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How to Improve Closing, Consolidating and
Financial Reporting Processes
Tom Willman
Global Practice Leader, Finance Advisory
The Hackett Group
Pat Calitri
Director, Financial Close Management, Presales
IBM
Tuesday, June 21, 2011
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The Journey to World-Class
How to Improve Closing, Consolidations and FinancialReporting Processes
Presented by:
Tom WillmanGlobal Practice Leader, Finance Advisory
The Hackett Group
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Page 3How to Improve the Closing, Consolidations and Financial Reporting Processes
© 2011 The Hackett Group. All rights reserved. Reproduction of this document or any portion thereof without prior written consent is prohibited.
Who is Hackett and What Do We Do?
Select Metrics for World-Class Finance Organizations
Challenges and Leading Practices in Closing, Consolidations and Reporting
Agenda
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Page 4How to Improve the Closing, Consolidations and Financial Reporting Processes
© 2011 The Hackett Group. All rights reserved. Reproduction of this document or any portion thereof without prior written consent is prohibited.
The Hackett Group difference: intellectual capital and implementationexpertise that accelerates the time to sustainable benefit realization
We are the global leader in operations improvement strategies,
implementation know-how, and SG&A agility
We address both efficiency and effectiveness improvements to
enable strategic business objectives
Our insights are fact based, from over 5,000 benchmark studies
and consulting engagements
Our Best Practices Intelligence Center™ is a significant
differentiator and enabler. It contains:
– 20,000+ performance metrics updated annually
– 1,700+ best practices across 95 business processes
– 1,000+ best practice-based process maps, requirements and
configuration guides
– 1,000+ case studies, implementation examples and research
We deliver results through a global team of senior practitioners
using a consistent methodology and best practice-based toolset
Hackett Value Grid™
Hackett defines and enables sustainable world-class performance
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Page 5How to Improve the Closing, Consolidations and Financial Reporting Processes
© 2011 The Hackett Group. All rights reserved. Reproduction of this document or any portion thereof without prior written consent is prohibited.
97%of the Dow Jones Industrials
80%of theFortune 100
88%of the Dow JonesGlobal Titans
80%of theDAX 30
49%of theFTSE 100
35%of theCAC 40
We know how the best do it,
where they do it, and the benefit of doing it.
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Page 6How to Improve the Closing, Consolidations and Financial Reporting Processes
© 2011 The Hackett Group. All rights reserved. Reproduction of this document or any portion thereof without prior written consent is prohibited.
The Hackett Group – What do we do?Hackett analyzes both efficiency and effectiveness performance drivers to identify World-Class performers and assists our clients in achieving their improvement objectives
Hackett Value Grid™
E f f e
c t i v e n e s s
E f f i c i e n c
y
Complexity
Reduction
Operating
Excellence
C O S T
S E R V I C E
V A L U E
Strategic Business
Enablement
EFFECTIVENESS
Agility / Scalability
Alignment withbusiness
Supplier leverage
Economic return
Quality
Access to information
Working Capital
EFFICIENCY
Cost
Cycle time
Productivity
Staffing
Technology leverage
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Page 7How to Improve the Closing, Consolidations and Financial Reporting Processes
© 2011 The Hackett Group. All rights reserved. Reproduction of this document or any portion thereof without prior written consent is prohibited.
Who is Hackett and What Do We Do?
Select Metrics for World-Class Finance Organizations
Challenges and Leading Practices in Closing, Consolidations and Reporting
Agenda
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Page 8How to Improve the Closing, Consolidations and Financial Reporting Processes
© 2011 The Hackett Group. All rights reserved. Reproduction of this document or any portion thereof without prior written consent is prohibited.
World-class finance organizations have shown superior ability torespond to risk and volatility…
Financial crisis &
recession
1.50%
1.28%1.10%
1.00%0.90%
0.72% 0.74% 0.73% 0.67% 0.61% 0.59% 0.60% 0.61% 0.63%
1.90%1.70%
1.50%1.40%
1.20%1.10% 1.08%
1.26% 1.22% 1.24% 1.17% 1.13% 1.16% 1.22%
1992 1994 1996 1998 2000 2002 2004 2005 2006 2007 2008 2009 2010 2011
Response to
Sarbanes-Oxley act
31%51%
World-Class to Peer Gap
Source: Hackett Finance Function Benchmark, 2011
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Page 9How to Improve the Closing, Consolidations and Financial Reporting Processes
© 2011 The Hackett Group. All rights reserved. Reproduction of this document or any portion thereof without prior written consent is prohibited.
