Challenge
- Upgrade HFM to a consistent platform shared by other company-wide EPM applications (Planning)
- Remove elements of the HFM application no longer relevant to the business
- Incorporate new feature/functionality to facilitate more robust reporting
- Streamline data entry processes
Solution
- Remove unused elements of the Entity and Custom dimensions
- Change the calendar in the new application, removing 6 years of history and allowing for 6 years of future data
- Utilize a new Custom dimension to capture Legal Entity data for one business unit and Regional reporting data for another business unit
- Change the Actual scenario to “Periodic” view
- Implement direct integrations leveraging FDMEE
Create a Forecasted Cash Flow process
The solution has been running in production since 2003
Benefits
- All EPM applications on a consistent version (11.1.2.3), minimizes IT maintenance costs
- Removing unused application elements, and purging history, enhances system performance
- Legal entity data provides the Tax department with greater visibility into the information, streamlining validation/reconciliation processes
- Access to Regional reporting information within the application eliminates the need to maintain secondary spreadsheets
- Reduced manual data entry of Roll forward data and journal entry information, simplifying processes for the end user community
- The Forecasted Cash Flow process aligns with the Actual Cash Flow, providing consistency and eliminating the need to prepare Excel-based cash flow reports for the Forecast scenarios