Brightpoint, Inc. (Nasdaq: CELL), a global leader in providing device lifecycle services to the wireless industry, has improved its financial close and reporting processes with Oracle Enterprise Performance Management (EPM) System Release 220.127.116.11.
In particular, Oracle Hyperion Disclosure Management has helped BrightPoint streamline its financial disclosure process and successfully meet new regulatory requirements, specifically the United States Securities and Exchange Commission’s (SEC) eXtensible Business Reporting Language (XBRL) mandate.
Oracle Hyperion Disclosure Management is a component of the Oracle EPM System, a comprehensive, integrated suite of applications that integrate strategy, planning, and execution into a seamless process.
Improves Precision and Speed of Global Financial Close Reporting Processes
BrightPoint handled more than 112 million wireless devices in 2011 for more than 25,000 business-to-business customers worldwide. The company boasts more than 4,000 full-time employees and a global footprint across more than 35 countries.
The company is a long-standing customer of Oracle Hyperion Planning for financial planning, budgeting and forecasting as well as Oracle Hyperion Financial Management for financial consolidation, reporting and analysis. Over 100 users worldwide rely on Oracle Hyperion applications at BrightPoint.
In June 2011, BrightPoint was one of many companies that became subject to the SEC’s mandate that public companies file their financial statements in XBRL.
To comply with the mandate, BrightPoint upgraded to Oracle EPM System Release 18.104.22.168 and implemented Oracle Hyperion Disclosure Management in May 2011.
Oracle Hyperion Disclosure Management helps companies save time, effort and resources while improving the timeliness of financial filings with reduced dependency on outsourced services.
BrightPoint is able to streamline the development of its XBRL filings using familiar Microsoft Office tools as well as save time and simplify its quarterly tagging process using the rollover feature of the application.
By producing XBRL filings in-house with Oracle Hyperion Disclosure Management, BrightPoint has complete control over its filings process including the ability to make changes up to the last minute—an advantage that companies that outsource their XBRL filings lack.
The company has successfully completed two quarterly financial filings with Oracle Hyperion Disclosure Management to date, citing the familiarity with Oracle Hyperion, integration with existing Oracle EPM applications and ease-of-use as some reasons for the smooth process.
Oracle Hyperion Planning users at BrightPoint have also benefited from the enhanced functionality in Oracle EPM System Release 22.214.171.124 including enhanced Oracle Hyperion Smart View for Office integration. Oracle Hyperion Planning task lists are now integrated into Microsoft Office and Microsoft Outlook enabling planners to integrate their tasks into Outlook tasks as well as perform these tasks from within Excel and Outlook.
“Delivering timely, accurate financial results is key to the success of our global business. With the SEC XBRL mandate, our financial reporting process became more complicated,” said Vince Donargo, BrightPoint’s Chief Financial Officer and Treasurer. “By extending our investment in Oracle Hyperion, and adding Oracle Hyperion Disclosure Management, we have absolute control over our complex quarterly filing process. The latest release of Oracle Hyperion Disclosure Management is helping us to save time and streamline the XBRL filing process quarter after quarter.”
About Brightpoint Inc.
Brightpoint, Inc. (BrightPoint.com) is a global leader in providing device lifecycle services to the wireless industry. In 2011, BrightPoint handled more than 112 million wireless devices globally. BrightPoint's innovative services include distribution channel management, procurement, inventory management, reverse logistics and repair services, software loading, kitting and customized packaging, fulfillment, product customization, eBusiness solutions, and other outsourced services that integrate seamlessly with its customers. BrightPoint's effective and efficient platform allows its customers to benefit from quickly deployed, flexible and cost effective solutions. BrightPoint has more than 4,000 employees, as well as a significant number of temporary staff, and a global footprint covering more than 35 countries, including 13 Latin American countries through its investment in Intcomex, Inc. In 2011, BrightPoint generated revenue of $5.2 billion. BrightPoint provides distribution and customized services to over 25,000 B2B customers worldwide. Additional information about BrightPoint can be found on its website, or by calling its toll-free Information and Investor Relations line at 877-IIR-CELL (877-447-2355).
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Joan Levy, Blanc & Otus for Oracle
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