Efficiency: World-class organizations operate with fewer FTEs andlower cost within their Account-to-Report process(es)
Source: Hackett Finance Benchmark
0.176%
0.096%
Peer Group World Class
Process Cost as a Percent ofRevenueFTEs per Billion of Revenue
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Page 10How to Improve the Closing, Consolidations and Financial Reporting Processes
© 2011 The Hackett Group. All rights reserved. Reproduction of this document or any portion thereof without prior written consent is prohibited.
Effectiveness: 28% of World-class companies close their books infewer than 4 days
Source: Hackett Finance Benchmark
17%
28%
39%
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Page 11How to Improve the Closing, Consolidations and Financial Reporting Processes
© 2011 The Hackett Group. All rights reserved. Reproduction of this document or any portion thereof without prior written consent is prohibited.
Who is Hackett and What Do We Do?
Select Metrics for World-Class Finance Organizations
Challenges and Leading Practices in Closing, Consolidations and Reporting
Agenda
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Page 12How to Improve the Closing, Consolidations and Financial Reporting Processes
© 2011 The Hackett Group. All rights reserved. Reproduction of this document or any portion thereof without prior written consent is prohibited.
Today’s Challenges
The role of finance is changing and executives are faced with increased need for fast andreliable information while meeting new regulatory requirements.
One SourceOf the Truth
Finance’s role &responsibilities /
compliance
People &Governance
RegulatoryRequirements
(e.g., XBRL, IFRS) Timeliness,Transparency
Efficiency &Effectiveness
Data Quality &Consistency
12
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Page 14How to Improve the Closing, Consolidations and Financial Reporting Processes
© 2011 The Hackett Group. All rights reserved. Reproduction of this document or any portion thereof without prior written consent is prohibited.
Source: Hackett, Book of numbers 2006, 2007, 2008, 2009, 2010 and performance studies 2008
D e m a n
d
1. Effective deliverymodel & business
partnering
World Class companies make better use of fewer, more highly
skilled people by optimizing their service delivery model – Controllers are business partners with prior business experience, at least 2/3 of their time isspent on value adding activities (optimizes demand)
– EPM Process cost is lower by 32%
– 60% leverage Shared Services for report production
S u p p l y
2. Fast integrated
processes
World Class companies close quickly and analyze more – 5 days to close the books , 1 to 3 days to produce Statutory and Management reports
– Allocations are based on predefined estimates and / or budgets, then reconciled periodically
– Process levers are pulled – materiality policy, soft close, recurring journals, reduced reviews – Published Financial Statements is not a re-key process
3. Single view of
the truth
World Class companies focus on the vital few, key issues – 95%+ use common data definitions
– 78% report from a single data repository
– 59% less reports are produced overall
– Comprehensive policies and procedures exist and are used (e.g., intercompany)
4. On-line integrated
systems and
reporting
World Class companies rely on robust, integrated technologies – Users have access to near real-time information and transparency to source data
– 70%+ of organizations use on-line integrated systems to enable EPM processes
– 75% of organizations expect greater automation in EPM in the next 2 years
World Class - Integrated CloseWorld Class companies are distinguished with four characteristics that set them apart from their peers
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Page 15How to Improve the Closing, Consolidations and Financial Reporting Processes
© 2011 The Hackett Group. All rights reserved. Reproduction of this document or any portion thereof without prior written consent is prohibited.
World Class - Fast Integrated ProcessesWorld Class companies close 50% quicker with first quartile companies taking less than three days. Theyachieve this through process improvement techniques and improved use of technology; with continuousimprovement and metrics integrated into the process
Process discipline and policies
– Published closing calendar with enforced cut-off dates
for transaction processing
– Standardized (and enforced) materiality levels
– Shift activities off peak
Simplification and reduction of complexity
– Use few accounts (half of peers) with “Thin ledger”
– Simplify legal structures
– Eliminate or simplify cost allocation
Use of existing tools and technology
– Automation of journal entries and allocations
– Automation of cost allocations, if they can’t be
eliminated
13.9
8.1
Peer Group World Class
Legal Entities per Billion of Revenue
2,187
1,172
Peer Group World Class
Manual JEs per FTE
Source: 2010 Hackett Finance Benchmark
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Page 16How to Improve the Closing, Consolidations and Financial Reporting Processes
© 2011 The Hackett Group. All rights reserved. Reproduction of this document or any portion thereof without prior written consent is prohibited.
