Engineering and infrastructure management company Downer EDI has purchased a new financial management tool to control its fiscal reporting, planning, budgeting and compliance.
The company purchased 60 licenses of Hyperion system 9 financial management and 20 licenses of Hyperion system 9 financial data quality management software to replace its manual system which involved entering data from multiple enterprise resource planning (ERP) systems such as Oracle, JD Edwards and SAP, into spreadsheets.
Downer EDI CFO Peter Reichler said it chose the software to maintain data structure extracted from its ERP systems.
"The ability to extract data directly from an ERP system is crucial because ERPs provide a disciplined structure for data which Excel spreadsheets don't always reflect," Reichler said. "Hyperion preserves the integrity of ERP data in a format that, to the end user, closely resembles the look and feel of a spreadsheet."
"Successfully operating within specified controls, such as time or budget, gives companies in our industry a competitive advantage," Reichler said. "We needed to apply that same discipline to our reporting."
He said the company chose Hyperion after evaluating several others because its fiscal security requirements are well served by the software's financial management controls, and that two Downer EDI divisions currently use the brand.
"The choice was relatively easy since two of our seven divisions already used and trusted the software," he said.
The company will begin rolling out the off-the-shelf solution early next year.