John Stein
Oracle rolls out monthly updates to enhance capabilities across financial consolidation and planning, analytics, reporting, and more. The latest updates in this series are the June 2024 Oracle EPM Monthly Update. 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.
Highlights: What’s New?
Account Reconciliation:
Easier navigation and access to resources in the Help Center.
Bank Statement Verification simplifies data loading verification.
Enterprise Data Management:
Enhanced data integrity with filter validation and node name calculation.
Improved subscription management, audit tracking and request workflows.
New features include approval hierarchy, data extraction automation, node clipboard, and data synchronization.
Priority for requests, custom validations and global connection options.
Additional updates:
Improved request subscriptions reporting, audit tracking, and request management.
New features for managing nodes and data synchronization.
Prioritization options for data requests and improved security controls.
Enhanced data extraction and sorting options.
New application type for Tax Reporting.
Collaboration improvements with user tagging in IPM Insights.
Segmentation for custom calculation rules in Profitability and Cost Management.
If you want to learn in detail about Oracle EPM updates for June 2024, we recommend you read the full advisory here.
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.
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-powered 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.
Curious about how Opkey could help you? Get a demo today.
