As you probably know, a leading supermarket in the UK is under some scrutiny for having overstated its half-year profit guidance by £250 million. We have no knowledge of what went wrong and only the investigation will be able to tell how and why something like this could happen in this FTSE-100 company. Whatever the outcome, this is an opportunity for C-level leaders to examine whether they are taking the necessary precautions to minimise these risks to their company. Here at Seismi, we believe that robust financial master data processes aligned with tight financial systems integration are the key to eliminating these issues. We are even offering a complimentary master data review to help CFOs and CTOs understand, mitigate and formulate long term plans to enhance their financial master data management processes.
Author Archives: Seismi
Seismi, integrated financial solutions specialists and a Gold level member of Oracle PartnerNetwork (OPN), today announced it has achieved OPN Specialized status for Oracle Data Relationship Management.
To achieve OPN Specialized status, Oracle partners are required to meet a stringent set of requirements that are based on the needs and priorities of the customer and partner community. By achieving a specialized distinction, Seismi has been recognized by Oracle for its expertise in delivering services specifically around Oracle Data Relationship Management through competency development, business results and proven success.
James Gordon, Managing Director, Seismi
Will O’Brien, VP Alliances & Channels, UK & Ireland, Oracle.
Seismi is a UK based professional services company that specialises in delivering fully integrated financial solutions to corporate clients. Seismi’s solutions are underpinned by efficient masterdata processes leading to flexible, robust, scalable and automated solutions. Seismi provide consultancy, infrastructure, training and support services and have extensive product expertise in the Oracle Hyperion Suite.
Oracle PartnerNetwork (OPN) Specialized is the latest version of Oracle’s partner program that provides partners with tools to better develop, sell and implement Oracle solutions. OPN Specialized offers resources to train and support specialized knowledge of Oracle products and solutions and has evolved to recognize Oracle’s growing product portfolio, partner base and business opportunity. Key to the latest enhancements to OPN is the ability for partners to differentiate through Specializations. Specializations are achieved through competency development, business results, expertise and proven success. To find out more visit http://www.oracle.com/partners.
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Do you need Master Data Management experts to identify risks, issues and opportunities in your financial master data processes? Enhancing your processes could help you gain control over core reference data, reduce time spent reconciling reports, minimize manual interventions between key financial systems and simplify and optimize your month end close process.
Are you getting the best ROI from your DRM implementation? Seismi is offering a complimentary two day review of your Oracle Data Relationship Management implementation. This review will be conducted by recognized master data experts and will identify the risks, issues and opportunities for improvement you have with your current DRM implementation.
This offer expires in December 2014.
Seismi is delighted to announce that we have been selected to present a customer case study at Oracle OpenWorld 2014. This annual Oracle event is the world’s largest conference for Oracle customers and technology professionals. We are excited to be in San Francisco this year co-presenting with our key client ICAP. ICAP’s Oracle Data Relation Management (DRM) and Oracle Data Relationship Governance (DRG) implementation is considered to be the first complex implementation in EMEA.
We will be sharing some key aspects of a strategic masterdata solution; notably how effective masterdata management can optimise key business processes, improve data quality and federate the control of core business structures.
In preparation for this event, we will be conducting a UK “Premiere” of the presentation as part of the Oracle DRM Breakfast in London (9th September 2014, 08:30 – 11:30).
- To find out more about the Oracle DRM Special Interest Group breakfast, click here. There are limited places left and registration is essential. We are sure you will enjoy the stimulating and insightful discussion alongside an excellent breakfast.
- To find out more about Oracle OpenWorld 2014, click here. Further details on the session we’re presenting on the 30th September can be found here.
Seismi is pleased to announce that we have achieved the Oracle PartnerNetwork Specialisation in Oracle Hyperion Data Relationship Management.
To become specialized, our company met stringent, product-specific competency and business requirements. Specialisation offers you confidence that we have the required resources and solution knowledge you need, including:
- Product-specific Oracle presales, sales, support and Certified Implementation Specialists
- A proven track record with recent Oracle transactions
- Successful implementations verified by Oracle
Check out our OPN Profile here.
Learn about OPN Specialisation here.
Many of our multi-national clients have the same challenge – local reporting on one accounting standard (normally local GAAP); group reporting (normally a flavour of IFRS) on another; as well as specific reporting requirements for regulators in certain verticals.
The difference between accounting standards can be summarised as follows:
- Differences in report definitions (for example, the balance sheet may be presented in an different order, granularity or definitions); and
- Differences in accounting policy (say development cost may be expensed under one standard and capitalised under another).
