PJSC “Oil and Gas Company Slavneft” has completed the project of optimizing the system for generating consolidated reporting in accordance with IFRS based on Oracle Hyperion. The project, implemented together with “Consyst Business Group”, allowed the company to significantly reduce the time for data collection and reporting.
The structure of “Slavneft” includes exploration, production, processing, logistics and service enterprises. One of the main objectives of the holding is to reduce costs and increase the efficiency of operations. As part of optimizing the financial direction, it was decided to transfer the consolidated financial reporting system according to IFRS to the new version of Oracle Hyperion Financial Management.
The reporting system, built on one of the previous versions of the Oracle Hyperion solution, has been operating in the holding for ten years and is no longer supported by the vendor. System update and optimization required.
To solve the problem, one of the largest consulting groups in Russia, Consyst Business Group, was attracted, whose specialists have more than 20 years of experience in creating budgeting and reporting consolidation systems based on Oracle Hyperion Planning and Oracle Hyperion Financial Management, including for oil and gas companies.
As part of the project, a large-scale optimization of the system was carried out with its transfer to a new version. Obsolete data and unused elements of directories were removed from the current version of the system, reporting forms were updated taking into account the specified requirements, the calculation code was optimized in accordance with the capabilities of the new version – all this contributed to a significant increase in the speed of the system.
The users of the system are 30 specialists of the financial departments of “Slavneft”. The project, which included the optimization of the accounting model based on Oracle Hyperion Financial Management, the transition to a new version and support for industrial operation, was implemented within four months. With the new version, regular updates of the vendor became available, the system interface was updated.
Anton Fedorov, Deputy General Director for Economics and Finance of PJSC “Oil and Gas Company Slavneft”: “As a result of the project, we were able to significantly optimize the process of collecting and processing information from the holding units. The complexity of the work performed has significantly decreased and, as a result, preparation time of consolidated financial reporting has been reduced”.