FLSmidth Ensures Precise, Transparent Financial Reporting at All Business Levels, Reduces Financial Consolidation Time by up to 40%
 
 

FLSmidth Ensures Precise, Transparent Financial Reporting at All Business Levels, Reduces Financial Consolidation Time by up to 40%

FLSmidth & Co. A/S is an engineering company that supplies cement- and mineral-industry equipment, systems, and expertise. FLSmidth is active throughout the world, with a local presence in more than 50 countries. The company supplies everything from single machines to complete cement plants and minerals processing facilities, including maintenance, support, and operations services.

 
 

 
 

Challenges

A word from FLSmidth & Co. A/S

  • "Oracle Hyperion Financial Management enables us to generate financial reporting for our engineering business correctly and transparently. The solution can support and adapt to almost any thinkable financial scenario." – Paulo José da Graça Thrige, Oracle Hyperion Administrator & Developer, FLSmidth & Co. A/S

  • Support top management’s increased business transparency requirements for financial tracking and reporting following an organizational and business strategy change where the engineering company moved to become a matrix organization with four divisions and 72 business units
  • Enable performance measurement by business unit in the profit-and-loss statement and in the balance sheet to achieve financial transparency
  • Enable multidimensional elimination entries by customizing the Oracle Hyperion Financial Management application to increase transparency at the business-unit level and improve tracking of interdivisional trade in group financial reporting
  • Move to a fully virtual server environment to have complete redundancy and high availability for financial reporting functions, as required by the company’s new IT disaster recovery and high availability strategy

Solutions

  • Improved group financial consolidation and the reporting system by developing a customized, multidimensional eliminations solution for Oracle Hyperion Financial Management
  • Increased financial reporting transparency and helped top management get the correct picture of interdivisional trade by enabling accurate financial elimination entries on all levels of the engineering business
  • Reduced consolidation time of group financial statements by up to 40% with an 8-core virtual application server, saving significant work for the financial staff
  • Reduced unscheduled system restarts by 80% by upgrading to a newer version of Oracle Hyperion Financial Management, enabling financial staff to work more efficiently
  • Launched a fully virtual, fully redundant, and highly available enterprise performance management (EPM) environment in compliance with the company’s new IT strategy that is based on the Oracle Enterprise Performance Management system

Why Oracle

“Oracle had the strongest product that we could customize to meet the specific financial reporting needs of our executive management. Furthermore, our enterprise resource planning foundation is mainly based on Oracle products. Our highly skilled Oracle database administration team has delivered first-class solutions to support our EPM platform,” said Paulo José da Graça Thrige, Oracle Hyperion administrator and developer, FLSmidth & Co. A/S.

Implementation Process

Oracle partner B-eye Solutions Aps was responsible for the technical implementation of the EPM platform. The system went live in 2012.

Oracle Consulting contributed by assessing and reviewing the EPM server layout to make sure that the user experience would be first class, and that the system would provide high performance for its users.

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