Banyan Tree Group Shortens Financial Reporting Time by 50%, Enhances Transparency, and Meets Regulatory Requirements
 
 

Banyan Tree Group Shortens Financial Reporting Time by 50%, Enhances Transparency, and Meets Regulatory Requirements

Headquartered in Singapore, Banyan Tree Group manages and develops premium resorts, hotels, and spas in the Asia-Pacific region, under the Banyan Tree and Angsana brands. The company began in 1994 with a single boutique resort in Phuket.

Today, Banyan Tree Group owns and operates close to 30 resorts and hotels, more than 60 spas, almost 80 retail galleries, and three golf courses. The company plans to expand into China, Southeast Asia, South America, Europe, and the Middle East. Banyan Tree has been listed on the Singapore Stock Exchange since 2006.

 
 

 
 

Challenges

A word from Banyan Tree Group

  • “Oracle Hyperion Financial Management has enabled us to more efficiently reconcile the different currencies and reporting standards we use across our global hotel and resort locations to meet our regulatory obligations. We can now produce monthly financial reports 50% faster, compared to previously.” – Michael Lee, Chief Information Officer, Banyan Tree Group

  • Establish a single financial management system to consolidate global financial data from an expanding network of hotels, resorts, and property developments in Asia and around the world
  • Reconcile different currencies and reporting standards used across the hotel group to meet regulatory obligations
  • Improve financial reporting processes

Solutions

Oracle Product and Services

  • Shortened the time to produce monthly financial reports by 50%—from four working days to two—by reducing manual processes, including verifying data and removing inconsistencies
  • Improved the efficiency of financial management processes by consolidating data from multiple systems into a single financial management system, so staff can better generate reports, such as profit and loss reports
  • Enhanced transparency and compliance by reconciling different reporting standards to meet stringent requirements of the Stock Exchange of Singapore and International Financial Reporting Standards
  • Increased the flexibility of reporting processes to support the growing business and the development of hotels and resorts in new locations
  • Improved customer-service efficiency by automatically converting currencies for transactions processed across hotels, resorts, and spas, rather than converting them manually

Why Oracle

Banyan Tree Group uses a number of Oracle products to run its global IT network. It is operating Micros Fidelio Opera systems and SunSystems accounting systems on Oracle platforms.

“Our primary consideration was to implement a financial management system from a vendor we knew and have worked with,” said Michael Lee, chief information officer, Banyan Tree Group. “As we were already using Oracle products to run multiple transactional systems, we knew the decision to implement Oracle Hyperion Financial Management would be a sound one. The fact that it is a Web-based application makes it ideal for the network of hotels, resorts, and spas we currently operate and those we have in the pipeline.”

Implementation Process

Banyan Tree Group engaged Oracle partner Kronicles (Singapore) Pte. Ltd., formerly SANDZ Solutions (Singapore) Pte. Ltd., to implement Oracle Hyperion Financial Management. The application went live in May 2009.

Partner

Kronicles (Singapore) Pte. Ltd. provided Banyan Tree with consultation, implementation, training, and maintenance services.