Why does every financial department need Financial Data Quality Management?

If  I had a dollar for every time a finance professional asked me this question I’d be a very rich man! Luckily the answer is easy to explain since every organisation has the same problem with data, managing it productively and easily comes at a price and is not as simple as 1-2-3.

In general data quality is a must have. The value of consolidation, reporting, planning and analytical applications is eliminated if the data that comes in is “Bad Data”. Companies must avoid the garbage in garbage out trap by eliminating manual data handling wherever possible and providing error identification and notification along with a vehicle to investigate and correct errors. Any ETL or Integration tool can put data into a waiting application, but quality issues arise when there are problems with the data and errors need to be addressed. FDM helps companies deliver the best process for achieving data quality reporting by delivering:

I. Data Quality
· Mapping Validation- provides immediate mapping error identification and notification as well as a vehicle for quick and easy mapping correction.
· User Defined Data Quality Checking- applies rules and restrictions to the load file ensuring corporate receives the highest level of quality.
II. Data Accuracy
· Read any ledger report, file or even some ERPs  in any format eliminating the need for manual data manipulation and data keying thus improving accuracy and shortening the data collection process.
· FDM delivers easy reconciliation from the ledger via dynamic drill-back to source, whether it’s a file, spreadsheet or ERP system.
III. Data Consistency
· FDM can provide visibility to mapping consistency across all locations.
· Drill into any target account and see every source account from every location.
IV. Audit Trail/Log and 100% Process Transparency
· FDM delivers a vehicle to investigate any material discrepancy with 100% transparency to the data translation and mapping and a log of all new, changed or deleted map entries giving finance the tools needed to find the needle in the haystack quickly and painlessly.

Process Improvements

Flexible GL importing – Because of FDM’s powerful importing capabilities, you can read in any source system or trial balance report that is printed to a file. Alternatively you may load spreadsheets or even connect to a growing list of ERP systems direct. FDM will simultaneously improve throughput and accuracy by reading your GL file in a pure format. Bottlenecks are reduced and hard IT costs are eliminated.

ERP Integration – As from 2009 FDM users can now also connect FDM direct to their ERP, including Oracle E-Business Suite GL, PeopleSoft GL and SAP Financials. This allows for adapter-based data transfer and mapping, with drill-back to source from the WorkSpace, Financial Reports and SmartView for Excel as standard.

Powerful Mapping – Power and flexibility to handle the most complex mapping rules such as ranges, globals, wildcards, conditional mapping and double sided wildcards. FDM allows end users to easily map new accounts on the fly eliminating bottlenecks and opportunities for errors.

Data Validation and Error Prevention– FDM is best practice for loading data that reduces bottlenecks in the closing process while eliminating chances for errors. FDM forces end-users to validate files prior to loading into the Hyperion target application.

Meta data Management– With the release of the FDM ERP Integration module FDM users may also load meta data from their source ERPs (Oracle E-Business Suite GL, PeopleSoft GL) to Financial Close and Planning applications.

Data Check Reports–Force end-users to view and pass data validation rules that corporate has enforced to improve the quality of data provided by the locations.

Supplemental Journal Entries and Multi-Period Budget Data Loading – FDM can read and interpret supplemental information or budget templates produced in Excel. IFRS Adjustments, PP&E Roll forwards, Headcount, and Multi-period Budget/Plan information can be loaded quickly and easily with the same audit trail accountability. Standard templates can be used month after month and load in seconds. All supplemental data is subject to process visibility and a complete audit trail.

External Auditor Time Savings- Initial data from auditors suggest FDM can eliminate multiple weeks of external auditing time due to electronic linkage of source trial balance data to Hyperion. Support for all auditing questions from end-users to administrators is stored centrally in FDM and is easily accessible with standard reports.

Flexible Acquisition Tool – FDM has flexibility and adaptability to change as your business changes. New requirements and new business rules can easily be accommodated. Acquisitions can be converted into Hyperion in hours rather than weeks. The scripting capabilities allow FDM to adapt to any changing requirements that may arise.

The elimination of manual manipulation, ease of use, audit trail, data validation, consistency of mapping, and 100% transparency achieved with FDM is necessary for companies to simultaneously shorten the close cycle and achieve data integrity.

If you’re not already using Financial Data Management to manage your Hyperion data, what are you waiting for?

Intellient is the performance management and business intelligence company to connect with.