Has HFM not moved to cloud?
As the name indicates, FCCS - Financial Close & Consolidation Cloud Service, but still after reading through multiple blogs, what I interpreted is that FCCS is not HFM in cloud or a replacement of HFM. However, the list of features included in FCCS does support the fact that it seems to be a distant if not closer relative of HFM, if not a complete package altogether.
Let's first have a look in detail on all the features, which I found to be similar to HFM. And then I would go on covering the variances as well.
|
Feature |
HFM |
FCCS |
|
Standard Dimensions |
x |
x |
|
Standard Consolidations & Eliminations |
x |
x |
|
ICP Matching reports |
x |
x |
|
Currency Translations & CTA Calculations |
x |
x |
|
Cash Flow |
x |
x |
|
Multi GAAP Support |
x |
x |
|
Drill through |
x |
x |
|
Journal workflow |
x |
x |
|
Data Audit |
x |
x |
|
Data load from ERP |
x |
x |
FCCS is primarily built from the customer's base point of view. The intent of this application is to reduce the manual effort or limited need for customization, since there is no concept of rule file here, & all the functionalities mentioned above have been provided out of the box.
Hence, FCCS would be of greater benefit to those customers who do not require complex calculations & plain vanilla implementation / consolidation is the requirement.
The foremost advantage of FCCS would be the database size for each application which is 150GB & that would mean the application is capable of holding around 1K entities & 5K accounts. However, this DB size is extendible, for a higher price though.
Lesser user roles exist in the shared services which would indirectly mean easier maintenance from security perspective.
Now let us discuss the differences in both the solutions, or rather I must say, the shortfalls in FCCS, which project the fact that FCCS is surely not a replacement of HFM or HFM in the cloud.
|
Feature |
HFM |
FCCS |
|
Standard Dimensions |
8 |
11 |
|
Custom Dimensions |
Up to 20 |
2 |
|
System defined dimension members |
Only in Value |
Several |
|
Parent Entity Data Input |
Available through very data input mode |
Only Journals |
|
Ownership Management |
Yes |
No |
|
Currency Translations & CTA Calculations |
Multiply / Divide available |
Only Multiply |
