Hyperion releases financial data quality manager
26 June 2006 | 1739 views | 0
Hyperion (Nasdaq:HYSL), the global leader in Business Performance Management (BPM) software, today introduced Hyperion System 9 Financial Data Quality Management, the industry's first packaged solution for finance users to develop standardized financial data management processes with a Web-based guided workflow user interface.
The solution is designed to increase companies' confidence in their financial data, simplify data collection and transformation, improve the productivity of the finance staff and lower the cost of compliance. It includes a unique option that allows companies to push consolidated results to their existing tax preparation application, reducing the time and money frequently spent on a largely manual, error prone process.
"Increasingly, companies are facing tighter financial statement deadlines and rising costs in meeting compliance requirements," said Kathleen Wilhide, Research Director for Compliance and BPM Solutions at IDC. "There is a need for greater transparency in financial and compliance processes that makes the delivery of tools to integrate information and ensure data quality critical. Hyperion System 9 Financial Data Management appears to be such a tool."
"Hyperion System 9 Financial Data Quality Management provides us with the integrated financial process we need to achieve a faster, more accurate close," said Greg Stanko, supervisor, Financial Reporting Systems of Synthes, Inc. "With the integration of 70+ legal entities across the globe utilizing 15+ different source systems, the challenge of gathering that source data and integrating it with Hyperion Financial Management, while maintaining a complete audit trail, was daunting. Hyperion System 9 Financial Data Quality Management does the work for us. All legal entities load, validate, and sign off on their own data. They are fully consolidated within four working days and the consolidation is complete on the fifth. It is reassuring to have the complete audit trail, not only for analysis, but for audit compliance as well. When the integrity of the data is fully logged and can be tested, confidence in the numbers naturally follows. The benefits to the organization are visible and the response from the reporting locations has been extremely positive. The solution minimizes the time, cost, effort and risk in our internal and external reporting processes and helps us to trust in the integrity of our data."
Hyperion System 9 Financial Data Quality Management features such as automation, data validation and robust reporting provide transparent processes and data for greater assurance of accurate results. A data preparation engine makes it possible to integrate, transform and validate data from any source system while the solution's "push" integration verifies mapping and intersection, retrieves data for verification and helps meet quality requirements of target systems. Additionally, Hyperion System 9 Financial Data Quality Management's full integration with other Hyperion System 9 solutions reduces integration costs and data mapping complexities.
The Hyperion System 9 Financial Data Quality Management solution also offers functionality for lowering compliance costs, including instant error checking, audit validation, automatic archival and closing functionality.
"With the introduction of the Hyperion System 9 Financial Data Quality Management solution we are the only BI and BPM vendor to provide a proven, easy-to-use enterprise solution for managing financial data quality," said Rich Clayton, vice president of Product Marketing at Hyperion. "For our customers, this translates into complete confidence in their numbers as well as a TCO advantage in their financial data integration and compliance processes."
The newly introduced solution expands on the core foundation layer of Hyperion System 9 and will support the full suite of Hyperion products through its BPM Adapters. Coupled with the Hyperion Master Data Management (MDM) solution, Hyperion Financial Data Quality Management will provide an overall data management strategy, with Financial Data Quality Management addressing financial and analytical data quality and Hyperion MDM focusing on managing BPM master data consistency across the enterprise.
Repeatable Financial Process for Data Collection, Transformation and Internal Control
The Hyperion System 9 Financial Data Quality Management Web-based guided workflow user interface enables creation of sophisticated data mapping and repeatable processes. Importing data from any financial data source, the solution simplifies financial data collection and transformation and eliminates data bottlenecks and manual file manipulation. Additionally, Hyperion System 9 Financial Data Quality Management streamlines the task of manual data reconciliation by automating and verifying data submissions. A complete audit trail gives users a transparent, intuitive view of data and processes.
Benefiting Both IT and Finance
Hyperion System 9 Financial Data Quality Management is the only financial data quality packaged application that can interface with existing infrastructure and financial systems. It integrates with any source in any format and is designed specifically to address BPM data quality. As a result, the solution delivers the flexibility to adjust to changing business conditions such as those associated with mergers and acquisitions, or situations that require moving data from application to application on the Hyperion Business Management platform or migration of data from Hyperion Enterprise to Hyperion Financial Management.
While the solution, which is deployed, maintained and used by business analysts rather than database administrators, frees IT departments to focus on technology, it also enables the finance organization to eliminate the data integrity risks associated with collecting, mapping, validating and moving critical financial data across the enterprise.
Streamlining Tax Data Collection
The tax data integration option of the Hyperion System 9 Financial Data Quality Management solution streamlines the tax data collection process by eliminating manual efforts, providing visibility to data transformation and identifying and communicating errors before they become a problem. A unified solution for companies with multiple financial and operational data sources, the tax data integration adapter enables users to perform reconciliation between their book income and their tax income quickly and accurately.