| Analysis of more granular datathan ever before at AMEC...an interview with Finance Manager, Nicola O’Keeffe
In this interview, AMEC’s Finance Manager, Nicola O’Keeffe, tells us how their new HFM Solution has reduced reporting cycles and allowed for easier access to more granular detail than ever before. She also highlights how the solution has allowed for greater visibility for decisions and analysis throughout the business since its implementation.AMEC, recently replaced Hyperion Enterprise with HFM… Yes, AMEC used to perform consolidation and reporting on various Hyperion Enterprise Systems and spreadsheet solutions driven by 3 different reporting structures across Europe and the Americas. At the start of 2007, we decided to implement a single HFM solution for 100 – 120 users across the whole of AMEC globally. What were the driving factors for the system overhaul to HFM? We were seeking to dramatically improve consolidation and reporting processes. The implementation of a unified HFM System would give us ‘one truth’ for reporting, reduced reporting cycles and improved analysis for business decisions. A change in AMEC’s mandate from primarily a construction company to a consultancy also meant that we needed to report more accurately on a monthly basis rather than focusing mainly on the interim and full-year reporting. When you say ‘HFM System’, what exactly are you referring to? When we talk about our HFM System, we’re referring to our top and tailed consolidation and reporting solution, including: FDM for the GL data loads, Financial Reporting and Smart View for the ad-hoc analysis, and in some cases data loads as well. We are also using HFM for forecasting - 24 period for cash flow and 12 periods for income statement. How did the implementation of the HFM System affect the business processes? The business analysis exercise executed during the project flushed out the problems with the existing processes and helped us formulate improved processes. How much did previous Hyperion Enterprise experience at AMEC help with the roll-out of the HFM System? Although more powerful, the greater dimensionality in HFM involved a shift of thinking in 12 dimensions instead of the 8 we’d been used to using in Enterprise. However, our experience of using Hyperion Retrieve with Enterprise prepared us for Smart View. HFM Reports was also entirely new to us, since we hadn’t used Enterprise Reports previously. Tell us about the challenges that you encountered during the project. A business challenge was proving the value of migrating to HFM to our US counterparts, who were used to using Hyperion Enterprise. We encouraged involvement at an early stage by running frequent in-person workshops in the US during the requirements gathering phase, to ensure buy-in. Technical challenges that we experienced included difficulties with security set-up and re-calculation of final data in previous periods when new business rules are loaded. Why is reporting from One Truth one of the main benefits of AMEC’s HFM System? The ability to simultaneously look at one set of detailed reports from a unified system, on both sides of the Atlantic, from anywhere at any time, is invaluable. Not only has it allowed us more granular analysis on a single source of data, but it has also eliminated the unproductive use of analysts time spent reconciling disparate systems. Communication between AMEC staff has also improved; instead of writing an email and saying “see the attached reconciliation,” we can now say over the phone “let’s take a look at the details together”. The reporting cycle at AMEC has already been reduced. Why is the reduction in the reporting timelines important? After 3 proper month-end runs, business units have now knocked 3 days off reporting timetables (from WD16 to WD13) and we, at corporate HQ, are now able to complete reporting by the end of the month instead of during the first few days of the new month. This means there is scope for locking down the numbers, so that analysis for meaningful business decision-making can be done when it matters. What are your hints and tips for a successful Hyperion Project?
What does the future hold for AMEC’s HFM System? We will look at the dashboard features of web analysis to meet senior management requirements and further process improvements include encouraging less dependence on journals, continual review of structures and use of lower level detail now available to us in a more meaningful way. Read Other Interviews...BT Group - Warren ClementsFriends Provident - Richard ThomasFirst Choice Holidays plc - Jason De MullichEmap - Jimmy WeirHSBC - Avril Tuohy |
AMEC is a focused supplier of high-value consultancy, engineering and project management services to the world’s energy, power and process industries. With annual revenues of over £2.3 billion, AMEC designs, delivers and maintains strategic and complex assets for its customers. AMEC’s various businesses employ over 23,000 people in more than 30 countries globally.