Oracle Hyperion Planning is a Web-based centralized planning, budgeting, and forecasting solution that integrates financial and operational planning processes and improves business predictability. You’ll understand these three terms in this section with the help of some casual conversation between two gentlemen: Adam and Cole, given as follows:
Adam: Cole! Congratulations on your newly-bought apartment. How did you manage to buy it, considering it’s a very expensive apartment worth 80,000 USD? Cole: Thanks Adam. I have been saving money for some time to buy an apartment and managed to save 30,000 USD. The rest I got by taking out a home loan of 50,000 USD over a period of 15 years. I am pretty sure that apartment rates are going to increase in the near future.
Adam: That’s good. But, how advisable is it, financially, to take such a huge home loan, considering you are going to re-pay a lot of money in the form of EMI’s (Equated Monthly Installment to bank) every month? I hope, you don’t end up paying more money to the bank. Cole: Yes, you are right and that’s the reason I am planning to repay the whole home loan amount in eight years rather than paying all 15 years and I forecast that the apartment price will appreciate from 80K USD to 100 K USD in three years. To save more money, I have started cutting down my personal expenses such as shopping, travel, and so on.
Adam: That’s smart, so you have done all your planning already! Good luck.
The process of preparing for the future is planning. Planning is deciding the best alternatives among others to perform different managerial operations in order to achieve the pre-determined goals.
Organizations initially set their goals or targets and plan accordingly. Hence, we define planning as the set of activities to achieve goal in preparing the future.
As a part of planning, generally, an organization has two types of plans:
A budget in an organization is a formal plan that may be short term (one year) or long term (three years or more) and it’s aimed to control its operations and help the management in decision making process. This is usually a process of setting future financial targets of the companies. The companies would prepare action plans and strategies to guide them to achieve their targets within the stipulated periods.
Forecast is to predict the future. Forecasting is a process of projecting the future financial results of the companies. Usually the prediction is done after taking into consideration of its historical performance and future business plans.
Currently, many organizations do planning, budgeting, and forecasting using spreadsheet programs such as Excel. This has been the case for many years. But, Excel spreadsheets have inherent disadvantages.
Oracle Hyperion Planning is defined by Oracle as a centralized, Web-based planning, budgeting, and forecasting solution that drives collaborative, integrated, event-based planning processes throughout the enterprise.
BurkiTech provide end-to-end solution in Hyperion Planning such as Licensing, Implementation, Technical & Functional Support, Upgrade Application, Migrate Application on Cloud, Enhancement in Business Process and other planning services.