LinkedIn pixel

Rice University Transforms Financial Planning and Lowers TCO for EPM Applications

  • Centroid
  • $
  • Rice University Transforms Financial Planning and Lowers TCO for EPM Applications

About Rice University 

Founded in 1912, Rice University in Houston, Texas, is a private research institution ranked among the nation’s top 20 universities by U.S. News & World Report. Known for its 6-to-1 undergraduate student-to-faculty ratio and prestigious residential college system, Rice has a total endowment value of $7.74 billion, including directly held real estate.  

Rice University Logo_Success Story

Situation  

Rice University, a prestigious private research institution, encountered significant obstacles in its financial planning processes. These challenges stemmed from reliance on outdated systems, specifically the on-premise Hyperion Planning application, which no longer supported modern planning and forecasting methodologies. Additionally, the university faced integration difficulties with Oracle Cloud HCM, complicating detailed headcount planning.  

Action

To address these challenges, Rice University partnered with Centroid, leveraging their expertise in Higher Education and Oracle Cloud solutions. The project spanned six months and focused on migrating from on-premise Hyperion Planning to Oracle Cloud EPM. Key actions included using Higher Education accelerators for the phase 1 Planning migration to ensure alignment with university-specific needs and leveraging Centroid’s accelerators to streamline project delivery tailored for Higher Education institutions.  

Impact

The impact of the project was transformative for Rice University’s financial planning capabilities, significantly reducing the total cost of ownership (TCO) for EPM applications through lower support, maintenance, and hardware costs. Seamless integration with Oracle HCM facilitated detailed headcount planning, enhancing accuracy and efficiency. Streamlined budget entry processes across departments improved collaboration and data accuracy. Additionally, quarterly forecasting was enabled with real-time insights from Oracle Cloud ERP.

This initiative modernized Rice University’s financial planning infrastructure, positioning them to adapt swiftly to evolving educational and operational needs while supporting their mission of academic excellence and institutional growth.