What is FCCS?
Oracle rolled out Financial Consolidation and Close Cloud Service (FCCS) and brought key parts of Hyperion Financial Management (HFM) and Financial Close onto the Cloud. FCCS was designed to meet the needs of the small to mid-sized company as it standardizes and streamlines the consolidation process using pre-defined industry best practices. For example, companies can leverage out-of-box financial consolidations with a pre-built cash flow, balance sheet, and income statement which accelerate the close schedule and improve ease of use. FCCS includes standardized dimensions that provide significant functionality just like HFM but with a decreased need for configuration or customization, ultimately enabling built-in task orchestration for management of overall processes.
FCCS contains many "pre-fab" system calculations that need to be customized within HFM. The pro for FCCS: Some of these system calculations help facilitate cash flow reporting as well as foreign currency translations. This is especially true if these are done through the use of additional standard dimensions such as the "Movement" dimension. FCCS has a scaled-down version of FDMEE and the "Movement" dimension, one of FCCS' predefined dimensions, which helps automate cash flow reporting using hierarchies and system calculations. FCCS provides system calculations for calculating changes in balance sheet accounts due to foreign currency translations and for calculating the Currency Translation Adjustment (CTA) value.
FCCS has integrated a Financial Close Manager which improves the ability to track and monitor the status of the multiple processes involved during a typical monthly close cycle. FCCS also offers pre-built functionality for multi-GAAP (Generally Accepted Accounting Principles) financial reporting. You can select this option during the initial implementation, and it automatically provides the ability to report on a GAAP basis as well as a non-GAAP basis such as IFRS (International Financial Reporting Standards. FCCS is built on Essbase, a multi-dimensional database structure and as the intended purpose of FCCS is to standardize the consolidation process it does so without the need for heavy technical support.
What is OneStream?
The popularity of the OneStream software platform is increasing exponentially, as corporations are discovering its superior capabilities for managing the accounting, finance, and business needs of their global business units.
The only way to implement FCCS is through the cloud, yet OneStream offers multiple software deployment options, including cloud, on-premises, and hosted. A deployment choice is not set in stone when using OneStream, making a change later does not require re-implementation, as it does with FCCS.
With OneStream a company can leverage its investment in Hyperion products such as HFM and FCCS when migrating to their new platform. It is easy to convert to OneStream from Oracle Hyperion Enterprise, Oracle Hyperion Financial Management, Oracle Hyperion Financial Data Quality Management, and Oracle Hyperion Planning and Essbase. However, Oracle Hyperion is an outdated software solution for many customers, and it does not integrate well with many other software solutions that are on the market today. Built from the ground up OneStream was designed to ensure that all your business, accounting, and finance needs are unified in one platform. Planning and analytics as well as financial consolidation are part of that platform, and this keeps your business responsive and flexible to changing market conditions. A reduction in the total cost of ownership is possible with OneStream vs. Hyperion given the multiple products required for implementing a complete performance management solution with Oracle and FCCS.
What truly separates the two software solutions is that OneStream removes the need to build, install, integrate, learn, and maintain multiple applications. Utilizing a central data repository and Extensible Metadata OneStream can manage your business processes. The result is elimination in both the cost and the risk of having to manage and upgrade fragmented CPM applications.
OneStream is focused on service while Oracle is a massive corporation with multiple layers of support teams that make it challenging to find solutions to common problems. OneStream highly values each customer and strives to build a relationship with each organization to support their ongoing needs. Additionally, OneStream designed a world-class customer service portal to offer real-time support.
To remain competitive today's businesses need the CPM capabilities that OneStream can provide, and a transition away from Hyperion can provide the following key benefits:
- Reduce the time and costs of integrating and synchronizing data, managing and upgrading fragmented legacy applications.
- Streamline Processes
- Automate and accelerate data integration, consolidation, reporting, planning, and analysis with a unified cloud platform.
- Increase Agility
- Spend less time and resources on maintaining and integrating software and more on managing your business.
MindStream Analytics is a premier consulting and managed services provider. We help organizations acquire, implement, host, and manage strategic finance solutions designed to grow your business by bringing people, processes, and information together. Our team is made up of business and technical experts with years of experience with Corporate Performance Management, Business Intelligence, and Advanced Analytics.
Our Company
MindStream Analytics' senior staff was there at the birth of Business Intelligence. We have been part of building Business Intelligence nationally from its humble niche product status to the ubiquitous analytic tool that it is today. MindStream consultants are well versed in reporting and information management and are ready to help you leverage the power of multiple tier-1vendors. From Oracle Hyperion to IBM Cognos, we can help you select and integrate the right tools for you to better understand your information. MindStream Analytics has experience across a wide variety of industries: Business Services, Consumer Products, Energy, Financial Services, Healthcare, Manufacturing, Transportation , and Telecommunication. We have the depth and breadth of experience to help you deliver actionable information to users.
MindStream Analytics is a full-service OneStream partner implementer focused on corporate performance management (CPM) solutions. The team at MindStream has years of experience delivering innovative solutions to maximize and provide efficiency to an organizations strategic, operational and financial management processes.
