Virgin Group, the 4 billion branded venture capital conglomerate, has chosen Hyperion Financial Management as its group financial management, consolidation and reporting solution.
Virgin has investments in travel, leisure, retailing and financial services, and is one of the world`s most recognised brands. Hyperion Financial Management will act as a common repository of financial information at Virgin, unifying management across the various enterprises and ensuring decision-making is based on consistent information.
Hyperion Financial Management will improve decision-making at Virgin, while providing greater flexibility to meet frequently changing financial reporting requirements as dictated by global interests.
Hyperion Financial Management as part solutions are distributed exclusively in SA by Global Technology Business Intelligence.
Commenting on the deal, Susannah Parden, director of financial control at Virgin Management, says: "Virgin operates over 200 companies worldwide representing a very diverse mix of businesses. We are involved in planes, trains, finance, soft drinks, music, mobile phones, holidays, cars, wines, publishing, bridal wear - the lot! With the creation of a new group finance operation, we have to be able to implement an enterprise-wide financial consolidation and reporting capability.
"At Virgin Group, we were particularly impressed by the `smart dimensionality` of Hyperion Financial Management to support our detailed line-of-business reporting requirements for internal management, which we anticipate will allow us proactively to manage a range of key criteria.
"By using a single application for both external and internal reporting requirements, we can streamline the financial consolidation and reporting process, and deliver results more quickly to relevant internal and external audiences. The excellent plus rating from the recent SPEX Financial Planning, Consolidation and Reporting evaluation report was also a factor in our selection of Hyperion."
Virgin Group IT manager Patrick Campbell adds: "We were looking for a technology solution that could automate consolidations, provide fast, Web-based, self-service reporting to decision makers in the enterprise and yet remain flexible enough to meet our ever-changing requirements. We also wanted to ensure that we had a product that would leverage our existing IT infrastructure investments and user-friendly software that would keep our IT overhead to a minimum.
"We were particularly impressed by the support in Hyperion Financial Management for an n-tier architecture, its enhanced security, Web data entry forms and a process management capability that will ensure data accuracy prior to consolidation. We were also reassured by Hyperion`s global presence, service and support structure, and its many years of experience and expertise."
Share
Editorial contacts