| Publisher | Hyperion Solutions Corporation | ||
|---|---|---|---|
| Format | 44.0KB PDF, requires Acrobat Rdr 5 | Date added | 01 Mar 2002 |
| Topics | International Standards, Law and Government, ERP | ||
| Downloads | 97 | ||
According to a 2001 joint research study by Hyperion and Hackett Benchmarking, many companies are still struggling with long financial consolidation and reporting cycles, hindering corporate decision-making abilities. In 2001, the average closing cycle for companies was 6 business days and the average reporting cycle was another 5.4 days. Conversely, world-class companies are completing the entire closing and reporting cycle in less than five business days. The most acute case is the virtual close, whereby the books can be closed in a matter of hours – a nirvana that very few companies have achieved. However, companies that are able to close their books quickly and deliver more timely information to management are gaining competitive advantage in a rapidly changing marketplace.
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