World Class - Single View of Truth & Integrated Systems An overwhelming percentage of world class companies (greater than 95%) have common data definitions andcoding standards – critical to a successful A2R process and downstream EPM processes
Common (or enterprise) standard COA reinforcedwith established governance of data and COA
– Common general ledger on a single platform integrated with
sub-systems and data warehouse
– Documented definitions, usages, hierarchies, and processes
(where data captured)
– Established governance (committees, COEs) with clear
authority and decision framework
Integrated and Streamlined Technology
– Front-end controls are automatically integrated into the
process to detect /correct errors at the source
– Use of a consolidation system to support multiple views(e.g., XBRL tagging) and report across entities and BUs
– Robust workflow with process monitoring
– Automated reports from central repository
% of Reports Generated
From Central Repository
% of Companies Operating with Data
Definitions and Standards
80%
96%
Peer group World Class
120%
54%
78%
144%
Peer group World Class
Source: 2010 Hackett Finance Benchmark
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Page 17How to Improve the Closing, Consolidations and Financial Reporting Processes
© 2011 The Hackett Group. All rights reserved. Reproduction of this document or any portion thereof without prior written consent is prohibited.
Closing Thoughts
Leading organizations focus relentlessly on driving process simplification and
standardization in the face of increasing business and regulatory complexity Leading companies continue to invest in the Close, Consolidations and
Financial Reporting process which is the backbone they leverage to set
themselves apart from their peers relative to business performance reporting
and financial reporting
The building blocks of an efficient and effective enterprise close andconsolidation provide broader organizational value through more reliable
information and more business directed focus
A single version of the truth and integrated systems are critical to successful,
and flexible processes ; the adoption of enterprise-wide data standards and
associated governance are necessary foundations
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Page 18How to Improve the Closing, Consolidations and Financial Reporting Processes
© 2011 The Hackett Group. All rights reserved. Reproduction of this document or any portion thereof without prior written consent is prohibited.
Contact Information
The Hackett Group
World Headquarters
Suite N5001117 Perimeter Center West
Atlanta, GA 30338
Phone: +1 770 225 3600
Martin House
5 Martin Lane
London EC4R 0DP
Phone: +44 207 398 9100
Torhaus Westhafen
Speicherstrasse 59
60327 Frankfurt am Main, Germany
Phone: +49 69 900217 0
8, rue de Port Mahon75002 Paris, France
Phone: +33 1 53 43 0400
Strawinskylaan 3051G, 1077 ZX
Amsterdam, The Netherlands
Phone: +31 20 301 2210
Tom Willman
Global Practice Leader, Finance Advisory
Phone: +1 770 225 7286
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© 2010 IBM CorporationBusiness Analytics software
How to Improve Closing, Consolidatingand Financial Reporting Processes
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© 2010 IBM Corporation
Business Analytics software
• Insights into the Integrated Financial Close ManagementProcess
• IBM Cognos FSR – An Integrated CCR Solution
Agenda
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© 2010 IBM Corporation
Business Analytics software
Lack of unified platform for managing the financial closemanagement steps
– Finance professionals to labour through hundreds of manual
and administrative checks
– Update and checking hundreds of offline spreadsheets
– Little or no visibility into the status of steps in closing process – Waste of time in performing redundant data checks
Excessive overtime or missed compliance deadlines
• Close activities prove to be extremely inefficient and
costly• Inconsistent data from various subsidiaries – multiple
GL, ERP, and disparate transactional systems
Current Problems with CCR Activities
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© 2010 IBM Corporation
Business Analytics software
Why companies invest in integrated CCR solutions – To make efficient and effective business decisions
– Strengthen the companies ability to provide timely and accurate
data for better business decisions
– Obtain financial information in a controlled, auditable process
– Ensure data integrity and transparency needed to comply with
various regulatory requirements
– Evaluating and limiting the risks of errors
– Obtain a single platform in order to enhance and monitor
internal controls
– Automate the production of consolidated financials and external
compliance reports
Integrating the CCR process
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© 2010 IBM Corporation
Business Analytics software
Automating the creation of internal and external reports – Provides a unified financial governance platform – Provides a single version of the truth
Integration to source data – GL’s, ERP, financialconsolidation, OLAP, spreadsheets, etc
Integrated XBRL tagging capabilities – tagging isembedded in within the external reporting process
Workflow and task management dashboard
Enhanced Security – control access to sensitive data
Report Consistency – ensure same numbers acrossseparate reports with same data points