Partner SpotLight
OneStream aligns to your business needs and changes more quickly and easily than any other product by offering one platform and one model for all financial CPM solutions. OneStream employs Guided Workflows, validations and flexible mapping to deliver data quality confidence for all collections and analysis while reducing risk throughout the entire auditable financial process.
Our Company
MindStream Analytics is a leading consulting firm focused on helping clients improve business understanding and decision making. With years of experience in the analytics and Business Performance Management area, MindStream offers services ranging from software selection and implementation to best practices for financial planning.
Case Studies
Accumen
Thanks to the intervention of MindStream Analytics, Accumen's Finance department can now model their business with a new, more organized structure that isn't conventionally available in NetSuite.
Acme Brick
Acme Brick turned to MindStream Analytics for help implementing OneStream to replace their outdated TM1 solution.
Alterra
Alterra sought the expertise of MindStream to address the challenges they faced in their Capital Planning process.
ATCO Group
Energy conglomerate ATCO operates worldwide in utilities, power generation, and related services.
Avalon
Working with MindStream Analytics, Avalon Healthcare Solutions adopts NetSuite Planning and Budgeting to accelerate budgeting and forecasting processes.
Bayer Health Care
Bayer Healthcare implemented Hyperion Planning and Workforce Planning in 10 weeks to dramatically streamline their Income Statement budget and Workforce Planning process..
BluEarth
MindStream Analytics' partnership with BluEarth Renewables epitomizes the power of technology and collaboration.
Celgene
An Oracle Hyperion Planning Upgrade provides multi-national organization Hyperion Application optimization and stabilization.
Cleaver Brooks
OneStream XF was chosen as the platform that would transform Cleaver-Brooks' Finance processes.
CoorsTek
The collaboration between CoorsTek and MindStream resulted in significant improvements in CoorsTek's financial consolidation and reporting processes.
Elite Body Sculpture
MindStream Analytics' collaboration with Elite Body Sculpture encapsulates the transformative potential of targeted tech solutions in streamlining administrative processes.
Enlyte
Enlyte, a merger of Mitchell, Genex, and Coventry, faced challenges with disparate financial solutions and the need for combined reporting.
Flanders
MindStream Analytics collaborated with Flanders to implement OneStream Consolidation and Reporting solution.
Foley Products
Foley Products was facing a significant challenge with its Excel-based actual management reporting system.
Harte Hanks
The collaboration between MindStream Analytics and Harte Hanks culminated in a highly customized, user-friendly NetSuite implementation.
Interface
Interface used a complex, manual, excel-based FP&A process for monthly review, and the summary data was loaded in OneStream.
Kymera International
Thanks to Mindstream Analytics' assistance, Kymera was able to load all of their data into OneStream and validate it successfully.
MacLean Fogg
MacLean-Fogg partnered with MindStream, a leading implementor specializing in modernizing and optimizing enterprise systems.
MEPPI
MindStream's expertise and experience were sought to conduct a vendor selection initiative focusing on MEPPI's F2023 planning process.
OUAI
MindStream Analytics and OUAI's collaboration showcases the transformative power of strategic technological intervention.
Plaskolite
By migrating to OneStream, Plaskolite has achieved a material reduction in consolidation time and overall Financial Close cycle, eliminated the hours spent compiling and verifying data in Excel, streamlined its Planning, Budgeting and Forecasting model and delivered flexible and timely reporting that enables more strategic analysis of their financial data.
Redwire
Understanding the nuances of Redwire's challenges, MindStream Analytics devised a holistic approach to overcome them. The implementation of NetSuite was just the beginning.
Simon
Simon's existing corporate Hyperion Financial Management (HFM) production application was consolidating at a rate of seven hours, a performance issue causing great headache to corporate Accounting.
Source Code
The successful transition to OneStream revolutionized Source Code's financial reporting.
Subway
Subway collaborated with MindStream Analytics for the NetSuite Analytics Warehouse implementation.
UPenn
MindStream Consulting and AppCare team members are proud be working side by side with UPenn university in accomplishing this implementation and along with continuing our AppCare services after go-live.
USG
USG was an Oracle Hyperion customer realizing that it needed more specialized support for its various Oracle Hyperion applications.
Vantiv
Dividing a hyperion planning application, expanding the hyperion footprint to forecast on the business? Customer categories.
Versant Health
Versant Health engaged MindStream to help resolve the challenges they were experiencing with their consolidation, close, and financial reporting processes.
Virginia Spaceport Authority
The MindStream team implemented the Standard + Workforce NetSuite Planning & Budgeting.
WeWork
MindStream Analytics determined that the best solution was to implement Oracle Essbase Cloud as part of the Oracle Analytics Cloud (OAC) platform-as-a-service
WindStream
Innovative use of essbase to streamline and connect hyperion financial management for enhanced financial analysis.
XY Planning
MindStream Analytics, well-versed in addressing such challenges, presented a comprehensive Netsuite solution for XY Planning.