Rohm and Haas has implemented Hyperion Financial Management, a comprehensive Web-based solution for global collection, financial consolidation and reporting, and Hyperion Analyzer, a Web-based interactive analysis and reporting solution, to integrate financial planning and reporting information on a global scale. Implementation was carried out by Deloitte Consulting LLP, with support from Hyperion Consulting Services. The implementation team met goals and deadlines in an aggressive six month project plan, coming in on time and on budget.
Rohm and Haas, which now has over 200 Hyperion users worldwide, implemented the new solution in conjunction with its financial process efficiency initiative. The software solution pulls data from Rohm and Haas's SAP system via Hyperion Application Link and delivers it to Hyperion Financial Management to provide information for the company's actuals as well as its business plan.
"We worked with Hyperion Consulting Services to develop a solution that would make it possible for Rohm and Haas to centrally manage and collaborate on financial information and processes throughout its global operations," said Matt Schwenderman, principal, CFO Services for Deloitte Consulting. "The Web-based Hyperion Financial Management implementation allows users to work from a single, unified view of key financial data."
Benefits of the implementation cited by the organization include reduced time for consolidation, improved visibility into data, increased time for analysis, enhanced external reporting and a more efficient solution to meet compliance requirements under Sarbanes-Oxley.
"Using Hyperion Financial Management, we've been able to dramatically reduce the time required for consolidation," said Brian Donnelly, project manager for the HFM implementation at Rohm and Haas. "The cycle time for the preparation of consolidated financial results as well as SEC filings has been reduced by more than 40%."
In addition to the time savings in reporting, Rohm and Haas has enhanced its compliance efforts under Sarbanes-Oxley by replacing spreadsheets with Hyperion Analyzer and Hyperion Reports in many key areas of the financial reporting process.
"With the Hyperion solution in place, Rohm and Haas is able to automate consolidation and quickly provide Web-based reporting to decision-makers across its enterprise," said Rich Clayton, vice president of Product Marketing at Hyperion. "The capability to collect and consolidate results from its multiple divisions and deliver management information will result in additional insight into performance across the board."