A Vertical Edge Case Study
Multinational Manufacturing Company
Financial Consolidation and Close Cloud Implementation
Manufacturer of air distribution products and office accessories.
Our client is the world’s largest chair mat, bicycle reflector and dryer venting manufacturer and a global leader in sign and literature holders, office workspace accessories and other air distribution products.
The client was using Hyperion Enterprise as a financial consolidation solution. However, they were losing access to their applications due to being divested. Although they were satisfied with Hyperion Enterprise, the product was no longer being upgraded by Oracle. Thus, they were looking to replace HE with a more current solution. The client decided on Oracle Financial Consolidation and Close Cloud. They needed an FCC implementation partner who understood HE and could assist them in meeting their requirements for consolidating domestic and international general ledgers, performing currency translations, processing intercompany eliminations, and producing all statutory reporting.
We successfully implemented Financial Consolidation and Close Cloud. We converted the client’s Hyperion Enterprise entity structure and chart of accounts into FCC, using the delivered FCC members as appropriate. We loaded and reconciled 8 years of historical data and created all the intercompany sets to enable FCC to process intercompany eliminations automatically. Using Data Management, we configured data loads from 12 different sources. We developed all their required financial reports using Financial Reporting Web Studio.
The Success Factors:
− Global financial consolidation solution
• Must include FX translation
• Must include intercompany eliminations
• Must accommodate data loads from multiple international sources
− Creation of all required statutory reporting
− Management reporting ability
– Actual versus Budget and/or Forecast
− Cash flow reporting ability
− End user training
Company Annual Revenue:
The Solution Products:
− Financial Consolidation and Close Cloud
− Data Management (an intrinsic part of FCC)
− Financial Reporting Web Studio (an intrinsic part of FCC)
− EPM Automate (for automated backups)
− Reliable consolidation solution that accommodated foreign currency translation and intercompany eliminations
− Reporting solution that fulfilled all statutory reporting requirements
− The ability to report actual financial results versus budget and forecast results
− A flexible ETL (extract, transform, load) solution that minimized monthly maintenance