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CLIENT CASE STUDY


Global health care company: Global financial consolidation and visibility

Read how a global health care company launch an enterprise-wide program to centralize and standardize its financial consolidation process.

Overview

The client is a global broad-based health care company. Its offering includes nutritional products, laboratory diagnostics, medical devices and pharmaceutical therapies. It has sales, manufacturing, research and development, and distribution facilities around the world.

To achieve financial visibility at multiple levels of the global organization, the client needed to address time and process inefficiencies in its financial reporting. It engaged Accenture to launch an enterprise-wide program to centralize and standardize its financial consolidation process.

Opportunity

Accenture was asked to provide detailed planning, design, and integration of the client’s corporate consolidation applications, namely Oracle Hyperion Financial Management (HFM) and Hyperion Financial Data Quality Management. The program goals were to improve inefficient post-lag processes, accelerate calendar timelines, and provide increased access to financial information at affiliate, area, division and corporate levels. The overarching milestone was for the client to perform its quarter-end financial close process for Q2 of 2012 in the Hyperion Financial Management System.

The Accenture team was involved throughout the project lifecycle—from targeting value to implementation and execution. The team, which included both local US-based resources and people drawn from Accenture’s Global Talent and Innovation Network, brought deep technical and HFM skills and experience to the project, as well as knowledge in the areas of accounting, finance, and financial consolidation.

Solution

The Accenture team worked directly with the client, conducting client workshops to help validate detailed project requirements.

An in-depth proof of concept provided the client with greater assurance of the system’s ability to meet requirements, as well as identified missing requirements that were necessary to address important business challenges and better facilitate the success of the live application.

Accenture tools and accelerators helped improve application performance, reinforcing the efficiency and accuracy of work across various HFM project areas, namely centralized financial close, management reporting, cash flow, foreign currency translation, constant dollar, deferred margin, HFM business rules, metadata maintenance, and data conversion.

Accenture worked closely with the client to complete the data conversion efforts; led extensive user acceptance, system integration and parallel testing efforts to minimize complications at go-live; as well as built over 50 standard financial reports to satisfy the client’s internal and external reporting needs.

The Accenture team also collaborated with client resources to deliver in-depth training on every aspect of the HFM system, via in-person hands-on training sessions, and WebEx sessions. Accenture held knowledge transfer sessions with the client resources in charge of managing the HFM application, supported them in the transition to the new HFM application, and created detailed design documents and process documentation covering every aspect of the HFM and Hyperion Financial Data Quality Management applications.

Results

The implementation of the Hyperion Financial Management system has cut two days from client’s financial close calendar. It has also provided visibility throughout the company to global financial information that was previously unavailable. This increase in efficiency and visibility will help provide the client with the opportunity and ability to continuously improve its financial operations.