Poltrona Frau Group Consolidates Financial Statements and Reports for Better Decision-Making, Shortens Financial Closings by 50%
 
 

Poltrona Frau Group Consolidates Financial Statements and Reports for Better Decision-Making, Shortens Financial Closings by 50%

Poltrona Frau Group, an Italian company founded in 2005, is a global leader in the high-end furniture sector. The organization includes three leading brands—Poltrona Frau, Cassina, and Cappellini—each with a clear identity and unique style, ranging from classical, to modern and innovative. Poltrona Frau Group’s high-quality products are available in major markets worldwide through 20 subsidiaries, two main production plants in Italy, 80 single-brand and multiple-brand stores (21 of which Poltrana Frau operates directly), and more than 1,000 multiple-brand retailers around the world. The company strives to pursue excellence and product quality through continuous research and innovation in all phases of the production process, consistently designing products that exude Italian tradition and style.

 
 

 
 

Challenges

A word from Poltrona Frau Group

  • “With Oracle Enterprise Performance Management Workspace, we have a consolidated global view of our overall business performance and planning data across more than 65 countries and many business units. Oracle’s robust solution enables us to spend less time on data processing and more time on value-added analyses, enabling management to make timely and effective business decisions.” – Riccardo Francone, Group Controller, Poltrona Frau Group

  • Provide management with increased insight into business trends across the group’s high-end furniture companies
  • Consolidate reporting to improve financial statement generation
  • Increase capabilities to provide management with information on performance regarding brand segments (Poltrona Frau, Cassina and Cappellini), divisions (such as residential and contract), and geographical areas
  • Ease monthly and quarterly reporting process for manufacturing subsidiaries and reduce report generation times
  • Automate routine tasks, such as the data uploads, the matching of the intercompany financial statements, and financial report generation to reduce human errors

Solutions

  • Used Oracle Hyperion Financial Management as a highly scalable and global solution for financial statement generation, consolidation, and analysis
  • Provided 50 group users—10 Italian controllers, 20 foreign company controllers, administrative staff, and 20 additional users—with immediate access to financial and management results, accelerating monthly and quarterly financial closing process by 50%
  • Provided a tailored view of the budget for each company, brand, and division and related revenue to improve management reporting, highlighting operating margins and other margins of interest to management for real-time information on the performance of business divisions
  • Enabled the group’s 20 foreign companies to use a web interface to independently enter data into the financial management system and access the system reports for real time intercompany statement analyses, thanks to Oracle Enterprise Performance Management Workspace
  • Integrated Oracle Hyperion Smart View for Office and Oracle Hyperion Financial Management, reducing 60% of the manual labor required for data uploads and control
  • Tied local ledgers directly into Oracle Hyperion Financial Data Quality Management, eliminating manual data uploads and gaining greater control over the financial reporting process
  • Improved ability to eliminate intercompany differences across the group’s brand segments and divisions and to automatically verify that costs and revenues are properly declared
  • Enabled access to consolidated global financial information with flexible, easy-to-use tools, such as Oracle Hyperion Smart View for Office that enables loading, extraction, and data analysis directly from Excel by the controllers in Italy
  • Enabled users to extract real-time data from the solution, thanks to Oracle Hyperion Financial Reporting Studio, to create reports and detailed analyses, including monthly financial reports broken down by brand, division, and geographical area
  • Enabled users to develop forecast scenarios from budget data and immediately compare this information with previous years’ data, thanks to the real-time reporting system
  • Used Oracle Hyperion Financial Data Quality Management to automatically import from any data source across the group’s main Italian companies, eliminating the need for the controllers to reclassify the business income statement, reducing the loading time, and improving data traceability

Why Oracle

Poltrona Frau Group has relied on Oracle Hyperion applications since 2006 to consolidate its financial statements and management reporting. The organization recognized that Hyperion’s rich features, robustness, and flexibility were unmatched in the marketplace, and this made it an easy decision to select Oracle Hyperion products for its internal reporting.

“We are experiencing many distinct benefits with the Oracle Hyperion solution. We rely on its robust analysis platform, easy-to-use Excel interface, simple integration capabilities and the web access it provides to users,” said Melissa Oltolini, who is in charge of Poltrona Frau Group’s management consolidations and reporting.

Partner

Poltrona Frau Group worked with Oracle Platinum Partner Reply S.p.A. to implement the solution on time and on budget. The Group worked closely with Reply to ensure the implementation met its needs. Reply also developed an English-language DVD aimed at foreign company representatives to ensure proper execution of the training phase.