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Oracle EPM Cloud Release Notes - February 2024 Update

Oracle EPM Oracle Enterprise Performance Management (EPM) Cloud is a cloud-based business suite that integrates financial planning, analytics, and reporting. It is a crucial tool for informed decision-making and monitoring processes like financial close.

Oracle EPM Cloud Release Notes are rolled out monthly along with updates to help businesses in growth and success.

These updates provide businesses with the latest developments, enhancements, and trends in EPM. It empowers them to elevate their performance to new heights. The February 2024 update brings several key enhancements across various modules.

Keeping up with these Oracle EPM Cloud Releases can be challenging, which is why we bring you this blog. We will highlight the enhancement across various modules and how to strategically test to ensure their systems aren't disrupted.

Highlights of February 2024 Update

Account Reconciliation Enhancements

The Account Reconciliation feature now automatically makes reverse adjustments. When a user unmatches a match that contains an adjustment the Extract Status of the adjustment is set to close. This enhancement streamlines the reconciliation process and reduces manual effort.

Users can now export data to Microsoft Excel in .xlsx format, in addition to the existing .xls format. This enhancement provides users with more flexibility in how they export and analyze their reconciliation data.

The new "importAttributeValues" command allows users to import values into group attributes, transaction matching lists, and account reconciliation. This feature simplifies the data import process and improves efficiency.

Enterprise Data Management Improvements

A new Help Center tab "How Do I..." has been added to answer common questions about Enterprise Data Management. This feature provides users with quick access to information and resources, improving user experience and productivity.

Financial Consolidation and Close Updates

A new troubleshooting section has been added to the Oracle EPM Cloud Release. The new release can solve enterprise journal functional issues. This enhancement helps users troubleshoot and resolve issues more effectively, reducing downtime and improving system reliability.

Enterprise Profitability and Cost Management Enhancements
Oracle EPM
The module "Migrating from Profitability and Cost Management to Enterprise Profitability and Cost Management" has been improved. This will handle duplicate member names during migration. This enhancement ensures data integrity and accuracy during the migration process.

The initial page load time for Calculation Control and Calculation Analysis pages has been reduced. This improvement enhances user experience by reducing wait times and improving overall system performance.

Planning Module Improvements

A new module has been added to demonstrate how to allocate Planning and Budgeting costs using the Allocation System Templates in Calculation Manager. This tutorial helps users effectively manage their planning and budgeting processes.

Users can now import and export model data and metadata to and from a .csv file. This feature provides users with greater flexibility in managing their models. It allows them to make changes offline and then import the updated data back into the model.

Role of Test Automation in Maximizing Efficiency and Reliability of EPM Release

Efficient Deployment

Opkey accelerates EPM updates by analyzing testing procedures, suggesting improvements, and enabling users to write and execute tests three times faster. This speed ensures that businesses can quickly adapt to new features and functionalities, gaining a competitive edge in the market.

Continuous Testing

Continuous testing is a key component of effective EPM testing. It helps identify bugs early in the development lifecycle, resulting in faster bug fixes and reducing overall downtime risk by over 90%. This proactive approach ensures that the EPM system remains stable and reliable, even with frequent updates.

Reduced Testing Expenditure

Opkey lowers testing costs by detecting defects early in the development lifecycle. This aligns with the Systems Sciences Institute's estimate that post-release bug discovery is 4-5 times more expensive. By identifying and fixing issues early, businesses can significantly reduce the cost of maintaining and updating their EPM system.

Mitigating Operational Risks
Oracle EPM
Opkey's AI-enabled features mitigate financial, operational, and reputational risks by concentrating testing efforts on the most critical processes within Oracle Cloud EPM projects. It prevents potential worst-case scenarios, ensuring that businesses can operate smoothly without disruptions.

Automated Test Report Generation

Automation reduces manual effort and saves time without compromising testing quality. Automated documentation tools enhance traceability, efficiency, accuracy, and consistency in testing operations, ensuring that all tests are well-documented and easily accessible.

Increased Test Coverage

Manual testing can be challenging, especially with twelve EPM releases annually. Opkey's test automation platform enhances test coverage by addressing the majority of testing scenarios. This comprehensive approach ensures that all aspects of the EPM system are thoroughly tested, reducing the risk of undiscovered issues.

Ensuring Regulatory Adherence

Ensuring regulatory compliance is vital for organizations. Insufficient testing can jeopardize application data and result in compliance violations. Opkey's quality assurance system meticulously documents data setups, parameters, and testing steps, ensuring accuracy and traceability, and helping businesses maintain compliance.

Opkey: Your Invaluable Partner for Oracle Cloud EPM Updates Testing

Opkey is a codeless testing platform that specializes in Oracle Cloud EPM testing. It offers EPM-based scripts that facilitate organizations to automate regression testing for monthly Oracle EPM Cloud Release Notes. This helps organizations to shorten the testing completion time. Additionally, it also offers impact analysis for monthly releases and has an extensive library of 7,000-plus pre-built test libraries.

Copyrights © 2024 Inspiration Unlimited eMagazine

Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 16th March 2024.

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