Advances in Disclosure Management Solutions
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© 2010 IBM Corporation
Business Analytics software
New disclosure requirements make is imperative tostreamline and automate manual tasks in the close,consolidate & report process
Companies constantly looking at improving the timingand quality of information in reports
Follow best practise to embed compliance and controlsinto each step of the financial close process
The need to maintain data integrity in a secureenvironment
Enhance decision making – flipping back and forthbetween data sources is inefficient and ineffective
Why the ‘need’ for Integrated CCR Solution
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© 2010 IBM CorporationBusiness Analytics software
Insights into the Integrated Financial
Close Management Process
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© 2010 IBM Corporation
Business Analytics software
Source: IBM Institute for Business Value, The Global CFO Study 2010
Finance Efficiency
Business Insight
Demands on Finance
Help drive enterprise cost
reduction
Support risk
management
Partner in strategy and
value creation
Improve access to and
reduce cost of capital
Provide performance
insight and anticipate
Finance Capabil i t ies
Needed
A broader enterprise focused role requires core Finance efficiency be in place to reliably
support business insight and decision making
Addressing the broader enterprise focused role of finance
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© 2010 IBM Corporation
Business Analytics software
CLOSE CONSOLIDATE REPORT
First Mile
Data qual i ty and contro l
system for col lect ion and
reconci l ia t ion
Consol idat ion Financia l conso l idat ion and
systems for process ing and
preparat ion
Last Mile
Leveraging finan cial data
t rapped in the close processfor report ing Cert i fy ing and
pub l ishing external
documents
Firs t Mile Conso lidation Las t Mile
• Data Inpu t &Changes
• Collect From
Subsidiar ies
Closing Process
(Consolidation System)
• Close Sub Ledgersand Systems
• AccountReconci l iat ion
• Intercompanyt ransact ions
• Prepare journalentr ies: accruals & adjustments
Closing Process
(Accounting Processes)
Compl iance & Contro l
• Create singlecurrencies
• Minori ty interest
holdings
• Intercompanyel iminat ions
• Group closing adj .
• Managementadjustments
• Al locat ions
• Advanced
formulacalculat ions
Internal con trols & comp l iance test ing
Consol idat ion
(Consolidation System)
Internal Report in g
• Financial report ingadjustments
• Cash f low & otherpreparat ion
External Report in g
• Financialstatementpreparat ion
• Publ ish qu arterly,annual repor ts
• Financial report in g
• BI report ingsystems
Report ing
(Consolidation System)
Report ing
(Reporting Systems)
The Close, Consolidate, Report Process
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© 2010 IBM Corporation
Business Analytics software
28
Contributors
Approvers
Report Consumers
Reviewers
Document Managers
A closer look at the current reporting process...
Editing, updating, and review of reports done in multiple versions ofoffline Excel spreadsheets, Word docs and PowerPoint slides
– MS Office tools not integrated into processes which leads to little visibility
or auditability of data within
– Version control is a nightmare
– Pieces of data and analysis need to be shared across multiple reports for
different audiences
– Not everyone has access to same files
High risk of errors
– Report data not integrated with source data
– Requires multiple manual updates of financial or operational data in tables
and narrative commentary
– Requires time-consuming checks to ensure data in up-to-date and to
ensure integrity of data throughout the report(s)
And little security
– Primary collaboration tool is unsecured email
– No central, collaborative solution for preparing reports
– No controls, audit trail or security over using MS Office & email
– Confidential information can be easily leaked
Risks of Manual MS-Office Reporting
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© 2010 IBM Corporation
Business Analytics software
Business Drivers
Close,Consolidate,and Report
Analyze &Optimize
Plan, Forecast,and Control
Performance Reporting and Scorecarding
Feature Benefit
User prior report as a template for the
next period
No need to re-apply formatting
Automatically load new data No need to re-key data
Feature Benefit
Integration to source data No re-keying of data
Variables in text Consistency across the report
Validation Rules Numbers always tie-out
One version of the truth Start reviewing the final report sooner
Feature Benefit
Security to view or edit each
object
Users only see the data they are
supposed to see
Workflow controls access
throughout the process
Users only see data when they are
allowed to see it
Access to information is controlled
Feature Benefit
Compliance Checklists To ensure that the right steps are being
followed
Audit Trail To track who did what, and when theydid it
Increased confidence in the final report
Risk of Errors
Risk of Insider Leaks
Risk of Late Filing
Risk of Non-Compliance
Financial Close Process has a High Degree of Risk
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© 2010 IBM Corporation
Business Analytics software
• Manual processes dominates “The Last Mile”
– Bottlenecks in document creation
– Collaboration is tedious
