More than 1,000 organizations have tightened their control over financial closing, reporting, and regulatory compliance processes with help from Hyperion Financial Management software, the acclaimed application from Hyperion (Nasdaq Global Select: HYSL), the global leader in Business Performance Management (BPM) software.
Hyperion announced today that it had surpassed 1,000 Hyperion Financial Management customers, a milestone that confirms Hyperionâ€™s market leadership in consolidation and reporting. The news also points to a growing trend among organizations worldwide to implement proven reporting and consolidation systems in the wake of regulatory requirements.
â€œSarbanes-Oxley compliance is an enormous challenge for most businesses â€“ and the larger the business, the more challenging it becomes,â€ said Ken Kordana, internal reporting manager for The Stanley Works, an S&P 500 company with estimated 2006 revenues of $4 billion and a worldwide supplier of consumer products, industrial tools and security solutions for professional, commercial, industrial and consumer use. After originally implementing Hyperion Enterprise software, The Stanley Works deployed Hyperion Financial Management to take additional control over its reporting and consolidation processes. â€œMoving to Hyperion Financial Management was a quantum leap that not only allowed us to implement checks and balances in our financial reporting, but it also provided our hundreds of end users with necessary information right at their fingertips. Every day, Hyperion helps us make decisions faster and more efficiently.â€
Many organizations also have implemented Hyperion Financial Management to streamline financial processes only to follow with additional Hyperion BPM and business intelligence solutions to improve business performance in other parts of the enterprise.
â€œWith Hyperion Financial Management software, we have moved from a decentralized legacy environment to a user-friendly, centralized system that has enabled a faster close, more transparent access to information from over 60 countries, and a standardized process for financial reporting which is compliant to all the current regulatory requirements,â€ said Noel Gorvett, group business systems manager for Pearson PLC, an international media company with world-leading businesses in education (Pearson Education), business information (Financial Times) and consumer publishing (Penguin). After first implementing Hyperion Financial Management, the company added Hyperion Planning software, and plans to migrate to Hyperion System 9 in 2007 in an effort to automate not only the companyâ€™s financial processes, but its operations as well. â€œWith Hyperion, our users can be confident that once they have submitted their data, it is secure, itâ€™s transparent, and itâ€™s not going to change without their approval.â€
Available today as an application within the Hyperion System 9 BPM platform, Hyperion Financial Management is a comprehensive, Web-based financial systems software application that delivers global collection reporting and analysis in a single, highly scalable financial management software solution. Many Hyperion customers have implemented Hyperion Financial Management software to gain control of their financial information and help senior managers become more confident when certifying their annual and quarterly financial results, including disclosure controls and procedures. Although the solution utilizes today’s most advanced technology, is built to be owned and maintained by the enterprise’s finance team. And by implementing Hyperion System 9 BI+ software, enterprises gain a single, comprehensive business intelligence platform with the industry’s broadest range of management reporting and analysis capabilities.
â€œHyperion Financial Management has emerged as an essential element of the management system for the global enterprise,â€ said Rich Clayton, vice president of product marketing for Hyperion. â€œThe proof can be found in enterprises around the world, where Hyperion Financial Management underpins strategic corporate initiatives to gain greater internal control over financial data while reducing the cost of compliance and providing timely insight to financial performance to internal and external stakeholders. As todayâ€™s announcement attests, that value has led to some very long-lasting relationships with Hyperion customers, and is delivering more value to more customers than ever before.â€