Freehills brings IT innovation into everyday business
01 December 2006Freehills has become the first legal firm in the Asia Pacific region to overhaul its current financial reporting system and replace it with cutting edge technology built upon Microsoft’s innovative SQL 2005 Analytics and Reporting platform.
SQL Server 2005 provides components and tools to help implement a comprehensive, end-to-end business intelligence solution. It provides a state-of-the-art, data-management platform, integrating the development and operations of relational data as well as data extraction, transformation, and loading (ETL), online analytical processing (OLAP), and reporting with security.
For a firm like Freehills, a highly functional financial reporting system is essential to running an efficient business and to the delivery of exceptional client service. The new system provides the ability to “slice and dice” financial information to meet different reporting requirements, and increases the firm’s ability to analyse historical trends and patterns. This robust and powerful new IT infrastructure will also help Freehills to more comprehensively analyse financial performance, therein facilitating more informed strategic business decision making processes.
The new system is highly flexible in the face of changing demands to meet future financial reporting needs. This is particularly important when anticipating future requirements to incorporate data from other potential sources.
In discussing the implementation of the new technology, Freehills’ Chief Financial Officer, Janet Young, explained the benefit to clients as being based on reporting efficiency and accuracy.
'The system revamp is part of the firm’s focus on meeting and exceeding clients’ needs; it expands and develops the firm’s current business intelligence environment, giving Freehills the flexibility to produce more sophisticated and timely reports, and enabling business decisions to be made efficiently and effectively.'
Ms Young also said that increased client responsiveness can be achieved by greater individual user control, while maintaining safeguards and security checks.
'The system has reduced labour intensive processes, increased the "self-service" approach and improved controls. Simply put, we can respond quicker to client needs in a more detailed and accurate way,' said Ms Young.
The system also allows for advanced data querying to retrieve all financial data from one single comprehensive source of detailed performance data.
Background information
Summary of benefits to the business
The new reporting system has provided increased confidence in data accuracy and hence has enabled more informed decision-making by executives.
- The CFO, financial analysts, executives and partners have timely access to accurate data for business evaluation & strategic decision-making purposes.
- The system facilitates a comprehensive financial overview of the business through increased functionality and better system tools.
A vast array of financial data is available, to help decision-makers better understand the business drivers via key financial criteria. - Cutting edge technology provides real-time data to support accelerated decision-making.
- The system promotes enhanced communication through a collaborative system interface and mutual accountability.
- It also aligns core business processes with the firm’s overarching business strategy.
Benefit to clients
- The system is specifically designed with clients’ needs in mind.
- This new advanced technology will facilitate enhanced client service, through accurate and timely reporting, and even deeper data analysis.
- The system enhances the capability to manage workflow: clients will benefit from being more informed as a result of increased information interchange.
- Through responding to client feedback and evaluation, this new business intelligence will assist the business to meet and exceed client expectations.
SQL Server 2005
SQL Server 2005 is a comprehensive data management system designed to facilitate the needs of the most demanding enterprise applications. Providing Freehills with a standardised data platform, the SQL Server 2005 will enable the development, management and operations of relational data.
- The SQL Server 2005 has been updated to perfect the existing SQL Server 2000. The key features of the new server include an integrated, firm wide data warehouse that will automatically update Freehills’ existing system. Additionally it will provide Freehills with detailed financial and operational data for the firm, office, practice group, and professional, as well as near real time information for analytical purposes and secure reporting.
Public Affairs Manager
arriarne.kemp-bishop@freehills.com
+61 3 9288 1119+61 414 311 331
