Challenge

  • Client maintained a 5-day close process every month
  • Currency Translation to USD could not be performed until Day 3
  • Top-side adjustments were on hold until Day 3
  • Final consolidations could not be begin until Day 4 or Day 5
  • Visibility at global levels unavailable until late in the close
  • Lack of transparency into processes like currency translation and allocations

picture15Solution

  • Implemented HFM as the global consolidation, analysis, and reporting tool
  • Solution was web-based and scalable for future growth
  • Multi-dimensional analysis available
  • “What if” scenarios for modeling
  • Powerful intercompany reconciliation abilities

The solution has been running in production since 2007

picture16Benefits

  • HFM allows instant access to critical data, globally, 24×7
  • Currency translations, Inter-company reconciliations, allocations, and consolidations can happen immediately
  • Management is able to view data instantly and make key decisions as assumptions and facts may change
  • Because of greater dimensionality, HFM allows visibility into information, and allows reporting on pre- and post- translated and allocated data

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