picture32Challenge

  • Client became an independent, pure-play hospitality company in 2006. Since then, the Company has developed into a well-respected leader in the global hospitality industry.
  • The existing financial system, based on older version of Hyperion Financial Management (HFM), lacked functionality, scalability and support required for ongoing business operations
  • Hardware and solution architecture provided poor responsiveness for user community
  • Data supporting legacy structure (hierarchies, business rules) was obsolete, creating maintenance and consolidation performance challenges
  • A common Chart of Accounts (COA) was defined to be used across all platforms in the organization. The new COA needed to be implemented into HFM.
  • Formalize the close process in HFM and streamline the data movement related to forecasting cash flow in HFM. They currently faced challenges with visibility to the status of the Actual close cycle, as well as control over changes in the Actual and Forecast processes.

Solution

  • Partnering with business and technical resources from the client, the team implemented a new financial consolidation and reporting solution based on HFM achieving these objectives:
    • Robust and fault-tolerant technology platform implemented
    • Existing applications, reports, and historical data migrated
    • Hierarchies and business rules reviewed and streamlined
    • Comprehensive security model implemented
    • Key integrations implemented using Financial Data Management (FDM)
    • Process Management ,with Phased Submissions, implemented to monitor and control the Actual and Forecast processes
    • Rules enhanced to combine P&L\Balance Sheet\Cash Flow forecasting in common scenarios

The solution has been running in production since 2007

Benefits

  • Supportable solution available to user community providing streamlined access to financial data
  • Standards implemented across applications providing baseline for ongoing enhancements and future consolidation of applications
  • Performance improvements resulting in significantly reduced consolidation and navigation times
  • Security groups and access managed by business community
  • Integrations utilizing FDM provide drill-back and audit capabilities
  • Better visibility and controls throughout the close and forecast processes

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