Business Services Industry
Software Takes on Poverty; Hyperion Software Enables Opportunity International to Improve Speed and Efficiency in Providing Small Business Loans to World's Poor
Business Wire, March 7, 2005
SANTA CLARA, Calif. -- Hyperion (NASDAQ: HYSL), the global leader in Business Performance Management software, announced today that it is using an innovative performance management software solution to help Opportunity International, a world leader in microenterprise development, fight poverty in developing countries. Hyperion and its partners Answerthink, Inc. (NASDAQ: ANSR) and Tableau Software are donating software, consulting, project oversight, maintenance and training to the organization, which it will use to develop a finance network that will help lift poor entrepreneurs out of chronic poverty.
Business Performance Management software will be a key element in the development of the organization's finance network. The solution will enable a continuous planning, monitoring and reporting cycle, that will make it possible for Opportunity to access timely and accurate information and support better decision making. The deeper insight delivered by the Business Performance Management technology will make it possible for Opportunity to get a clear view of where small business loans and financial services are needed and help it get the money into the hands of the working poor quickly and efficiently.
"It's time to unleash the power of software to help those in need," said Godfrey Sullivan, Hyperion CEO. "Poverty is an age old problem. Now we're able to tackle it with new weapons - analytic technology and enterprise planning power. We feel honored to be associated with Opportunity International, and to have a role in implementing a practical, technology-based plan to help the working poor."
Opportunity strives to reach the world's poorest people through its microenterprise development programs and works through partner organizations that provide small business loans, training, and counsel. In 2004, Opportunity made more than 1 million loans averaging less than $250 to poor entrepreneurs in 25 countries around the world.
"We are pleased to join efforts with Hyperion, applying the power of technology in a manner that will benefit the world's poorest citizens," said Christopher Crane, president and CEO of Opportunity International. "We predict Hyperion's generous contribution to our microfinance network will increase our efficiency so significantly that we will help thousands more poor entrepreneurs work their way out of poverty. We anticipate attracting additional donations, zeroing in on problem areas and making more informed decisions about running our business. Recognizing that charitable donations are undergoing increasingly rigorous scrutiny, we also look forward to furnishing more detailed reports to our stakeholders demonstrating our commitment to accountability."
Performance Management in Microfinance
Like a commercial enterprise, Opportunity sets goals, models, plans, monitors, analyzes and reports. The nature of its business requires a special emphasis on financial reporting and loan portfolio analysis.
Hyperion has donated nearly a quarter of a million dollars in software, services and training for the organization's budgeting, planning and analysis needs. Additional gifts were made by Hyperion partners Answerthink, which agreed to help with implementation service at no charge, and Tableau Software, which has gifted the royalty usually paid by Hyperion for Hyperion Vision Explorer.
Hyperion and partner Answerthink have worked together at various sites around the country to pull together the deployment, with Answerthink providing support not only for initial installation of Hyperion Essbase but consulting support during the implementation's build phase as well.
The software and services donated by Hyperion and its partners are expected to help Opportunity provide a broad range of financial services to a wider market more quickly and efficiently. Shortening the budgeting cycle and speeding the close of books should enhance the loan process by providing greater visibility into Opportunity's operations; increasing the frequency of its financial reporting and timeliness of information; and optimizing efficiencies in preparation and delivery of reports and analysis. The organization plans to use the software to move from quarterly to monthly reporting to its stakeholders as well as for risk management and fund effectiveness analysis and portfolio analysis. Future plans call for optimizing the planning and budgeting process, statutory reporting and development of stakeholder dashboards.
About Hyperion
Hyperion is the global leader in Business Performance Management software. More than 10,000 customers - including 91 of the Fortune 100 - rely on Hyperion software to translate strategies into plans, monitor execution and provide insight to improve financial and operational performance. Hyperion combines the most complete set of interoperable applications with the leading Business Intelligence platform to support and create Business Performance Management solutions. A network of more than 600 partners provides the company's innovative and specialized solutions and services.
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