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| Wednesday, 15 October 2003 |
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DFCC Bank selects Hyperion Business Performances Management Software DFCC Bank, the pioneer development bank at the forefront of providing specialist investment, advisory, and financial services to Sri Lanka's growing business sector will invest and embark on a new technology solution, Business Performance Management Software from Hyperion, a US company that is traded under the NASDAQ symbol HYSL. The new investment in technology will complement and support DFCC's mission to provide superior financial solutions and value added services to their clientele. DFCC Bank will implement the entire Hyperion Business Performance Management Suite, comprising Hyperion Essbase, Hyperion Analyzer and Hyperion Planning in order to support information reporting and analysis needs of the bank operations. DFCC Bank adopts a combination of a top down and bottom up approach to annual budget formulation. The Hyperion Business Performance Management Suite will help the bank manage continuous change, and monitor the impact of changes on business performance. DFCC Bank will be able to reduce the cycle time for formulating budgets, improve the quality and accuracy and save managerial time. "We see Hyperion as a key strategic management tool for DFCC Bank" said Nihal Fonseka, CEO of DFCC bank. "It will significantly enhance our ability to proactively manage our business in an effective and profitable manner and also enable us to match employee rewards to results more accurately", he said. "We evaluated options and concluded that Hyperion offered a fully integrated seamless solution that matched our needs", said Suraj de Silva, Vice President (Financial Analysis) at DFCC Bank. "The Hyperion suite is based on an event driven planning process where users could develop plans around operational business structures and drivers. Hyperion has an excellent workflow and process management functionality with email notifications and alerts. Hyperion also has the capability to link to other systems such as the core banking system and the general ledger and thereby improve the MIS capability while reducing the workload substantially. |
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