Drive finance transformation: Evolve from Oracle HFM to CCH Tagetik today

Oracle HFM has entered a “limited support” phase. In December 2021, Oracle HFM was placed on sustaining support, limiting patches and security updates. Essentially, the system continues to receive maintenance but no longer delivers new innovations. 

Outdated software is at odds with the ethos of most HFM users, typically industry leaders who value highly tailored financial processes and associate financial software with abundant custom scripting, high maintenance, and significant internal expertise. 

It’s important to note that modern software alternatives allow for high customization without extensive scripting. Modern CPM systems use a low- or no-code configuration approach, enabling users to achieve the same level of customization without the development burden.

Oracle HFM has been a long-trusted software for many finance teams for many years, even decades. For those looking for a replacement, modern platforms offer the functionality HFM offers, plus the benefits of cutting edge technology, like cloud and AI.  

When evaluating your software replacement options, consider a platform, like CCH Tagetik, that has a long roadmap. a history of upgrading products, and meeting finances needs like: 

• Unified platform: Unlike point solutions that only focus on a single financial process, like consolidation, unified platforms do it all: close, consolidation, planning, reporting, ESG, tax, and analytics all in one solution, no separate tools or patches required. Unified solutions also unify data, so users can be confident they’re using a single version of the truth in every budget, forecast, and management report.  
  
• Cloud and on-prem flexibility: Modern solutions offer both on-premises and cloud options for their users, not putting them into a box, but providing them with the option to stick to IT’s restrictions and evolve as required. Cloud based solutions are the clear preference today because they are continuously updated, easier to upgrade, faster to scale, and have generally lower maintenance costs.  
  
• Built-in financial intelligence and AI: Many legacy solutions require manual processes and custom coding which limit the new capabilities they can offer. Modern platforms integrate AI and automation into the platform at every level: from data management, to validation, to predictive planning, and narrative reporting.

CCH Tagetik strikes the right balance between standard configuration and customization, simplifying ongoing maintenance.