Host Analytics announced that Genlyte Group, Inc. is using Host Consolidator to simplify the financial consolidation process and improve financial reporting accuracy.
Host Analytics, the leader in on-demand Business Performance Management software solutions, today announced that Genlyte Group, Inc., a leading manufacturer of lighting fixtures, controls, and related products for the commercial, industrial and residential markets, is using Host Consolidator to simplify the financial consolidation process and improve financial reporting accuracy.
Genlyte Group is a publicly traded, fast-growing, $1.6 billion dollar manufacturing company with over 17 decentralized divisions. Over the past few years, the company has grown through acquisitions and required a way to consolidate financials from their 17 disparate divisions and report their numbers to their shareholders and Wall Street. The company turned to Host Analytics and implemented Host Consolidator to ease the financial consolidation process. Each division now sends their month-end closing numbers to corporate where all of the data is consolidated into Host Consolidator.
“We evaluated solutions from multiple vendors and selected Host Analytics for the price and quality of their software,” said Rick Blanchard, Chief Information Officer for Genlyte Group. “We are now able to more easily consolidate financials from multiple divisions, each with their own level of reporting expertise.”
Genlyte Group is now in a position to provide decision makers with an instant view from a series of key performance indicators on how the business is performing. Genlyte’s 17+ wholly owned subsidiaries range in size from $30 million to $300 million and each have their own level of technical sophistication. In addition, each division is running different business systems with different data outputs. Host Consolidator is able to pull in the different types of data to ease the consolidation and reporting process and provide executives with an immediate picture of performance. An additional benefit of Host Consolidator includes improved audit trails supporting the need to meet regulatory compliance such as Sarbanes-Oxley.
“At Host Analytics, we understand that financials and financial reporting information must be accurate, timely and complete,” said Jim Eberlin, chief executive officer for Host Analytics. “Host Consolidator helps companies meet those requirements while providing them with a foundation for improving internal controls and processes to reduce the risk of error.”
As part of phase two, Genlyte Group will begin the implementation of Host Scorecard, a performance management dashboard tool to give financial and operational insight to Genlyte’s executives and employees.