– Copy and paste exercises with Word, Excel and e-mails back and forth
– Non-existent or minimal internal controls
– No detailed audit trail of activities and user modifications – Many opportunities for data accuracy issues
– Limited flexibility
Manual Processes Repeated Each Period
Monthly Reports,
Quarterly Reports,
Annual Reports,
Internal Reports,
Flash Reports
Planning
Modeling
Budgeting
Forecasting
Consolidation
Reporting
The Last Mile
3
The Last Mile
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© 2010 IBM Corporation
Business Analytics software
Pat Calitri, Solutions Engineers, IBM
IBM Cognos FSR –
An Integrated CCR Solution
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© 2010 IBM Corporation
Business Analytics software
32
Key features:
– Leverage the formatting capabilities of MS-Word & Excel as well asthe calculation features of MS-Excel
– Dynamically driven from a central database
– Controlled access with full audit trail
– Workflow for report reviews and approvals
– Integrated XBRL tagging is part of the process, not an after-thought
– Automated Roll-Forward of XBRL Tags for subsequent periods
IBM Cognos FSR – What it is
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© 2010 IBM Corporation
Business Analytics software
SOURCESYSTEMS
T RI
C KL E
Financial Reports
Output
Requirements
EDGAR-
ready
REAL TIME
REAL TIME
C O G N O S
DIRECT TO FSR
CloseReports
Excel Reports
TM1 Explorer
Go Office
True Integrated Financial Governance
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© 2010 IBM Corporation
Business Analytics software
Application Configuration Approach
Financed Owned
Rapid Time to Value
Built-in Financial Intelligence
Deep Consolidation Functions
Multi Jurisdictional GAAP Reporting
Familiar Web & Excel User Interface
Consolidation Workflow
260+ Working Reports – Out of the Box
IBM Cognos Controller Extend with:
IBM Cognos TM1
IBM Cognos BI
Performance Blueprints
IBM Cognos Controller
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© 2010 IBM Corporation
Business Analytics software
Finance Consolidation Intelligence
PURPOSE BUILT directly into the solution and user interface
Allows organizations to leverage CONSOLIDATION BEST PRACTICES
Secure auditable closing
Single Application Approach - Adaptability and Flexibility
RICH APPLICATION FUNCTIONALITY out of the box
– Multiple Roll Ups (hierarchies) – Data from disparate sources
ADAPTABLE to changing business conditions and external requirements
OWNED BY FINANCE – low dependence on external consultants or IT = low total cost of ownership
Reporting, analysis, budgeting and information delivery
ON DEMAND REPORTS for understanding and certifying company consolidations
BUILT-IN, standard financial and management performance reporting LEVERAGE Cognos BI & Planning tools for analysis, budgeting and broader reporting
Low Implementation Risk
FINANCE DRIVEN solution for rapid implementation
NO CODING system design = low risk approach to system success
Cognos Controller
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© 2010 IBM Corporation
Business Analytics software
36Integrated Financial Governance Solution
Business Drivers
Close,Consolidate,and Report
Analyze &Optimize
Plan, Forecast,and Control
Performance Reporting and Scorecarding
Investor
Relations
Regulatory
Reporting
Internal
Reporting
Legal
• Press Releases
• Annual Report• Prospectus
• News Wire Releases
• Board Books
• Flash Reporting
• Management Reporting
• Reporting to Federal,
State and local
agencies
• Notes & Exhibits to
Statutory Filings
• Proxy Statements
• Statutory Reporting
• SEC Filings (10K, 10Q, etc.)
• CSR Reports
36
Sharing Information Across the Organization
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© 2010 IBM Corporation
Business Analytics software
Internal Reporting, including:
• Flash Reports• Board Books
• Budget Books
• Other Internal Reporting Packages
CEO/CFO Certification Process
GAAP to IFRS Conversion
Corporate Social Responsibility (CSR) Reporting
Enterprise Risk Management
Reconciliation Management
Extending the Value of FSR Beyond External Reporting
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© 2010 IBM Corporation
Business Analytics software
IBM Cognos FSR
ApproversReport Consumers
Document Managers
Reviewers
Consolidations
WebData Warehouse
ERP
Contributors
Excel OLAP
A unified governance platform for automating
internal management reporting processes Integrate with any data source to ensure a single
source of the truth
Use web templates to automate data collection
from anywhere in the world
Variables in text provide real time data updates
within reports
Enhance controls and security with audit trail
reporting and embedded approval checklists
Workflow and task management tools provide
greater visibility into every step of the process
Create/update content once and automatically
update that content across multiple reports
Multi-author environment allows for
collaboration in creating content-rich reports
User friendly and familiar interface of MS Office
Business rules and embedded validation greatly
reduce risk of errors
Generate reports in multiple formats including
PDF & Powerpoint, MS Word and more
Automate Manual Internal Reporting with Cognos FSR
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Q&A
Tom Willman
Global Practice Leader, Finance Advisory
The Hackett Group
Pat Calitri
Director, Financial Close Management, Presales
IBM