Extending Financial Planning with Hyperion Strategic Finance: Moving Beyond Spreadsheets and Silos

Abstract

Financial planning currently uses EXCEL spreadsheets that are not well linked, have inadequate documentation, and are not frequently audited. To evaluate preparedness for aggregation to FASB and Sarbanes-Oxley compliant financial statements, there is, at most, a hazy examination. While spreadsheets prepared by distinct workgroups can send results upstream to higher-level groups for further analysis and assimilation, the integrity of that process is frequently not addressed and encouraged by an organization's culture or technology. The innate human tendency to protect autonomy, worth, and scarcity value by limiting access and obstructing light throughout the formulation, modeling, and updating of planning assumptions gives rise to silos and hidden assumptions. On the other hand, Hyperion Strategic Finance counteracts these inclinations by offering capabilities for version control, collaboration, and auditing. Organizational functionality, data versioning, assumption integrity, and financial statement correctness are all derived from the product's basic design. A lot of people are interested in how finance can be used as an example of how IT can break down boundaries and become a hub for key performance indicators and other things that create value for many people.