Hyperion, a global leader in business performance management (BPM) software, introduced Hyperion System 9 Financial Data Quality Management, the industry's first packaged solution for finance users to develop standardized financial data management processes with a Web-based guided workflow user interface.
The solution is designed to increase companies' confidence in their financial data, simplify data collection and transformation, improve the productivity of the finance staff and lower the cost of compliance. It includes a unique option that allows companies to push consolidated results to their existing tax preparation application, reducing the time and money frequently spent on a largely manual, error prone process.
"Increasingly, companies are facing tighter financial statement deadlines and rising costs in meeting compliance requirements," said Kathleen Wilhide, research director for Compliance and BPM Solutions at IDC. "There is a need for greater transparency in financial and compliance processes that makes the delivery of tools to integrate information and ensure data quality critical. Hyperion System 9 Financial Data Management appears to be such a tool."
Hyperion System 9 Financial Data Quality Management features such as automation, data validation and robust reporting provide transparent processes and data for greater assurance of accurate results. A data preparation engine makes it possible to integrate, transform and validate data from any source system while the solution's "push" integration verifies mapping and intersection, retrieves data for verification and helps meet quality requirements of target systems. Additionally, Hyperion System 9 Financial Data Quality Management's full integration with other Hyperion System 9 solutions reduces integration costs and data mapping complexities.
The Hyperion System 9 Financial Data Quality Management solution also offers functionality for lowering compliance costs, including instant error checking, audit validation, automatic archival and closing functionality.
The newly introduced solution expands on the core foundation layer of Hyperion System 9 and will support the full suite of Hyperion products through its BPM Adapters. Coupled with the Hyperion Master Data Management (MDM) solution, Hyperion Financial Data Quality Management will provide an overall data management strategy, with Financial Data Quality Management addressing financial and analytical data quality and Hyperion MDM focusing on managing BPM master data consistency across the enterprise.
The Hyperion System 9 Financial Data Quality Management Web-based guided workflow user interface enables creation of sophisticated data mapping and repeatable processes. Importing data from any financial data source, the solution simplifies financial data collection and transformation and eliminates data bottlenecks and manual file manipulation. Additionally, Hyperion System 9 Financial Data Quality Management streamlines the task of manual data reconciliation by automating and verifying data submissions. A complete audit trail gives users a transparent, intuitive view of data and processes.
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