From my experience as an auditor, report definitions should be treated as an integral part of a company’s financial reference data, as they are one of the major reasons for material disclosure errors. Oracle Hyperion Data Relationship Manager (DRM) is a dedicated financial metadata management tool that we have implemented successfully at our clients to govern metadata and report definitions.
Historically differences in accounting policies are normally tackled by using adjustment ledgers or separate ledgers. This often introduces a governance problem, in that different subsets of a chart needs to be shared across multiple ledgers, and kept aligned.
Oracle Hyperion DRM is adept at defining these types of business rules and controlling the complete ERP metadata. It is application independent and can therefore integrate with ERP’s from any vendor. We have found it to be a very useful and flexible tool to manage multiple accounting and reporting standards, as well as many other historically challenging scenarios.
Firstly apologies that 3 weeks have passed since we last updated our weekly blog. Like many others Seismi’s team have been taking some well earned leave, as well as meeting other development deadlines.
We wanted to bring to your attention a case study that Oracle has published on their website that highlights an example of a project that we have recently delivered. Our client was Anglo Copper a USD4 billion division of Anglo American plc and the environment was relatively complex with many applications and over 200,000 account codes.
The case study is a good example of the type of project that Seismi team have delivered for their clients. It also provides a good example of the flexibility of Oracle Hyperion Data Relationship Manager (DRM) tool and how it can be adapted to meet key business issues.
Not only were Seismi able to allow Anglo Copper to resolve some significant issues within their finance applications architecture but it has also provided their finance team with a robust and flexible platform that will be able to adapt to Anglo Copper’s business as its strategy evolves, including the ability to integrate acquisitions effectively.
In addition we were able to implement the solution over a rapid a 6-month timetable. Seismi are continuing to provide second line support to Anglo Copper’s user base.
Also if there any specific topics you would like us to cover then do reach out.
In the UK the FSA’s Code of Corporate Governance and in the US the SOX Act, require companies to ensure that their financial statements are an accurate representation of their underlying transactional and forecasting systems.
In most companies, the flow of data from the diverse ledgers and forecasting systems, through group consolidation and into the financial statements is a highly manual process. It is not possible to certify from a governance or internal-control perspective, so most companies require that the financial controller of each division sign off on their respective data once they have manipulated it into a single repository on a single standard. However, this passing of the corporate buck has no legal effect on the company’s, CEO’s or CFO’s responsibility! In our experience , it is also a very unreliable and inefficient method of identifying errors…
The alternative is to integrate a company’s diverse ledgers, forecasting, consolidation and reporting systems. One option to achieve this is to convert all of your systems to the same chart and platform. However, Seismi’s preferred route in the right instance, such as when the principle aim is to standardise business reporting, is to: understand and define the business rules to align the reference data across these multiple standards; centralise and govern this masterdata; and finally distribute the refined masterdata to the relevant systems and applications thereby creating the necessary standard reporting. The benefits of this method of standardisation extend way beyond avoiding the legislative stick.
Imagine your organisation where someone from head office can drill through the group financial statements to the divisional data balance, and then to a specific transaction, to understand who and why an accrual was raised, without the normal month-end ‘please explain..’. Converting bean counters into bean farmers, well almost…
We are delighted to announce some fundamental changes to our management structure which will come into effect from today, 3rd February 2014.
- Quentin Vermolen has joined Seismi. Quentin previously worked at Oracle-Hyperion and brings a wealth of experience implementing financial solutions which complement our existing capabilities. He will focus on business development and further extends our experience implementing planning, consolidation and financial reporting solutions.
- Jerome Marcq has been promoted to Director, Technical Solutions.
As a result our management team is now:
- James Gordon (Managing Director) – James has assumed responsibility for our strategy, performance and operations. He remains responsible for our team of technical architects;
- Ross Gilfillan (Director, Business Analysis and Client Services) – Ross has assumed responsibility for our relationships with our customers. He continues to run our Business Analysis team;
- Quentin Vermolen (Director, Business Development) – Quentin is responsible for Business Development. He will also head up our Consulting Practice; and
- Jerome Marcq (Director, Technology) - Jerome is now our Technical Director and is tasked with understanding how best to use the Oracle Hyperion EPM suite to create truly integrated solutions.
Our key objective as a management team remains to deliver robust, scalable and efficient financial solutions, on time and to budget. We will continue to differentiate ourselves from our competitors by creating truly integrated solutions underpinned by efficient use of masterdata management.
If you have any questions please do not hesitate to get in touch.