Yantai Wanhua Cuts Budgeting Time From Three Months to Two, Strengthens Cost Control

The downturn in the global economy has required many organizations to strengthen financial management and replace systems that no longer deliver the information needed to weather the financial crisis. For Yantai Wanhua, that meant replacing the hundreds of Microsoft Excel spreadsheets it used for budget management with a more effective and comprehensive solution. This would enable the company to minimize errors, improve efficiency, and gain tighter control over spending. In January 2007, Yantai Wanhua began using Oracle's Hyperion Planning to plan, manage, and forecast budgets. The solution helped the company develop, break down, and calculate spending, and enabled more timely, accurate, and comprehensive budget analysis.