In the 1990s, the first Windows-based consolidation tool to hit the market was Hyperion Enterprise, a simple and easy-to-use application that accountants were able to manage without the help of IT. While Hyperion Enterprise was an effective solution for basic legal and statutory reporting, it didn't meet the growing list of newer reporting and analysis requirements.

Hyperion Financial Management (HFM) was the next generation of financial consolidation and reporting tools. This tool was popular with finance professionals because of its expansive functionality-including more detailed analysis, comprehensive audit trails, electronic certification of results and more. HFM provided global collection, consolidation, reporting and analysis in a single, client-server application. At the time it arrived, HFM was unique in that it used the most advanced technology, integrated easily with other Hyperion tools and could be owned and maintained by the finance team with minimal IT intervention.

As solutions have moved to the cloud, so have Oracle's consolidation tools.

Oracle Fusion Cloud EPM includes comprehensive abilities for cloud financial close and consolidation . It's an out-of-the-box cloud solution for consolidation and close process tasks. This newest consolidation tool provides all the same functionality as HFM but has the addition of pre-built content, including dimensions, forms and rules. Oracle Cloud EPM has a user-friendly interface and built-in functionality to accomplish reporting and consolidation tasks and requires minimal IT support. Also included with the subscription are the cloud versions of capabilities that will be familiar to Hyperion users: financial close manager and financial data quality management. With EPM Cloud, companies no longer have to manage the software and servers; Oracle manages both.