Oracle EPM Release Notes July 2024: What’s New?

Oracle rolls out monthly updates to enhance optimal operations in its Enterprise Performance Management (EPM) platform. The latest updates in this series are the July 2024 Oracle EPM Monthly updates. If you’re wondering what new features and capabilities come with these updates, this blog is for you.

We’ll explore the changes occurring across various EPM modules and give you actionable insights to get the most out of this release.

Opkey also provides expert insights on the changes coming in the Oracle 24C release. Check out the 24C Concise Summary Advisory or the Comprehensive 24C Advisory.

Why You’ll Love the Changes:

• Faster and more effective inter-team collaboration.  

• More accurate financial reporting for optimized financial close processes.  

Highlights: What’s New in July 2024 Oracle EPM Monthly Updates?

Account Reconciliation

• Group attributes refine conditions for matching transactions, reducing mismatches and errors.

• Group attributes provide flexibility to customize match rules according to specific business needs.

Financial Consolidation and Close

• The Data Tables Guide helps streamline financial consolidation and close processes, making them more efficient and accurate.

• Accurate and well-organized data supports better financial analysis and reporting, enabling more informed decision-making.

Planning

• This video showcases Predictive Cash Forecasting, a data-driven continuous cash forecasting tool that optimizes cash usage at daily, weekly, or monthly levels, depending on the application setup.

• The EPM for Sustainability application has been updated to comply with GHG Protocol Scope 3.6, incorporating new forms, dashboards, calculations, and reports.

Enterprise Profitability and Cost Management

• The Calculation Statistics report now includes two additional columns: Sections and Skipped Scripts and renames the number of Scripts to Scripts and the number of Rules to Sub Rules.

What Is the EPM Monthly Update Schedule?

Oracle follows the following schedule to apply monthly updates.

• Test environments: Oracle will apply monthly updates during the first daily maintenance window that occurs at or after 22:00 UTC on the first Friday of the month.

• Production environments: Oracle will apply monthly updates during the first daily maintenance window that occurs at or after 22:00 UTC on the third Friday of the month.

Why Is There a Need for Oracle EPM Cloud Monthly Update Testing?

Oracle EPM monthly updates have the potential to affect a variety of functionalities. If you decide to enable a new feature, you must understand how it will affect current business processes and procedures.

It's possible that a bug repair could negatively affect your business processes or that a new issue could be introduced. Because downstream issues can have a significant impact on operational efficiency, even minor adjustments must be tested.

Learn more: Oracle EPM Testing: The Business Guide

What should you test?

• Test all critical business functions before the patches go into production.

• Test key business process flows for different roles in the organization.

• Critical custom reports and integrations with other applications.

• Custom workflows. (Journal, invoice, PO approval, etc.)

• Automatically available UI and process new features that will apply to you.

Manual testing is simply not practical, considering the frequency of updates, complexity of applications, and variety of interconnections between them. AI test automation is a logical solution for Oracle EPM testing.

Opkey for Oracle EPM Test Automation

Opkey is an official Oracle partner and the industry’s leading No-Code test automation platform. Opkey is also the #1 rated app on the Oracle Cloud Marketplace and a trusted ally for Oracle customers. This AI-enabled, No-Code test automation provides pre-built tests that reduce the time it takes to complete regression testing each month.