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Financial Consolidation and Close (FCC)

At a Glance:
  • Insights arrive in FCCS
    FCC users can now access IPM Insights to spot trends, prioritise variances, and enhance close accuracy with a data-driven approach.
  • GenAI-powered job summaries
    New Consolidation Job Analytics use generative AI to deliver user-friendly summaries of job logs—saving time and improving transparency.
  • More cubes, better performance
    You can now create up to 4 additional block storage cubes in FCC to optimise performance and segment older data.

FCC – IPM Insights

Use the Insights dashboard to review the insights your administrator configured for you. The dashboard includes all available insights based on your user security. Each row on the Insights dashboard represents an insight, which can help you find patterns to analyse.

Insights are displayed in the order of magnitude of the deviations to help you prioritize the order in which to evaluate them. For example, if the deviation is higher, it’s more important for you to evaluate it.

Oracle’s Business Benefit: IPM Insights in Financial Consolidation and Close helps you accomplish a data-driven approach to forecasting using data science.

  • Reduces time spent in data analysis
  • Minimizes hidden biases
  • Improves forecast accuracy and reliability, enhancing close process effectiveness with informed decision making
  • Encourages collaboration with your colleagues
  • Helps you detect trends early to enhance strategic decision-making

GK’s View: Oracle EPM’s insights are useful for highlighting variances. They have been live in the rest of the platform and have now come to FCCS.

FCC – Consolidation Job Analytics

A new Consolidation Setting called “Consolidation Job Analytics” is available. When this setting is enabled, a GenAI-based job summary will be generated for Consolidation jobs when the jobs have completed. You can view the analytics from the Job Details for the completed jobs in the Jobs console.

Business Benefit: The Consolidation Job Analytics feature summarizes the information from consolidation reports on system calculations and customizations and displays it in a user-friendly format in the same location as the Consolidation Job status.

GK’s View: Oracle have been working on improving FCC job messages and the consolidation log gives a lot of information now which is not user friendly. This new summary of the consolidation job, which can take a while to process – 6 minutes in the example below, is user friendly.

FCC – Ability to Create Additional Block Storage Cubes

In addition to the seeded Consolidation and Rates cubes, you can now create four additional block storage cubes to store metadata and data. The additional cubes will follow the existing model of the existing Consol cube.

Business Benefit: he ability to create additional cubes enables you to break up your data into unique slices in order to optimize performance.

GK’s View: Splitting the consolidation cube into additional cubes will decrease job times. This will need to be carefully considered as additional maintenance will be needed. A good use case is to prior years not required in the main consolidation cube.

Summary

The July Oracle EPM update brings powerful enhancements to Financial Consolidation and Close. From GenAI-powered job summaries to actionable Insights dashboards and greater flexibility with extra storage cubes, these changes are all about clarity, speed, and smarter decision-making. With deeper visibility and more control over your data and jobs, now’s the time to rethink how your consolidation processes are working for you.

Want to make the most of these updates?

Book a complimentary consultation with our Senior Director to explore how Oracle EPM can streamline and optimise your financial processes.

Whether you’re already using Oracle EPM or just starting to explore its potential, we’ll help you understand which updates matter most to your business, identify automation opportunities, and build a tailored strategy aligned with your goals.

 
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Enjoy a complimentary lunch in a breathtaking venue – Chat with senior finance & Oracle experts – Speak directly with NEO Energy’s financial expert Prince Philip House, London – a truly beautiful setting for high-level discussions. Don’t miss the chance to register for a complimentary event!