A company considering this process should be as detailed and as clear as possible right from the start. Hyperion also expects to see overall benefits with the euro as it has made its products and services euro-compliant and is prepared to work in euros whenever needed. The company adopted a flexible approach to contracts, offering to draft them either in euros or in national currencies depending on customer preference. Since its headquarters are in the U.S., Hyperion continues to do its internal reporting and financial accounting in U.S. dollars. It's a challenge since it's a problem that many companies are underestimating.
Some companies think that it's just a matter of currency, but there is more to it than that.
Since we're well established in Europe, we knew this beforehand and had an established plan of action on how to introduce the euro into our systems. Applications built with Hyperion Enterprise, Hyperion Pillar and Hyperion Essbase automatically convert data from local currencies to a common currency for budgeting, forecasting, reporting, financial consolidation and other analytical applications. The reason that we set up our Dutch support center as we described is to help us use the talents that we have in our organization to provide our customers with greater professional support. Now we have 80 people working here. For the high-tech industry, hardware, ERP and software operations, it's an excellent 'Gateway to the rest of Europe'.