...Hyperion Business Performance Management Software Cuts Budgeting and Planning Cycles, and Delivers Improved Financial Reporting and Better Performance...
Sept. 22 -- Now more than ever, companies are finding budgeting and planning to be critical components of business management. The current business environment puts a greater premium on dynamic planning and continuous forecasting. Companies concerned about siloed information, often locked away in tens or hundreds of spreadsheets, are responding by adopting collaborative Business Performance Management software in ever increasing numbers.
Once the standard for budgeting and planning, spreadsheets are losing
ground with corporations as more and more studies indicate that spreadsheets
not only lack the ability to integrate enterprise data, but also often contain misleading, questionable or even outright erroneous data.
Recognizing this, a growing number of companies are adopting Hyperion
(Nasdaq: HYSL) Business Performance Management software to reduce errors and
gain a collaborative and dynamic planning environment to meet quickly changing business conditions. The Hyperion solution offers centralized planning, budgeting and forecasting processes, workflow analysis, as well as powerful analytic capabilities to help companies gain a competitive advantage and impact the bottom line.
A 2003 survey by the Hackett Group concluded that 47 percent of companies
use standalone spreadsheets for planning and budgeting. But because
spreadsheets -- designed as personal productivity tools -- were not created to be corporate-wide budgeting and reporting tools, maintaining synchronized data throughout the organization is difficult if not impossible, and the potential for errors is high.
According to a study by Raymond R. Panko in 2000, spreadsheet-related
mistakes include mechanical errors, such as mistyping a number or pointing to the wrong cell, logic errors, involving entering wrong formulas and omission errors, which can be difficult to detect.
The result can be serious, causing such problems as:
-- Incorrect earnings statements and/or guidance
-- Overvalued acquisition transactions
-- Misrepresentation of capital investments
-- Incomplete sales or operating expense forecasts
To avoid such problems, a growing number of companies are set to roll out
improved reporting, planning and budgeting systems.
In a 2003 study, the META Group reports that as many as 85 percent of
companies surveyed plan to implement Business Performance Management solutions to improve decision-making and efficiency in reporting and planning in the next 18 months. The study attributes the dramatic increase in the adoption of Business Performance Management to the growing awareness of the value of integrated analytics, the resurrection of IT investment programs and the compliance requirements resulting from the Sarbanes-Oxley Act.
"The corporate compliance efforts mandated by individual countries
are forcing companies of all sizes to migrate from paper-based and antiquated financial accounting methods to fully electronic, truly integrated cross-organization BPM solutions," said John Van Decker, vice president, META Group. "Organizations have a rapidly growing need to manage the decentralized organization through planning and performance management solutions that are fully integrated and offer rich BPM capabilities such as Hyperion provides."
3,000 to One
By replacing spreadsheets with Hyperion Business Performance Management
software as the central data source for reporting, companies are able to
reduce errors, cut budgeting cycle times, and improve planning and forecasting in order to cut costs and drive profits.
"Our original system for financial and operational reporting was
difficult, time consuming and costly to maintain," said Michael White,
director of financial planning and reporting for EDS PLM Solutions, a product development and data management software vendor. "Hyperion Essbase made it possible for us to extract and replicate 3,000 separate spreadsheets into a standard template. The template allows drop-down menu selections of specific business units' performance and includes data such as revenue by type, actual versus plan and versus prior year, as well as high level
Rich Clayton, vice president of product marketing for Hyperion, said
today's economic climate demands better control of information -- which
companies simply cannot get with spreadsheets.
"Companies need to provide investors with clear information on performance
expectations while meeting the demands for increased disclosure," he said.
"Internally, spreadsheets cannot keep pace with rapidly changing information
sources and reporting requirements. Companies need clear views of this
information in order to best plan for the future."
Hyperion Business Performance Management
Hyperion software provides a centralized, Web-based planning, budgeting
and forecasting solution that drives collaborative, integrated, event-based
planning processes throughout the enterprise for a wide range of financial and operational needs. The solution allows companies to track and monitor business plans and forecasts translating strategic objectives into operational goals and targets. Entering information using Hyperion software eliminates the hassles of spreadsheet management, while providing increased capabilities.
-- Scalable Web infrastructure enables flexible data entry, analysis and frequent real-time updates from anywhere, using a standard Web
browser. Collaborative planning processes and centralized data
management significantly reduce maintenance and distribution costs.
-- Powerful workflow and process management including e-mail notification
and alerts empowers users to track and communicate the progress of
their plans and budgets; create, validate and change plans; identify
bottlenecks; conduct "what if" analysis and scenario testing.
-- Flexible modeling and business rules and easy-to-use graphical
interface creates and communicates corporate and user-defined rules
and assumptions, complex calculations, company standards and
allocations at all levels. Set top-level targets, test scenarios and
perform detailed bottom up calculations.
-- Powerful reporting and analysis empowers users to check progress of
each planning unit, analyze variances and change plans in real-time,
all from a central data platform -- Hyperion Essbase XTD.
Hyperion is the global leader in Business Performance Management software
that enables companies to translate strategies into plans, monitor execution
and provide insight to improve financial and operational performance. More
than 6,000 customers worldwide use Hyperion's Business Performance Management
family of packaged and tailored applications and its leading business
intelligence platform. Hyperion has a network of more than 330 partners to
provide innovative and specialized Business Performance Management solutions
Headquartered in Sunnyvale, California, Hyperion generated annual revenues
of $510 million in fiscal 2003. The company employs more than 2,200 people in
20 countries and is represented in 16 additional countries through distributor
relationships. Hyperion is traded under the Nasdaq symbol
HYSL. For more information, please visit www.hyperion.com <http://www.hyperion.com> /uk, e-mail email@example.com or call 01784 228015.
Safe Harbor Statement
Statements in this press release other than statements of historical fact
are forward-looking statements, including, but not limited to, statements
concerning the potential success of anticipated product features, the
anticipated product offerings and the potential market opportunities for
business performance management software. Such statements constitute
anticipated outcomes and do not assure results. Actual results may differ
materially from those anticipated by the forward-looking statements due to a
variety of factors, including, but not limited to the company's ability to
retain and attract key employees, the successful and timely development of new
products, the impact of competitive products and pricing, customer demand, and
technological shifts. For a more detailed discussion of factors that could
affect the company's performance and cause actual results to differ materially
from those anticipated in the forward-looking statements, interested parties
should review the company's filings with the Securities and Exchange
Commission, including the Report on Form 10-K filed on August 13, 2003. The
company does not undertake an obligation to update its forward-looking
statements to reflect future events or circumstances.
NOTE: Hyperion and Essbase are registered trademarks of Hyperion
Solutions Corporation. All other trademarks and company names mentioned are
the property of their respective owners.
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