Increased Data Quality Leads to Increased Trust
by Tara Swords, May 2011
Since implementing Oracle Hyperion Financial Management for nonfinancial data reporting, Niels Strange Peulicke-Andersen’s Quality, Health, Safety, and Environment group at DONG Energy has proved the value of its new sustainability reporting to the finance side of the business. As a result, says Peulicke-Andersen, who serves as project manager for the group, the two sides have much more trust and mutual respect for each other—an additional benefit that he didn’t anticipate.
In fact, today the financial and nonfinancial data reside on the same server in the same application—a level of trust previously unimaginable.
“If we hadn’t been using software like Hyperion or we hadn’t been doing the data gathering of the quality that we are doing now, we would never have been given the opportunity to be part of the financial annual report of DONG Energy,” Peulicke-Andersen says. But his group did have the opportunity and, as a result, “sustainability is being given a much better platform in the identity of the company, both externally and internally.”
In fact, he says, one could say that the dramatic increase in the quality of nonfinancial data is helping everyone take the company’s sustainability goals a little more seriously.
“In many companies, their financial department looks at nonfinancial data as being lower quality,” Peulicke-Andersen says. “The best thing about this is the closer relationship between the two departments internally: the financial department and the nonfinancial data gathering part of my department. I think that’s the whole starting point of talking, working more together in combining the data and showing the value of CSR [corporate social responsibility] progress and sustainability progress, relating performance to profit.”
For More Information
Oracle Hyperion Performance Management Applications
Oracle Solutions for Sustainability Reporting
is a freelance writer based in Chicago, Illinois.