Fiat Group, one of the world`s leaders in the automotive industry, has chosen Hyperion`s business performance management (BPM) software as the unified platform for managing its statutory consolidation, management and group treasury reporting activities.
In compliance with the European Union`s (EU) International Accounting Standards, also known as the International Financial Reporting Standards (IAS/IFRS), Fiat will use Hyperion`s software for reporting and consolidating its financial statements and forecast information.
"IAS/IFRS 2005 impacts financial reporting in the EU on two fronts: recognition and measurement, and consolidation and reporting," says Marc Scheepbouwer, CEO of local Hyperion distributor Global Technology Business Intelligence (GBI). "The Hyperion Financial Management solution that Fiat is implementing enables the organisation to comply with the requirements laid out by these standards."
Hyperion Financial Management enables organisations to calculate their current and future cash flows in one of many dimensions: by product, business unit, or legal entity. It also includes features for segment reporting, eliminations, foreign currency, and minority interest consolidations, all of which are required by the IAS/IFRS.
By implementing this solution, Fiat also aims to reduce the time it takes to complete financial statements consolidation and the reporting cycles; decrease the need for manual processes; improve the cost/performance ratio for the management of administrative processes; and improve the level of information available to the group`s decision-makers.
"Hyperion`s solution will enable the group to keep track of information related to its financial statements and provide consistent reporting procedures across its different business units," Scheepbouwer says. "The software will enable Fiat to eliminate redundant IT systems; reduce system maintenance times; and improve integration between the institutional reporting, directional and treasury activities, and production, field, administration and control systems."
BPM software enables organisations to translate strategies into plans, monitor execution, and provide insight to manage and improve financial and operational performance. It provides people with business intelligence, business rules, business content, and business processes that support collaboration, Scheepbouwer says.
"By enabling the integration of the business and finance management cycles with the varied data coming from back-office systems, Hyperion`s solution will help ensure that the decision-making process within the whole organisation is aligned with the strategic goals of the group," he says.
Headquartered in Italy, Fiat has clients in more than 190 countries through its various groups: Fiat Auto, Ferrari and Maserati (automotive); CNH (agricultural and construction equipment); Iveco (commercial vehicles); Magneti Marelli (components); Comau (production systems); Teksid (metallurgical components); Business Solutions (services); and Itedi (publishing and communications).
Share
GBI provides BI solutions which include comprehensive support to the entire management cycle, delivering data platform and integration services, query and reporting, data analysis, performance scorecarding, modelling, budgeting, planning, activity-based costing, forecasting and financial consolidation and reporting. When these solutions are used in collaboration, they contribute towards improved organisational growth and profitability, and form a framework of BPM software solutions. GBI is the local distributor of Hyperion, Armstrong Laing and SPSS, and a reseller of Ascential products. These solutions are used by 85 leading South African companies, including 20 of the top 25 public companies.
Editorial contacts