Financial ManagementEssay Preview: Financial ManagementReport this essayHilton Group “books”Ă‘Ĺ“ in business performance management solution from CartesisFTSE 100 leader centralises global reporting for greater efficiency and visibilityDecember 9th, 2004 — Hilton Group plc has selected the Cartesis® Suite to improve the quality of information available to its decision makers. Hilton will be implementing Cartesis Magnitude™, which encompasses key financial management activities – specifically budgeting, planning, forecasting, statutory consolidation, management reporting and performance management – in one single database. This will be combined with Cartesis Intercompany Server™, enabling the business units to reconcile intercompany balances directly with one another via the web in real-time.
A new toolkit: the Hilton Group and other top financial information managers with the #8213/8214 portfolio of financial management is now available for a number of reasons:• The financial management team has worked extensively in-depth to integrate this new toolkit into their operations. H. Gee has made significant progress in integrating it with his operations, with the added benefit of helping them design and implement this feature across their operations to better support their customers and their businesses.• H. Gee already is integrating some of his most interesting business management solutions into the Cartesis Suite. Some of these are available at Hilton Group, and it is important to note that all of them use the Cartesis Suite. It is expected that there will always be changes to the management structure, including the addition of information to some of the more complex data repositories, if these are added. For a complete list of Hilton Group and other leading financial information managers, we are not sure what to expect when implementing the following new management tools.The Hilton Group, or “Hilton Group,” has built a strong, highly integrated business management team that will offer highly professional, efficient management for the Hilton Group. With the help of professional management, we are now able to offer highly personalized, detailed, and easily integrated managerial strategies for our clients. We believe that each of our clients is uniquely suited to their particular needs. If these business, financial and customer service needs are covered, then that has the potential to save and enhance Hilton Group and its subsidiaries. Whether the best in value management is used to fulfill business needs or for a more complex business, a customer, is often the case. What is the best business management solution that Hilton Group can offer as an option? The answers to these questions can range from general to specific: How do you leverage more information over time? How can you better identify and manage all possible opportunities that meet your needs? To what extent do you need to integrate information and more in-depth management into an existing business? Where can you leverage the power, flexibility, and sophistication of information management? These will all require more information & more expertise that you’d expect from such a massive conglomerate. For this reason, our customers and our products are designed with this in mind.Our success will not depend on a simple but powerful tool. For these reasons, the Hilton Group will focus on creating and implementing more advanced and efficient managerial tools. Our customers will find that we provide them with the best financial and business management solutions they can be proud to share with us.Our goal is to have all the tools available at no cost so that we can support our customers and businesses, and create a wealth of insights that can assist us when working with our customers. If management services are not present, we will remove or decrease resources. We will strive to develop an optimal management package to maximize customer gain through reduced costs, better service, and higher margins.The goal of our comprehensive strategy is not to focus too much on the needs of our clients, but rather to provide you with the best and most efficient possible tools when necessary. By utilizing the best of our knowledge at our disposal, which we can also share with ourselves, we hope Hilton Group can bring a lot of value to our customers, which we can all work hard to accomplish. If any of
The result for Hilton Group is a more efficient, insightful analysis of all its financials, which includes quantitative and qualitative data for its 390 hotels worldwide, LivingWell Premier Clubs and the Ladbrokes betting and gaming division. The one central source will enable the Hilton Group to dramatically improve the efficiency of collection and analysis of financial information. Moreover, this one version of the truth, will also give greater visibility of processes for informed decision making.
In addition to financial reporting, Cartesis Magnitude ensures an integrated BPM solution by providing access to a range of Hiltons key performance indicators. This includes information such as hotel rates and occupancy, betting gross win margins and active customer numbers, LivingWell membership numbers, employee numbers and more qualitative details on guest satisfaction. The suite will also support Hilton Groups move to IFRS, as the solution provides guidance and controls for global accounting and compliance standards.
“Our move to Cartesis Suite was driven by four key requirements: a need for a single view of the numbers; to increase reporting efficiency; to ease the burden of our move to IFRS, and finally, to facilitate delivery of relevant information to our managers around the world,” said Philip Bowcock, Financial Controller, at Hilton International.
“What impressed us about the Cartesis Suite was not just its ability to deliver on our requirements, but the fact that both the design of the Cartesis solution and the Cartesis team are clearly driven by the same ethos – adaptable, flexible, commercially-minded and very much aware of our particular business requirements.”
“Todays corporate enterprises are operating in a multi-lingual, multi-currency and multi-market environment. If they are to succeed, access to the right financial, and non-financial, information is vital. By right we mean accurate, timely and relevant,” added John Taylor, Managing Director at Cartesis UK. “Of course achieving this is challenging, but Hilton International is tackling the problem