Introduction of budget and finance analysis system on the basis of Oracle Financial Analyzer

Open Technologies, Russian system integrator, announced about the commercial launch of Budgeting and Financial Analysis System on the basis of Oracle Financial Analyzer for Rostelecom OJSC national operator of remote communications.

The contract between Open Technologies and Rostelecom OJSC was signed in April 2004. Starting January 2005, the customer will be planning its budget in a new Budgeting and Financial Analysis System

The project is aimed at constructing and launching the information system supporting the processes of mid-term and long-term planning, budgeting, consolidation of the centers of responsibility and control over performance of the budget in a common information space, analysis and prediction of the results of financial and economic activity in Rostelecom OJSC.

While choosing the solution, we took into account all the requirements of the customer to the system. The system should be processing the information and make automatic calculations in compliance with the financial model and procedures of forming, correction and control of budget performance supported by the corresponding rules and regulation of Rostelecom OJSC. Only the Budgeting and Financial Analysis System on the basis of Oracle Financial Analyzer totally corresponded to these conditions.

The specialists of Open Technologies made a conceptual system design and development, defined the requirements to specification of data and parameters of the budgeting planning and analysis financial model. They developed technical architecture of the system, designed multidimensional databases, organized working places, trained the Customer's personnel. On the last stages the united team of Open Technologies specialists deployed the system, developed an interface with inherited system, tested and launched the Budgeting and Financial Analysis System on the basis of Oracle Financial Analyzer into commercial operation.

The project encompassed all the organizational units of Rostelecom OJSC: the head administration, all regional branches (Central. Volga, North West, Siberian, Southern, Ural, Far East) as well as Intercity and International Telephone branch.

The project supplied the customer with an informational system supporting the processes of budget planning, analysis and forecast of Rostelecom OJSC's activity, its branches and subdivisions. The system processes the information and makes automatic calculations in compliance with the requirements of the corresponding rules and regulations The introduced system renders information support to the analysts, mid and top managers, taking part in the budget process for making managerial decisions. Its sorts the stored in a way that is convenient and comprehensible for the customer.

The functions of the introduced system based on Oracle Financial Analyzer provide for:

• planning budget in a common informational system;
• consolidating budgets of responsibility centers;
• budget execution control;
• analysis of budget performance;
• raising the quality, timeliness, reliability and completeness of budget data;
• improving the terms and resources for budget preparation and analysis.

Sergey Koshelev, Director of Corporate Information Systems at Open Technologies: " The Budgeting and Financial Analysis System on the basis of Oracle Financial Analyzer is unique. This is a geographically distributed project, which resulted in successful launch and commercial operation of one of the biggest budgeting systems on the basis of Oracle Financial Analyzer in Russia.