By Mark Wilson
October 11th, 2017
Oracle’s annual get together for 60,000+ people who want to learn about the latest and greatest innovations on the horizon. We heard a lot of big announcements of cool things like Autonomous Database, emerging technologies, and new releases for EPM. Let’s start there.
The BIG EPM Product Announcement
Enterprise Data Management Cloud Service (EDMCS)
EDMCS is the cloud version of DRM (Data Relationship Management). Many were thinking of this as a port of DRM and as a result were anecdotally calling the product Data Relationship Management Cloud Service (DRMCS or even DMCS). However, as the new name implies, EDMCS is a re-write of DRM for the cloud. The first release is targeted for December and they plan to rapidly add functionality in each monthly update. Oracle’s long-term strategy calls for moving the specialized functionality in the various MDM Hubs like Product Hub and Customer Hub into EDMCS.
EDMCS is designed to offer more scalability and to handle a wide array of solutions, including hierarchies, master data, reference data, and mappings. It will have pre-configured connectors to other EPM SaaS products like PBCS, ePBCS, and FCCS. Initially, EDMCS will not include enough feature and functionality wise to compel current DRM users to migrate. But as it matures, the product will offer the bells and whistles that make DRM users want to migrate. The good news is that EDMCS is a great right now solution for the companies (and we know a few) that find DRM offers more than they need for hierarchy management.
Other EPM News
FCCS parity to HFM continues to be a hot topic. Oracle is planning to release an update with increased custom dimensions (6) and to add custom calculations and translations. We know many planning to or already using FCCS are eagerly awaiting these capabilities. Below are two cases where these new features are a welcome addition.
If you have reporting requirements that require additional dimensions to segregate management reporting. These new additions will make it possible for you to make the long-awaited move to FCCS.
If you have complex ownership structures that require custom consolidations, the custom calculation feature will remove that obstacle for you.
There was also a lot of talk about advanced and emerging technologies like AI, machine learning, big data, Blockchain, chat bots, IOT, and VR and how these technologies are being packaged or embedded in their products. In the EPM space there is a lot of interest in solutions like predictive analytics and machine learning driven forecasting. Predictive forecasting in ePBCS offers companies (e.g., retail) another perspective on the revenue forecast making it easier to continually challenge the assumptions of their model to improve accuracy.
Finally, the new release of Oracle Analytics Cloud (OAC) will have features like drag and drop data flows and Essbase cube creation to make leveraging big data and machine learning easier for business users.
Other OpenWorld News
The big product announcement from Larry Ellison was about Oracle’s new Autonomous Database designed to compete with other elastic Cloud Data Warehouses like Amazon Redshift, Azure SQL Data Warehouse, and Google Big Query. These services have revolutionized how business can use data and are a welcome addition to the Oracle cloud platform. As a database company, the vacancy in this product space was notable and if what they are saying about performance and cost is true, this service could propel them to the lead in this space and offer customers, especially those on the Oracle cloud platform, a new weapon to modernize their data architecture.
Looking back at this year’s Open World, Oracle is continuing to push hard to keep up or even surpass the many new and disruptive vendors that are pushing new innovations in various point solutions that challenge their product line. Going forward, it will be key for Oracle to focus on integration so that all the best of breed pieces work together as a true platform.