According to Hyperion, the OFR, which came into effect on April 1st 2005,
has far reaching implications for UK businesses.
Commenting on the OFR, Mike Shelton, Managing Director, EMEA Northern
Region for Hyperion says:
“How certain do you feel about the numbers relating to the position of your company at the end of the financial year? How well do you understand the main trends and factors underlying the development, performance and position of your business? And how confident are you in the company’s KPIs and “go forward” strategy by which you will be judged by shareholders, the marketplace and other key stakeholders? The mandatory nature of OFR is thus focusing the minds of boards everywhere. But perhaps most crucially, the future looking orientation of OFR, combined with the potential need to report more widely for the first time on a whole range of environmental, social community and human resource issues, creates significant challenges. In addition, the requirement to disclose corporate strategy and its related KPIs exposes management performance to closer scrutiny than ever before.”
Hyperion contends that the challenge of OFR is being compounded by under investment in the technology needed to provide the information needed to comply with this new legislation. Many organisations still rely heavily on a hotchpotch of applications and spreadsheets. Reports and relevant data
are scattered widely. Because the OFR requires a more co-ordinated and consistent approach, underpinned by regular repeatable processes, Hyperion
has created a new whitepaper – Meeting The Challenge Of OFR – which will
provide a full overview of the implications of this new legislation and provide the first steps to ensuring that organisations can best use technology to meet the demands of OFR.
Continues Shelton: “We know that companies must ensure their performance
management processes are comprehensive and supported by robust technology
solutions. This allows them to report with confidence and certainty. Hyperion has for some time been at the leading edge of business performance management software and we can really help to support OFR compliance. While compliance issues are often seen as a burden, this doesn’t have to be the case with OFR. It should encourage best practice processes and systems around performance management. Companies that embrace this initiative will benefit from superior performance and enhanced market standing. Our whitepaper should therefore be essential reading for anyone involved with ensuring OFR compliance and enhanced business performance.”
About Hyperion
Hyperion Solutions Corporation is the global leader in Business Performance Management software. More than 10,000 customers rely on Hyperion software to provide visibility into how their businesses are performing and to help them plan and model to improve that performance. Using Hyperion software,
customers collect data, organize and analyze it, then communicate it across the enterprise. Along with the industry’s most comprehensive and flexible set of interoperable applications, Hyperion offers the leading Business Intelligence platform optimized to support Business Performance Management
solutions.
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