Dubai World sails with Hyperion
Hyperion financial management systems from Oracle to give Dubai World better corporate governance across 150 operating units
Dubai World is rolling out the Middle East's largest Hyperion financial management systems across its operations to improve its compliance and governance capabilities.
The implementation, which was done in partnership with Paragon Middle East, covers 300 users over 150 legal entities within the Dubai World group. Once the regional project is complete, Dubai World will extend the Hyperion system to its subsidiaries in the US and Europe.
"Robust corporate governance, accurate and swift financial reporting, and rapid compliance with changing regulatory frameworks are key elements of Dubai World's growth strategy as a global company, and our new Oracle Hyperion Financial Management system is a critical tool to achieving these aims," said Maryam Sharaf, group chief financial officer at Dubai World.
The Dubai World system is web-based, and will deliver corporate financial information to executives across the group. Hyperion has long been a popular choice with financial controllers, and claims to offer "a single version of the truth" for an organisation's operations, thus improving insight into its activities.
"We anticipate that Hyperion Financial Management will enable Dubai World to reduce its financial consolidation timeline by half by automating and streamlining its closing and analysis processes," said Arun Khehar, vice president for RPM Industries at Oracle.
"This type of system also helps customers like Dubai World identify new sources of profitability while cutting down on the operating costs of its finance departments, and these benefits can be significant to a growing global brand with multiple overseas subsidiaries," he added.
Dubai World has operations spanning a number of verticals, and owns brands such as Nakheel, Jafza, and P&O, whose operations include ports across the world.
Oracle acquired Hyperion last year, in a bid to improve its business intelligence offerings, and its penetration among financial controllers. Since then two of Hyperion's major competitors were also acquired: Cognos by IBM, and Business Objects by SAP.