HYPERION FINANCIAL MANAGEMENT IMPROVEMENTS COUPLED WITH LEVEL-2 APPLICATION MANAGED SERVICES SUPPORT REDUCED CONSOLIDATION TIME
Simon Property Group is the largest shopping mall owner in the US, with a portfolio of more than 320 commercial properties totaling some 250 million sq. ft. of leasable space. The self-managed real estate
investment trust (REIT) owns, develops, and manages shopping malls, outlet malls (under the Premium Outlet and Prime Outlet brands), boutique malls, and shopping centers. Its portfolio is concentrated
in the Southeast, Midwest, and Northeast. The REIT also has stakes in some 50 properties in Europe, as well as outlet centers in Japan, South Korea, and Mexico.
Simon's existing corporate
Hyperion Financial Management (HFM)
production application was consolidating at a rate of seven hours, a performance issue causing great headache to corporate Accounting. MindStream was charged with optimizing the application and performing
maintenance to reduce the time. The organization also discovered it needed general HFM and
Financial Data Quality
support for their environment. Simon faced the challenge of finding long-term Hyperion skillsets to help with ongoing maintenance to avoid long consolidation times in the future.
Solution and Results
In order to significantly reduce consolidation time, Simon engaged MindStream to provide
services and consulting services
. It was discovered that the original hierarchies needed to be moved into multiple applcations, thereby allowing modifications that would materially reduce consolidation performance time. A team of MindStream
senior specialists quickly created multiple new
, expertly dividing the current hierarchies, thereby allowing for increased opportunities to simplify business rules and data sets. With the streamlined process flow, corporate consolidation times went
from hours to less than one hour. In addition, realizing ongoing application support would help keep consolidation times down, Simon engaged MindStream's
managed services solution
. Simon acquired Level 2 support for ondemand support for rules, metadata, application, reporting, and FDM. With one project, Simon not only optimized their application for today's needs, but strengthened
the internal administration of their Hyperion environment for the future.
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