A business that is considering – or currently using – Hyperion, likely has a good understanding of the benefits that Hyperion offers. With Hyperion Financial Management, a company can consolidate financial information to a single source of truth, and use this data for reports, projections, regulatory compliance and more. Hyperion offers business insights that improve data-driven decision-making throughout the organization.
However, as with any complicated business application, ongoing management of Hyperion can be challenging. Finding and attracting qualified candidates is difficult, as organizations are faced with a limited pool of talent and competition from other hiring companies. Moreover, resources must be committed to the ongoing management, monitoring, and optimization of the application to ensure that you’re getting the most out of your investment. Those resources must be diverted from other initiatives, including strategic objectives, innovation, and digital transformation.
A managed services partner (MSP) can help a business to overcome these challenges, optimizing the functionality of Hyperion and allowing resources to be channeled to higher-level, strategic tasks rather than wasted on routine maintenance and administrative tasks.
Benefits of Hyperion Managed Services
1. Qualified Staff.
Finding candidates for Hyperion is difficult, as low unemployment has contributed to a candidate-driven labor market. Companies are in competition for top candidates in all areas, but this is even more pronounced in IT. When you add in the need to find a candidate that is a good fit with the team and the company culture, identifying and attracting the right person is even more challenging.
A Hyperion managed services provider, however, will have qualified, experienced staff that are dedicated to managing Hyperion applications for a number of different clients, of all sizes and types, each with different requirements.
In addition to having qualified staff, that have experience with Hyperion and related technologies (Oracle, cloud, APIs, etc.), a managed services provider also has a better ability to provide resources as needed. This gives your business the flexibility to scale up during a particularly busy time – year-end, or budget season – without committing to the expense and trouble of scaling up your permanent staff for a short-term need.
With cloud-based Hyperion managed services, a managed services provider can improve flexibility even more, taking on the responsibility of spinning new virtual servers up, or retiring ones that are no longer needed, as capacity needs fluctuate.
This improves your company’s scalability – allowing you to add resources as needed, without taking on the long-term financial commitment of additional staff or hardware.
A Hyperion managed services provider will have the tools and methodology in place to run consistent, all-hours coverage and monitoring of your system’s performance. This means that they will proactively identify potential future issues, while speedily and efficiently deal with any problems as they arise.
According to Gartner1, the average cost of downtime to a company is $5,600 per minute. Minimizing downtime, and improving system reliability, must be a core consideration for any application, but particularly one as widely-used throughout an organization as Hyperion.
Mitigating vulnerabilities and protecting against threats to sensitive data is a growing concern. A recent study2 estimates that hackers attack a system or account every 39 seconds – a near-constant barrage of threats to data security. As the number of attacks continues to grow, malicious actors are becoming more sophisticated as well, and threats are more difficult to identify and prevent.
An MSP can help to protect your data from outside attacks, taking responsibility for updates and upgrades, installing patches, and applying cutting-edge security techniques to your company’s applications and networks. Additionally, an MSP can take on assignment of roles and access to your employees, helping to prevent accidental records exposure. They can also manage cloud security, helping to prevent breaches like the 70 million records that were stolen or leaked from poorly configured cloud buckets in 20183.
6. Cost control.
Especially in the cloud, a company that does not actively monitor and optimize applications can run into excessive costs. For example, cloud servers are most often priced by capacity – you pay for what you use. But if stale data is taking up valuable space, even when it is inactive and should be archived, cloud costs could easily spin out of control. An MSP can manage data archiving as well as capacity optimization, helping to ensure that not only are applications at peak performance, but that every dollar spent on your Hyperion investment is used wisely.
As a Hyperion client, you probably understand both sides of the application – the significant benefits that it offers, and the challenges faced with ongoing management of the application. Selecting a Hyperion managed services provider can help – ensuring that your Hyperion processes are consistently optimized, and improving the functionality, scalability, reliability, and cost of running the program. Even more, though, an MSP can take the daily, repetitive, application management tasks from your team’s plate, offering the chance to focus on alignment, strategy, innovation, and digital transformation goals.