I'm a huge fan of Hyperion products and consider Hyperion to be one of the best acquisitions Oracle has made in terms of applications. So I am really excited to talk about their latest release, Release 11.1.2 of the Oracle EPM System.

This is EPM's largest release in 2 years, and it's jam-packed with new modules and features.

In terms of brand new products, there are three:

1. Public Sector Planning and Budgeting meets the needs of public sector agencies, higher education, governments, etc. that have complex budget requirements. It supports position or employee-based budgeting and integrates with MS Office and your ERP ledgers to perform commitment control.

2. Hyperion Financial Close Management is a complete financial close solution that orchestrates the entire close process from subledgers and general ledger to financial reporting and disclosure submissions. And of course, it is integrated with GL systems and consolidation systems.

I saw a demo of this and it looked pretty slick. They have this unified close calendar that looks like a regular calendar that gives each person participating in the close process a task list. It comes with a Gantt chart that shows the relationships and dependencies among closing tasks. There are dashboards to allow you to track the close progress and completion of tasks as well as perform trend analysis and see how much time is being spent on different activities in the close process. This gives you visibility that you never had before to understand where the bottlenecks are and where improvements could be made.

I think what I liked best about this product was that it provides a central place for all participants to communicate their progress. When I worked as an Accountant, we used ad hoc tools, such as spreadsheets, Word documents, emails, and phone calls during the close process. I like the idea of having a central system to track the overall progress as well as automate the entire financial close process. Who knows, maybe Accountants won't have to revolve their lives around the month end close anymore with a tool like this. Those periodic fire drills can become predictable, well managed processes.

3. Disclosure Management is an out-of-the-box, pre-packaged XBRL solution to meet statutory reporting requirements. This product is really going to help companies improve the timeliness of producing financial reports. Reports can be authored using MS Word and Excel and then XBRL instance documents can be produced with its embedded XBRL tags. It even supports footnotes and disclosures of non-financial information. With a product like this, companies no longer have to outsource their XBRL filing; they can bring it back in house to save costs and time.

In terms of other enhancements, they have ERP Integrator that provides integration and drill downs from Hyperion products to source systems, such as Oracle E-Business Suite, PeopleSoft, and SAP. No other vendor offers this level of integration. There's also a new product that links Oracle Essbase directly to Hyperion Financial Management for internal financial reporting, and new integrations between Hyperion Financial Management and Oracle's GRC products.

They also improved the usability of Oracle Hyperion Planning. They made it much easier for end users to use the system via the web or via MS Excel when submitting plans and budgets. It is also integrated with intelligent approval workflows that are data-driven, user-configurable, and scenario-specific to efficiently streamline the budgeting process.

Here's the press release from April 7, 2010.

Here's the pre-recorded web cast where you can see the demos. Just register and watch the hour long presentation.

And finally, here's the newsletter