Longview Platform Enhancements Address Regulatory Compliance and Dynamic Business Performance Management
Toronto, ON and Philadelphia, PA, December 18, 2006 – Longview Solutions, a leading provider of corporate performance management (CPM) software, today announced the release of Version 3.5 of the Longview Performance Management Platform (also known as Khalix™). The Longview Platform is used by a growing number of leading organizations to streamline and automate their strategic financial processes, including Financial Consolidation, Management Reporting, Corporate Planning, Modeling, Analysis, Budgeting, Forecasting and Tax.
Summarizing the key highlights of the new release, Mark E. Burton, President & CEO, of Longview Solutions, explains that, “Longview 3.5 delivers significant enhancements in two key areas of critical importance to today’s leading organizations – improving their regulatory compliance and being more proactive about managing the financial performance of their businesses on a real-time, dynamic basis.”
An enhanced Data Audit Trail capability, for example, provides auditable proof of the accuracy and integrity of data stored in the Longview Platform, an important aspect of control required to comply with regulations such as Sarbanes-Oxley and Basel II. This feature allows changes to any of the source data underlying an organization’s financial statements to be tracked – what was changed, by how much, who made the change and when – a task that has historically been extremely difficult, if not impossible, for many organizations.
Of significance to a growing number of companies and regulators, Longview 3.5 also offers the ability to produce financial statements using the Extensible Business Reporting Language (XBRL), an open, industry-standard electronic document format. Consumers of financial data, including investors, analysts, financial institutions and regulators, can receive, find, compare and analyze data much more rapidly and efficiently if it is in XBRL format. On September 25, 2006 the U.S. Securities and Exchange Commission (SEC) awarded contracts to modernize its aging public-company disclosure system, including the use of XBRL. Although the SEC has not yet said that it will require firms to use XBRL in their regulatory reports, industry analyst Gartner predicts that such a mandate will likely occur in the latter half of 2008.
In addition to addressing regulatory compliance, Longview 3.5 enhancements enable companies to accelerate the visibility they have into the performance of their businesses. An Advanced Modeling feature, for example, is based on a robust modeling engine capable of performing large, in-memory processing of n-dimensional Longview models. This allows users to run complex, sophisticated models very quickly – the run time for a modeling scenario that previously took 30 minutes, for example, can be reduced to less than 90 seconds. When coupled with Longview’s new Data Event Actions feature that allows both e-mail alerts and rule-based actions to be triggered by changes in Longview data, Longview 3.5 advanced modeling capability makes it easier for financial analysts and managers, cost center managers, executives and other Longview users to be far more proactive about business performance monitoring and management.
“These new features give all levels of management the ability to see more quickly into what is happening with their key performance indicators, enabling real-time decision making that can impact future performance,” states Burton, concluding his remarks about the latest version of the Longview Performance Management Platform.
About Longview Solutions
Longview Solutions helps companies manage the business of finance with speed, visibility and financial integrity. Since 1995, hundreds of the world’s most respected companies including Boeing, Cisco, GE Healthcare, Home Depot, Ingersoll Rand, JC Penney and many other industry leaders have used our software to create a single repository of financial truth from which Consolidation, Management Reporting, Corporate Planning, Modeling, Analysis, Budgeting, Forecasting, and Tax processes can be performed simultaneously, enterprise wide. For more information visit www.longview.com.
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