Futuresense with Hyperion reduces prominent telco's reporting times
Futuresense, a leading Oracle Hyperion partner, has enabled a prominent JSE-listed telecommunications company to reduce its reporting timeline by 10 working days, by implementing Hyperion Financial Management and Hyperion Financial Data Quality Management, with their prebuilt International Financial Reporting Standards Foundation system for Hyperion.
The telco also reported improved response times; system consolidation time was cut from five minutes to less than 10 seconds.
The Futuresense Hyperion upgrade has formalised the process of consolidation reporting, helped integrate the data loading process, and enabled the telco to introduce a Web-based architecture.
Says Charles Woodhatch, director at Futuresense: “HFM is critical to the reporting of the telco's consolidated results and enables them to report information that is compliant with IFRS and JSE requirements.
“As the telco is listed on the JSE, it has to comply with listing requirements of timeous submissions of results. They operate in a global community where their financial statement users are able to understand their financial information, as it has been prepared based on IFRS. Publishing their results earlier gives the key decision-makers time to reflect on history in order to enhance the key strategies of the business, and our users get the information earlier to assess the impact of our results on their decisions.”
Futuresense secured the contract to upgrade HFM and replace Application Link with FDM. This has assisted the telco in resolving the issues of complex consolidation, various foreign currencies and extensive reporting requirements. The upgrades were essential as existing Hyperion solutions were outdated and no longer supported by internal IT or by Oracle. Futuresense also deployed the WB IFRS Foundation to provide a high-performance, IFRS-ready system.
“Our prebuilt WB IFRS Foundation provides an out-of-the-box IFRS compliant system ready to be customised for particular client requirements. The system is designed and tested by qualified accountants and IT professionals,” says Woodhatch.
Futuresense used its historical knowledge of the telco's previous application combined with its multidiscipline of skills to ensure the upgrade was delivered as soon as possible. The telco has future plans to expand the current architecture to deploy additional functionality at sub-groups and to continue with ongoing expansion of the solution.