Blog: A Technical Guide to Migrating from IBM TM1 to Oracle EPBCS

When it comes to financial planning and budgeting, efficiency and flexibility are essential. Although the comprehensive features of Oracle’s Enterprise Planning and Budgeting Cloud Service (EPBCS) are already well-known, the addition of Hybrid Essbase has elevated these capabilities to a completely new plane. We’ll go into the definition of hybrid Essbase, how it improves EPBCS, and how it can help your company in this blog. 

What is Hybrid Essbase?

Oracle’s EPBCS incorporates a potent feature called Hybrid Essbase, which combines the benefits of multidimensional and relational data storage. By enabling customers to take use of the scalability and user-friendliness of relational databases and employ the classic Essbase (multidimensional) for advanced analytics, it combines the best features of both worlds.
In essence, Hybrid Essbase offers a hybrid method in which financial data is kept in a relational model for simplicity of reporting and scalability, and a multidimensional model for in-depth analysis. With this dual strategy, businesses may do intricate computations and thorough analysis without compromising scalability or performance. 

Key Features and Benefits of Hybrid Essbase in EPBCS

  1. Enhanced Performance

Hybrid Essbase maximizes performance by utilizing relational databases for effective data storage and retrieval with the in-memory capabilities of multidimensional databases for intricate calculations. Faster processing times and enhanced system performance are the outcomes of this.
Example: The hybrid technique allows you to run intricate financial models and in-depth what-if scenarios with little to no impact on system performance. 

  1. Scalability

As data volumes increase, traditional multidimensional databases may encounter scalability issues. This is addressed by Hybrid Essbase, which makes use of relational storage for big datasets to maintain maximum performance as your data grows.
Example: Hybrid Essbase makes sure your system can manage higher volumes without slowing down as your organization’s financial data grows, enabling continuing growth and analysis. 

  1. Advanced Analytics and Reporting

Users may create complex reports and carry out advanced analytics more effectively with Hybrid Essbase. While the relational approach makes reporting and querying simple, the multidimensional model enables in-depth, granular analysis.
For instance, financial analysts can swiftly and effectively provide high-level executive reports by delving into specific cost centers and income streams for in-depth analysis.  

  1. Seamless Integration with Existing Systems

With both previous Oracle Cloud apps and the current EPBCS features, Hybrid Essbase connects with ease. This guarantees compatibility with your existing budgeting and financial planning procedures and a seamless transition.
For instance, you may leverage your current investments in Oracle Cloud apps and create a consistent user experience by integrating Hybrid Essbase with your dashboards and reporting tools.  

  1. Simplified Data Management

By enabling more intuitive data administration and interaction among users, the hybrid approach streamlines data management. The multidimensional model offers the analytical depth required for comprehensive financial planning, while the relational model manages the majority of data storage and retrieval.
Example: Using the multidimensional model, you may carry out intricate computations and analysis while simply updating and managing big datasets in the relational database. 

  1. Improved User Experience

Hybrid Essbase provides a more interactive and responsive interface, which improves the user experience. Customers gain from quicker query answers and the capacity to carry out intricate studies without any lag or delays.
As an illustration, financial planners are able to work with data in real-time, instantly executing simulations and making modifications, which facilitates better informed and nimble decision-making. 

Practical Use Cases for Hybrid Essbase

  1. Complex Financial Modeling: Create and analyze intricate financial models that require both detailed multidimensional analysis and scalable data handling. 
  2. What-If Scenarios: Run various what-if scenarios to understand potential impacts on your financials, leveraging the hybrid capabilities to handle complex calculations and large datasets. 
  3. Detailed Budget Analysis: Perform in-depth analysis of departmental budgets and financial performance while generating high-level summary reports for management. 
  4. Scenario Planning: Utilize Hybrid Essbase to support extensive scenario planning and forecasting, enabling more accurate and flexible financial projections. 

Conclusion

A major development in financial planning and budgeting, hybrid essbase in EPBCS provides a combination of relational and multidimensional data storage that improves performance, scalability, and user experience. Organizations can accomplish more effective data management, sophisticated analytics, and smooth system integration by utilizing the capabilities of Hybrid Essbase.
While you strive to improve your financial planning skills, take into account how Hybrid Essbase can change your EPBCS experience. With Hybrid Essbase, you can embrace the future of financial management and achieve unprecedented levels of productivity, insight, and adaptability.
Are you prepared to find out how your company might profit from Hybrid Essbase? Get in touch with us right now to find out more and discover how to include this potent feature into your EPBCS setup. 

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