Rapidly implemented solution saves time and money, allowing true business analysis
6 September 2001 - Walker Interactive Systems, Inc. (OTCBB:WALK), a global provider of e-business solutions for the enterprise, announced today that Semiconductor designer and manufacturer Zetex (LSE:TMX) has implemented Walker's Horizon Financial Consolidation solution to consolidate monthly and year-end accounts. This was completed within three months in order to prepare for a major ERP implementation and the next financial year end.
Walker's Horizon solution enabled this. "I wanted to apply common sense to the business, and needed a good tool to do it. Horizon Financial Consolidation met all the criteria we were looking for in a system and Walker were able to meet the project constraints", said Gary McManus, Group Financial Controller, Zetex. Zetex had also recently purchased a company and needed to rewrite the entire spreadsheet-based reporting package. This had an obvious financial impact on the company, and again meant this project had to run on time and within budget.
Zetex faced a situation where each company in the Group was submitting monthly accounts to the corporate headquarters in multiple disparate formats, varying levels of details and several languages; this resulted in approximately 80% of time being spent on interpreting the data rather than analysing its content. A new ERP project meant that time and resources were in short supply, therefore a new financial system was needed quickly to monitor and control costs both during and after the ERP implementation. The new ERP system is now implemented and working with Walker's Horizon in saving time and money.
"Walker's Horizon Financial Consolidation solution has meant that Zetex can save three man days off the preparation of monthly accounts, time which is now invaluably spent analysing the data and drawing real business value from this information", said Gary McManus, "This saving in time has cascaded throughout the Group. People who submit reports no longer need to go back and answer questions on the information provided - they send the correct information in a pre-agreed format each month," added McManus.
Zetex has also found that whilst last year the statutory accounts were signed off in July, this year they took six weeks to prepare and were signed off in March. McManus said: "Horizon has provided Zetex with a competent, auditable trail and given a significant amount of time back to the business".
The requirement for Zetex was a common methodology, format and process for the submission of accounting information, and ease of data manipulation. This is important to an organisation such as Zetex, with seven geographical locations (in different time zones throughout the world) selling 2,500 finished parts to a high performance marketplace.
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Notes to the editor
Zetex plc designs, manufactures and markets a broad spectrum of standard and customised semi-conductors to the signal and power management markets. Applications for the company's products include cellular telephones, mobile and desktop computers and PDAs, automobiles, satellite TV and industrial and process automation. They are a truly global company with operations in 7 locations employing over 750 people worldwide.
Zetex started life as a management buy-out from the Ferranti Group in 1989. Since then, the company has enjoyed significant growth with a turnover now in excess of £70 million. Zetex Group comprises 7 companies located in Germany, America and Hong Kong with the corporate headquarters based in Oldham, UK.
Walker Interactive Systems, Inc. (OTCBB: WALK), headquartered in San Francisco, California, is a leading, global provider of e-business solutions for the enterprise. The Walker family of e-business applications and vertical industry solutions, combined with integration and consulting services, is utilised by Global 2000 organisations in industries including banking and financial services, retail, transportation and utilities. Information about Walker is available at http://www.walker.com.
Horizon Financial Consolidation solution allows organisations to automate the consolidation process by managing all data within a constant, easy to maintain repository. It can easily combine diverse, financial and operational data from multiple sources and provides a constant repository for financial reporting, eliminating the need to create and maintain separate databases for different kinds of reports. Essbase - a leading OLAP (on-line analytic process) multi-dimensional database from Hyperion, powers Horizon Financial Consolidation.
Copyright (c) 2001 Walker Interactive Systems, Inc. Walker, Horizon and Deep e-business solutions are trademarks and/or registered trademarks of Walker Interactive Systems, Inc. All other brand and product names are trademarks of their respective owners.
For additional information contact:
Susan Morgan Clare Frost
Tel: 01296 505253 Tel: 01296 505267
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