an OLAP Database (On-Line Analytical Processing) and is commonly used to:
- Provide real-time analytic infrastructure for business intelligence and enterprise performance management (EPM) applications.
- Combine multiple sources of disparate data, analyze summarized data and perform data modeling and “What If” and predictive analysis.
- Assess Historical data, Performance trends, Profitability metrics and Foreign Exchange impact on results
- The Essbase database is considered a “cube”, with each cube axis representing a different dimension, or slice of the data (accounts, time, products, etc.):
- Defines the “BY’s” of the company (means Actual BY Profit BY Jan)
- Improves how you “see” the Business and the ability to “slice and dice” the data
- One version of the “Truth”
- On-Line Analytical Processing (OLAP) Data base is easy for users to consume data via spreadsheets
- Write-Back capability of data and powerful calculation engine
- Speed-of-thought analysis for thousands of concurrent users
- Premium Performance & Optimized Storage
- Ease of development, deployment and maintenance.
- Stand Alone Application to eliminate spreadsheet reporting
Why Choose Oracle Hyperion Financial Essbase
- Review, analyze and model business scenarios in ways never imagined.
- Develop KPI’s, discover business trends, gain deeper understanding of results
- All costs, revenues, payables, and issues effectively and efficiently
- ROI with quick implementation time and numerous out of the box calculations.
- Visibility into lines of business operating results with drill down and drill back capacity
- Ability to analyze and gauge results through improved performance metrics
- Scalability, company integration and entity –wide best practices
- Costs through improved transparency in the numbers
- Surprises, missed targets and budgets and unanswered questions about results
- Errors, data entry, control risk, reporting times, departmental overload
- Reporting, accounting and review process
- Processes, performance and controls based on in depth analytics
RapidApp Oracle Hyperion Essbase Implementation
- Allows organizations to realize immediate cost savings through an accelerated implementation.
- Establishes a budget conscious methodology that deploys functionality to satisfy core functional requirements.
- Promotes the selection, inclusion, and customization of additional functionality through additional discovery after your product is implemented.
- Facilitates a phased approach in which knowledge transfer is conducted whereby clients assume ownership of future project phases; reducing dependency on external services and associated costs.
- Utilizes pre-built, customizable templates (models, forms, reports and business logic) reducing development cycles and project cost.