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Introducing Oracle Hyperion Financial Reporting

Edward J. Cody & Eric M. Somers

Oracle Financial Reporting Book Cover
 

The following is an excerpt from the book: Oracle Hyperion Financial Reporting: A Practical Guide. 

Welcome to the first published book on Oracle Hyperion Financial Reporting! The focus of this book is to address the needs of power-users, developers, and users looking to gain further information on the product. Our goal is to educate readers on the features of Financial Reporting and to provide developers with advanced report building techniques including calculations and multiple grids, alongside other formulas and examples not documented in the product manuals. This book does not repeat the content of the user’s manual, but rather teach the best-practices and techniques used by experts when developing reports.

Through our learning and use of the Financial Reporting product, we know that there are many ways to design, develop, and format reports. Many methods add complexity and require significant maintenance, driving poor performance and significant time investment. We have identified a set of approaches that we feel is best for the development and maintenance of reports based on our experience using the product. Over the next set of chapters, we demonstrate our experience with the product and highlight the features, approaches, and methodologies needed to succeed with the Oracle Hyperion Financial Reporting software.

What is Oracle Hyperion Financial Reporting?

Oracle Hyperion Financial Reporting is one of the many reporting tools used to report from Hyperion Essbase, Hyperion Planning, and Hyperion Financial Management (HFM). While this product may seem common in a sea of other similar reporting technologies, Oracle Hyperion Financial Reporting has a very specific role in Oracle’s Analytics strategy today. Most people that we come across believe Financial Reporting is another tool headed for the graveyard. However, while other Hyperion reporting products are to be retired, you may be surprised to find that the recent release of Oracle Business Intelligence software includes Financial Reporting. With the ability to produce books and batches, annotations and cell-text integration, as well as XBRL, Oracle Hyperion Financial Reporting is a common utility used by most organizations for building and distributing briefing packages, collaborating on financial metrics, and servicing mobile and paper-based reporting.

Exciting News (OBIEE 11.1.1.7)

Oracle Hyperion Financial Reporting is now a part of Oracle Business Intelligence Enterprise Edition. Not only was Financial Reporting released with OBIEE 11.1.1.7, so was Essbase and a light version of Workspace utilized for running Financial Reports in an integrated framework with the Oracle BI toolset. This is the first release of a Hyperion and Oracle BI software product together post the Hyperion buyout and a major step forward in bringing the Oracle BI and Oracle Hyperion EPM software together.

Oracle Hyperion Disclosure Management & XBRL

An important feature of Financial Reporting is its integration with Oracle Hyperion Disclosure Management. Extensible Business Reporting Language (XBRL) has been a major buzzword used in many marketing briefings for Financial Reporting for the past few years. XBRL is based on XML and was designed as a framework to support financial information sharing. Submitting financial statements using XBRL is completed by companies for certain SEC filings or used by banks when submitting information to the FDIC and other various scenarios. The use of XBRL in financial information sharing continues to take shape across the financial reporting landscape.

The Oracle Hyperion Disclosure Management product is used specifically for creating and managing XBRL content in the enterprise. The product integrates with Microsoft Word, Excel, and Financial Reporting. We feel this integration and the ability to broker XBRL tagged content is another area of expansion for the use of Financial Reporting in organizations.

Mobility

Oracle has made major strides over the past few years on their mobile technology and mobility across business intelligence. Part of the strategy is from both a mobile application perspective as well as a browser-based rendering perspective. While there is no mobile application at this time, Financial Reporting can now be viewed using the Safari browser on Apple mobile devices. Future plans have also been released for a mobile application for Hyperion Planning. It is exciting to see the future evolution of mobility as it relates to Financial Reporting. For more information in relation to mobility, view the new Oracle Hyperion Financial Reporting Mobile User’s Guide located with the Oracle EPM 11.1.2.3 documentation.

Getting Started with FR

What do I need to know to get started? This book does not require an extensive background on Oracle Hyperion Financial Reporting to get you started with the software. However, having a Hyperion deployment post version 9 with Workspace, Essbase, Planning, and Smart View will help you better understand the information provided throughout the book. Many people ask, “Is Hyperion 11.1.2.3 different from other versions of the software since System 9?” While there are new features and additional benefits to using the new software, most of the functionality that is leveraged in daily use with the software remains the same across versions. Whether you are on the newest version of the software, on Hyperion 11.1.1.3, or even on Hyperion 9.3, this book is relevant and serves as a useful tool for learning about the software product.

Installing Oracle EPM 11.1.2.3

In our opinion, user-driven books that begin with a large section on installing the software product are not commonly geared to the user community. While installing a server deployment of the product is required for Financial Reporting, most users and even developers typically do not play a role in installing and maintaining an enterprise deployment. Even though we do not discuss installing the product throughout the chapters of the book, we have referenced the documentation used for the installation in the preface of the book. For those interested in learning about installations, the software has become much easier to install over the past few versions. The Oracle EPM rapid install guides are great references for quickly installing the features utilized throughout this book. Please visit the section on installing the software in the preface to gather more information on server installations. Later in this chapter, we discuss the installation of the Financial Reporting Studio product, which is the client tool that is used to create and manage reports.

The EPM Workspace

“I thought this book was about Oracle Hyperion Financial Reporting. Why are we starting with Workspace?” Commonly, we are asked, “What is the Workspace? Is Workspace a portal?” The response to this question is complicated, because the EPM Workspace is the central access point to nearly all Oracle EPM content for the user community outside of the content accessible via Smart View.

However, Workspace is much more than a portal, especially when it comes to Financial Reporting. Workspace is an engine that allows users of the software to create reporting books and batches, execute reports across points of view, and provide access to report output. Financial Reporting is one of many products that integrate with Workspace, providing users with a central location to save, share, and publish content. It is important to understand the features of Workspace when using and/or developing in Financial Reporting.

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