Barco Consolidates More Financial Data in Less Time
 
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Barco Consolidates More Financial Data in Less Time

When founded in 1934 as the Belgium American Radio Corporation, Barco manufactured radios, and it added televisions in the 1960s and 1970s. Today, Barco N.V. is a publically-traded, global-technology company that designs and develops visualization solutions aimed at optimizing productivity and business efficiency. Its innovative hardware and software solutions integrate all aspects of the imaging chain, from image acquisition and processing to image display and image management. Barco’s products are used in several industries, including avionics, broadcasting, healthcare, media and entertainment, military, oil and gas, security, and telecommunications for a variety of applications, such as medical imaging, broadcasting control rooms, virtual reality, and simulation and training.

 
 

 
 

Challenges

A word from Barco N.V.

  • “With complete audit trails, automated operations, and integrated validations, Oracle Hyperion Financial Management has changed the way we handle corporate finances. We consolidate more year-on-year financial data—from increased turnover and acquisitions—in less time, with the same resources.” – Véronique Feys, Consolidation and Reporting Director, Barco N.V.

  • Collect, consolidate, and report accurate data from sales, marketing, customer support, research and development, and manufacturing subsidiaries around the globe, while accommodating mergers, acquisitions, and company reorganizations
  • Support the extended financial close process—from closing subledgers and general ledgers, to creating financial reports and regulatory filings—and deliver accurate, useful, and timely data to an increasing number of stakeholders, such as through profit and dividend reports
  • Improve financial close efficiency and timeliness by automating recurring processes, such as time-consuming cash-flow calculations and currency-exchange impact analyses
  • Provide a complete audit trail for all financial-account-consolidation adjustments, enabling staff to review changes and provide the transparency needed to satisfy internal and external auditors

Solutions

  • Upgraded from Oracle Hyperion Enterprise to Oracle Hyperion Financial Management to provide the ability to consolidate and report annual financial results in only five business days, across 47 subsidiaries, and more than 600 global cost centers, despite multiple financial year-end reports and complex internal management reporting
  • Gained the ability to process more financial data from increased sales for visual solutionsand several acquisitions, using the same resources, without increasing operational costs
  • Achieved 20% faster collection, mapping, verification, and consolidation of critical financial data with a web-guided workflow process in Oracle Hyperion Financial Data Quality Management, improving the productivity of finance personnel
  • Improved workflow and data quality with Oracle Hyperion Financial Management’s integrated tools that automatically handle cash flow, calculate cumulative translation-adjustment impact, and make consolidation adjustments—such as those for minority interests, intercompany eliminations, and joint venture contributions
  • Reduced data audit time and cost by utilizing Oracle Hyperion Financial Management’s enterprise-class functionalities for instant error checks
  • Linked financial data with controls, disclosures, reconciliations, and period-end closing tasks in Oracle Hyperion Financial Management’s process control panel to improve data transparency and increase organizational flexibility within the company’s financial organization

Why Oracle

“When we decided to upgrade our financial management solution, we analyzed an Oracle Hyperion upgrade versus a new solution from SAP. We asked for customer references regarding performance and functionalities from other large Belgian companies and discussed their usage. The advice we received was strongly in favor of Oracle, so we chose Oracle Hyperion Financial Management based on these recommendations,” said Véronique Feys, consolidation and reporting director, Barco N.V.

Implementation Process

The implementation process went smoothly. Barco uploaded one year of historical data in Oracle Hyperion Financial Management and reconciled it with the existing Hyperion solution. It ran tests to check if the consolidation rules were set up properly, as they implemented a new chart of accounts to identify mapping issues before the go-live date. Complementary information was loaded via Oracle Hyperion Smart View for Office, a tool that provides a common Microsoft Office interface, designed specifically to incorporate data saved in spreadsheet and workbook-based models. Barco also performed a double closing for October, November, and December 2011 to ensure all data was correct before it went live in January 2012, without any issues.

Partner

“We collaborated very closely with Oracle partner KPMG CFO Advisory at several workshops where we described the existing situation and the changes we expected from the upgrade. Based on these workshops and the design document, our implementation partner started to set up the consolidation rules in Oracle Hyperion Financial Management. It did a good job and helped us to achieve a fast and seamless upgrade,” Feys said.