WALK, good news :
WALKER: Zetex opts for Walker's Horizon for financial reporting needs
WEDNESDAY, DECEMBER 15, 1999 8:56 AM
- M2 Communications
DEC 15, 1999, M2 Communications - LONDON -- Zetex, a leading provider of innovative analogue design solutions (semiconductors), has chosen the Horizon Financial Consolidation application from Walker to meet its evolving financial reporting needs. The system is expected to go live in early 2000.
Zetex's objective was to improve management information flow by delivering more accurate and timely reported results to Executive Management and other key company users. With three different manufacturing locations in the UK and in Europe, and four sales and development centres world-wide, a centralised point was needed for financial reporting to control and speed up processes and eliminate inconsistencies.
Walker's Horizon was chosen because it met these requirements and allows users to 'drill-down' to greater levels of detail and carry out 'what-if' statistical and scenario analysis. Zetex recognised that Horizon's dedicated consolidation, adjustment and data capture capabilities would not only meet the varying financial needs of different company users, but would also help to dramatically improve their reporting options. Horizon's OLAP (Online Analytic Processing) solution enables users to carry out online analysis themselves, and Zetex expects to take full advantage of this in the future.
Gary McManus, financial controller at Zetex, comments: "We needed a financial reporting system that would allow more time for analysis and review. The system had to be centralised so that data could be gathered centrally and then disseminated. As we are a fast-growing, geographically diverse operation, controls have to be in place to protect the flow of financial information. Horizon gives us one version of the truth, and ensures that all users have a consistent view of information across the organisation.
"The system we chose had to be easy to use and highly configurable so that different reports can be produced for different audiences. For example, management reports produced on a short timescale differ from annual financial reports; although the same data is used, different assumptions are made and different parameters laid down.
"Previously we relied on Excel spreadsheets, but rapidly outgrew these. We considered several different packages and opted for Horizon because it most closely matched our needs. Because Horizon is highly configurable, we expect it to fulfil many other functions in the future. The first stage of implementation will be completed at the end of November 1999 and we expect to go live in early 2000."
Nick Kemp, Walker's sales and marketing director commented: "Horizon has the flexibility to fit the particular needs of an organisation. During initial talks with Zetex it became apparent that a system was needed that offered adaptability and room for potential future expansion with other Horizon modules, but at the same time formed a rigorous and solid foundation for centralised reporting. We are delighted to have this opportunity to tailor Horizon to Zetex's needs, and look forward to seeing Horizon grow with Zetex as it continues to expand its international operations."
About Walker Walker Interactive Systems, Inc. (NASDAQ:WALK), is a leading, global provider of financial, operational and analytic software applications that help companies better manage business performance. Headquartered in San Francisco, California, the company also has operations in the UK, the Middle East, Africa, Singapore and Hong Kong. The Walker family of packaged applications and vertical industry solutions, combined with integration and consulting services, are utilised by major corporates and mid-market organisations in industries, including banking and financial services, paper, retail, transportation, utilities and the public sector.
Information about Walker is available at www.walker.com
About Horizon Horizon is a suite of Analytic Applications for Enterprise Financial Management & Planning, including financial consolidation, budgeting, planning and forecasting. Horizon blends the flexibility and power of OLAP technology with accounting integrity and controls to go beyond the limited capabilities of proprietary general ledger packages, spreadsheets, decision-support tools and conventional budgeting and consolidation systems. Walker's UK Horizon customers include Equant, National Power, Brother International, Halifax plc, Christie's International plc and Royal Mail.
About Zetex Zetex is recognised as one of Europe's leading providers of innovative analogue design solutions. It is the preferred supplier of a wide range of discrete and linear integrated semiconductors to OEMs throughout the world. Formed as the result of a management buyout from Plessey Semiconductors backed by today's parent company Telemetrix plc, Zetex was launched in 1989. With turnover in 1997 reported as GBP37.6m ($62m), Zetex today employs over 500 people.
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